SSO vs. SPXL
Compare and contrast key facts about ProShares Ultra S&P500 (SSO) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).
SSO and SPXL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. Both SSO and SPXL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SSO vs. SPXL - Performance Comparison
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SSO vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | -10.23% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | -15.99% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Returns By Period
In the year-to-date period, SSO achieves a -10.23% return, which is significantly higher than SPXL's -15.99% return. Over the past 10 years, SSO has underperformed SPXL with an annualized return of 21.06%, while SPXL has yielded a comparatively higher 25.32% annualized return.
SSO
- 1D
- 5.75%
- 1M
- -10.37%
- YTD
- -10.23%
- 6M
- -7.08%
- 1Y
- 26.35%
- 3Y*
- 28.27%
- 5Y*
- 15.34%
- 10Y*
- 21.06%
SPXL
- 1D
- 8.63%
- 1M
- -15.66%
- YTD
- -15.99%
- 6M
- -12.47%
- 1Y
- 32.76%
- 3Y*
- 37.47%
- 5Y*
- 16.98%
- 10Y*
- 25.32%
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SSO vs. SPXL - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is lower than SPXL's 1.02% expense ratio.
Return for Risk
SSO vs. SPXL — Risk / Return Rank
SSO
SPXL
SSO vs. SPXL - 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 3X Shares (SPXL). 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.
| SSO | SPXL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 0.61 | +0.12 |
Sortino ratioReturn per unit of downside risk | 1.23 | 1.18 | +0.05 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.20 | 1.05 | +0.15 |
Martin ratioReturn relative to average drawdown | 5.18 | 4.21 | +0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SSO | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 0.61 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.34 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.48 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.47 | -0.10 |
Correlation
The correlation between SSO and SPXL is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SSO vs. SPXL - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.82%, more than SPXL's 0.80% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.82% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.80% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% |
Drawdowns
SSO vs. SPXL - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SSO and SPXL.
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Drawdown Indicators
| SSO | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -76.86% | -7.81% |
Max Drawdown (1Y)Largest decline over 1 year | -23.17% | -33.42% | +10.25% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -63.80% | +17.07% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -76.86% | +17.52% |
Current DrawdownCurrent decline from peak | -13.46% | -20.45% | +6.99% |
Average DrawdownAverage peak-to-trough decline | -19.72% | -15.85% | -3.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.38% | 8.34% | -2.96% |
Volatility
SSO vs. SPXL - Volatility Comparison
The current volatility for ProShares Ultra S&P500 (SSO) is 10.60%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 15.89%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 15.89% | -5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 18.95% | 28.45% | -9.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.45% | 54.30% | -17.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.66% | 50.27% | -16.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.86% | 53.37% | -17.51% |