SSO vs. SPXL
Compare and contrast key facts about ProShares Ultra S&P 500 (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 Index (200%). It was launched on Jun 21, 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SSO or SPXL.
Key characteristics
| SSO | SPXL | |
|---|---|---|
| YTD Return | 9.17% | 12.49% |
| 1Y Return | 38.45% | 56.06% |
| 3Y Return (Ann) | 8.18% | 6.43% |
| 5Y Return (Ann) | 18.36% | 18.89% |
| 10Y Return (Ann) | 18.82% | 22.46% |
| Sharpe Ratio | 1.64 | 1.60 |
| Daily Std Dev | 23.24% | 34.71% |
| Max Drawdown | -84.67% | -76.86% |
| Current Drawdown | -8.65% | -18.60% |
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.
Performance
SSO vs. SPXL - Performance Comparison
In the year-to-date period, SSO achieves a 9.17% return, which is significantly lower than SPXL's 12.49% return. Over the past 10 years, SSO has underperformed SPXL with an annualized return of 18.82%, while SPXL has yielded a comparatively higher 22.46% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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SSO vs. SPXL - Expense Ratio Comparison
SSO has a 0.90% expense ratio, which is lower than SPXL's 1.02% expense ratio.
Risk-Adjusted Performance
SSO vs. SPXL - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P 500 (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.
Dividends
SSO vs. SPXL - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.42%, less than SPXL's 0.99% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P 500 | 0.42% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.50% | 0.63% | 0.33% | 0.26% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.99% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% | 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. For additional features, visit the drawdowns tool.
Volatility
SSO vs. SPXL - Volatility Comparison
The current volatility for ProShares Ultra S&P 500 (SSO) is 7.89%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 11.64%. 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.