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SSO vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SSO vs. SPXS

Last updated Jun 4, 2026

SSO (ProShares Ultra S&P500) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SSO returned 24.21%/yr vs -42.01%/yr for SPXS. At a correlation of -1.00, they often move in opposite directions. SSO charges 0.87%/yr vs 1.08%/yr for SPXS.

Performance

SSO vs. SPXS - 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 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SSO achieves a 19.37% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, SSO has outperformed SPXS with an annualized return of 24.21%, while SPXS has yielded a comparatively lower -42.01% annualized return.

SSO

1D
-1.40%
1M
9.75%
YTD
19.37%
6M
18.81%
1Y
52.69%
3Y*
37.56%
5Y*
19.62%
10Y*
24.21%

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SSO vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SSO
ProShares Ultra S&P500		19.37%26.19%43.48%46.65%-38.98%60.57%21.54%63.45%-14.60%44.35%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		-25.49%-41.53%-42.84%-45.97%36.14%-58.11%-70.47%-56.40%3.44%-44.52%

Correlation

The correlation between SSO and SPXS is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-1.00

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2008

-1.00

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

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra S&P500

Direxion Daily S&P 500 Bear 3X Shares

Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

SSO vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SSO
SSO Risk / Return Rank: 6262
Overall Rank
SSO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 5959
Sortino Ratio Rank
SSO Omega Ratio Rank: 6060
Omega Ratio Rank
SSO Calmar Ratio Rank: 5858
Calmar Ratio Rank
SSO Martin Ratio Rank: 6868
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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. SPXS - 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 Bear 3X Shares (SPXS). 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.

SSOSPXSDifference

Sharpe ratio

Return per unit of total volatility

2.25

-1.38

+3.62

Sortino ratio

Return per unit of downside risk

2.86

-2.31

+5.16

Omega ratio

Gain probability vs. loss probability

1.38

0.75

+0.62

Calmar ratio

Return relative to maximum drawdown

2.91

-0.96

+3.88

Martin ratio

Return relative to average drawdown

12.80

-1.62

+14.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSO vs. SPXS - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 2.25, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of SSO and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SSOSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.25

-1.38

+3.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

-0.69

+1.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

-0.79

+1.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

-0.83

+1.25

Drawdowns

SSO vs. SPXS - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SSO and SPXS.

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Drawdown Indicators

SSOSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-84.67%

-100.00%

+15.33%

Max Drawdown (1Y)

Largest decline over 1 year

-18.17%

-50.77%

+32.60%

Max Drawdown (3Y)

Largest decline over 3 years

-35.21%

-84.13%

+48.92%

Max Drawdown (5Y)

Largest decline over 5 years

-46.73%

-90.11%

+43.38%

Max Drawdown (10Y)

Largest decline over 10 years

-59.34%

-99.63%

+40.29%

Current Drawdown

Current decline from peak

-1.40%

-100.00%

+98.60%

Average Drawdown

Average peak-to-trough decline

-19.57%

-96.30%

+76.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.13%

30.04%

-25.91%

Volatility

SSO vs. SPXS - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 5.66%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SSOSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.66%

8.51%

-2.85%

Volatility (6M)

Calculated over the trailing 6-month period

17.78%

26.82%

-9.04%

Volatility (1Y)

Calculated over the trailing 1-year period

23.60%

35.54%

-11.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.65%

50.39%

-16.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.89%

53.54%

-17.65%

SSO vs. SPXS - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

SSO vs. SPXS - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.62%, less than SPXS's 4.91% yield.

PositionTTM20252024202320222021202020192018201720162015
SPXS
Direxion Daily S&P 500 Bear 3X Shares		4.91%4.93%6.18%5.66%0.00%0.00%0.51%1.74%0.58%0.00%0.00%0.00%
SSO
ProShares Ultra S&P500		0.62%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

SSO and SPXS have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPXS has higher volatility (8.51%) compared to SSO (5.66%). In terms of maximum drawdown, SSO dropped -84.67% vs SPXS's -100.00%.

On 10-year performance, SSO leads with 24.21% vs -42.01% for SPXS. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SSO has performed better with a 24.21% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SSO is cheaper with a 0.87% expense ratio, compared with 1.08% for SPXS.

SPXS has the higher dividend yield at 4.91%, compared with 0.62% for SSO.

SSO is categorized as Leveraged Equities, while SPXS is Inverse Equities. SSO tracks S&P 500, while SPXS tracks S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.87% for SSO and 1.08% for SPXS.

SSO currently has the higher Sharpe Ratio (2.25 vs -1.38), 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.

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