SSO vs. SPUU

Last updated Jun 23, 2026

SSO (ProShares Ultra S&P500) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - SSO tracks the S&P 500 while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SSO returned 24.62%/yr vs 25.18%/yr for SPUU. With a 0.97 correlation, they move nearly in lockstep. SSO charges 0.87%/yr vs 0.60%/yr for SPUU.

Performance

SSO vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SSO having a 16.27% return and SPUU slightly higher at 16.72%. Both investments have delivered pretty close results over the past 10 years, with SSO having a 24.62% annualized return and SPUU not far ahead at 25.18%.

SSO

• 1D: -0.61%
• 1M: -0.46%
• YTD: 16.27%
• 6M: 15.09%
• 1Y: 49.34%
• 3Y*: 35.13%
• 5Y*: 18.87%
• 10Y*: 24.62%

SPUU

• 1D: -0.68%
• 1M: -0.31%
• YTD: 16.72%
• 6M: 15.35%
• 1Y: 50.08%
• 3Y*: 35.65%
• 5Y*: 19.41%
• 10Y*: 25.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SSO vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	16.27%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
SPUU Direxion Daily S&P 500 Bull 2X ETF	16.72%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between SSO and SPUU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.97

The correlation between SSO and SPUU has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

SSO vs. SPUU - Sectors Allocation Comparison

Sectors	SSO	SPUU
Financial Services	25.1%	11.1%
Technology	24.9%	39.0%
Communication Services	6.6%	10.6%
Consumer Cyclical	6.2%	9.9%
Healthcare	5.7%	8.3%
Industrials	5.2%	7.8%
Consumer Defensive	3.1%	4.5%
Energy	2.2%	3.1%
Utilities	1.7%	2.1%
Real Estate	1.2%	1.8%
Basic Materials	1.2%	1.7%

Return for Risk

SSO vs. SPUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SSO

SSO Risk / Return Rank: 59
SSO Sharpe Ratio Rank: 63
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 57
SSO Calmar Ratio Rank: 57
SSO Martin Ratio Rank: 65

SPUU

SPUU Risk / Return Rank: 60
SPUU Sharpe Ratio Rank: 63
SPUU Sortino Ratio Rank: 55
SPUU Omega Ratio Rank: 57
SPUU Calmar Ratio Rank: 58
SPUU Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SSO vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SSO	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.01	-0.01
Sortino ratio: Return per unit of downside risk	2.56	2.56	-0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.73	2.77	-0.04
Martin ratio: Return relative to average drawdown	11.61	11.83	-0.22

SSO vs. SPUU - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 2.00, which is comparable to the SPUU Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SSO and SPUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SSO vs. SPUU - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SSO and SPUU.

Drawdown Indicators

	SSO	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-59.35%	-25.32%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-18.19%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-35.18%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-46.59%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-59.35%	+0.01%
Current Drawdown Current decline from peak	-3.96%	-3.83%	-0.13%
Average Drawdown Average peak-to-trough decline	-19.53%	-9.48%	-10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	4.25%	+0.01%

Volatility

SSO vs. SPUU - Volatility Comparison

ProShares Ultra S&P500 (SSO) and Direxion Daily S&P 500 Bull 2X ETF (SPUU) have volatilities of 9.26% and 9.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.26%	9.25%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	19.46%	19.73%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	24.79%	25.08%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.82%	33.65%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.99%	35.86%	+0.13%

SSO vs. SPUU - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

SSO vs. SPUU - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.63%, less than SPUU's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.37%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
SSO ProShares Ultra S&P500	0.63%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%

Frequently Asked Questions

Can I hold both SSO and SPUU in my portfolio?

With a correlation of 1.00, SSO and SPUU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SSO or SPUU?

SSO has higher volatility (9.26%) compared to SPUU (9.25%). In terms of maximum drawdown, SSO dropped -84.67% vs SPUU's -59.35%.

Which ETF is better, SSO or SPUU?

On 10-year performance, SPUU leads with 25.18% vs 24.62% for SSO. On fees, SPUU is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or SPUU?

Over the 10-year period, SPUU has performed better with a 25.18% return vs 24.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.87% for SSO.

Which ETF pays a higher dividend yield, SSO or SPUU?

SPUU has the higher dividend yield at 1.37%, compared with 0.63% for SSO.

What is the main difference between SSO and SPUU?

SSO tracks S&P 500, while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.87% for SSO and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.01 vs 2.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.