SSO vs. SPXS
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
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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%
SSO vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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.
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Return for Risk
SSO vs. SPXS — Risk / Return Rank
SSO
SPXS
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.
| SSO | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.62 | ||
| Sortino ratioReturn per unit of downside risk | +5.16 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.75 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | -0.96 | +3.88 |
| Martin ratioReturn 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. | |||
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Sharpe Ratios by Period
| SSO | SPXS | Difference | |
|---|---|---|---|
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
| SSO | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.40% | -100.00% | +98.60% |
Average DrawdownAverage peak-to-trough decline | -19.57% | -96.30% | +76.73% |
Ulcer IndexDepth 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
| SSO | SPXS | Difference | |
|---|---|---|---|
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.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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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