SSO vs. SPYQ

Last updated Jul 7, 2026

SSO (ProShares Ultra S&P500) and SPYQ (Tradr 2X Long SPY Quarterly ETF) are both Leveraged Equities funds. SSO is passively managed, while SPYQ is actively managed. Over the past year, SSO returned 37.47% vs 34.09% for SPYQ. With a 0.99 correlation, they move nearly in lockstep. SSO charges 0.87%/yr vs 1.30%/yr for SPYQ.

Performance

SSO vs. SPYQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Tradr 2X Long SPY Quarterly ETF (SPYQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 18.17% return, which is significantly higher than SPYQ's 16.43% return.

SSO

• 1D: 1.73%
• 1M: 3.70%
• 6M: 16.24%
• YTD: 18.17%
• 1Y: 37.47%
• 3Y*: 34.86%
• 5Y*: 17.96%
• 10Y*: 23.73%

SPYQ

• 1D: 1.56%
• 1M: 3.32%
• 6M: 14.75%
• YTD: 16.43%
• 1Y: 34.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSO vs. SPYQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSO ProShares Ultra S&P500	18.17%	26.19%	2.86%
SPYQ Tradr 2X Long SPY Quarterly ETF	16.43%	26.22%	4.73%

Correlation

The correlation between SSO and SPYQ is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.99

The correlation between SSO and SPYQ has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

SSO vs. SPYQ — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 52
SSO Sharpe Ratio Rank: 53
SSO Sortino Ratio Rank: 49
SSO Omega Ratio Rank: 51
SSO Calmar Ratio Rank: 50
SSO Martin Ratio Rank: 59

SPYQ

SPYQ Risk / Return Rank: 47
SPYQ Sharpe Ratio Rank: 48
SPYQ Sortino Ratio Rank: 44
SPYQ Omega Ratio Rank: 45
SPYQ Calmar Ratio Rank: 43
SPYQ Martin Ratio Rank: 54

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. SPYQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Tradr 2X Long SPY Quarterly ETF (SPYQ). 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	SPYQ	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.39	+0.12
Sortino ratio: Return per unit of downside risk	2.04	1.92	+0.12
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.07	1.83	+0.24
Martin ratio: Return relative to average drawdown	8.57	7.85	+0.72

SSO vs. SPYQ - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.51, which is comparable to the SPYQ Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of SSO and SPYQ, 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. SPYQ - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than SPYQ's maximum drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for SSO and SPYQ.

Drawdown Indicators

	SSO	SPYQ	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-35.88%	-48.79%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-18.70%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	—	—
Current Drawdown Current decline from peak	-2.40%	-2.01%	-0.39%
Average Drawdown Average peak-to-trough decline	-19.50%	-4.85%	-14.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	4.36%	+0.03%

Volatility

SSO vs. SPYQ - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 10.20% compared to Tradr 2X Long SPY Quarterly ETF (SPYQ) at 8.77%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than SPYQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	SPYQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	8.77%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	19.80%	19.43%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	25.00%	24.65%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	34.35%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.88%	34.35%	+1.53%

SSO vs. SPYQ - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than SPYQ's 1.30% expense ratio.

Dividends

SSO vs. SPYQ - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.66%, more than SPYQ's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.66%	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 SPYQ in my portfolio?

With a correlation of 0.99, SSO and SPYQ 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 SPYQ?

SSO has higher volatility (10.20%) compared to SPYQ (8.77%). In terms of maximum drawdown, SSO dropped -84.67% vs SPYQ's -35.88%.

Which ETF is better, SSO or SPYQ?

On 1-year performance, SSO leads with 37.47% vs 34.09% for SPYQ. On fees, SSO is cheaper at 0.87% per year. On volatility, SPYQ has been the lower-risk option at 8.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or SPYQ?

Over the 1-year period, SSO has performed better with a 37.47% return vs 34.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or SPYQ?

SSO is cheaper with a 0.87% expense ratio, compared with 1.30% for SPYQ.

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

SSO has the higher dividend yield at 0.66%, compared with 0.14% for SPYQ.

What is the main difference between SSO and SPYQ?

They also come from different issuers: ProShares and AXS. Their fees differ too: 0.87% for SSO and 1.30% for SPYQ.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.51 vs 1.39), 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.