SSO vs. UBT
SSO (ProShares Ultra S&P500) and UBT (ProShares Ultra 20+ Year Treasury) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily). Both are passively managed. Over the past 10 years, SSO returned 23.26%/yr vs -9.58%/yr for UBT. Their -0.24 correlation means they have often moved in opposite directions in the past. SSO charges 0.87%/yr vs 0.95%/yr for UBT.
Performance
SSO vs. UBT - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 19.52% return, which is significantly higher than UBT's -9.14% return. Over the past 10 years, SSO has outperformed UBT with an annualized return of 23.26%, while UBT has yielded a comparatively lower -9.58% annualized return.
SSO
- 1D
- 2.91%
- 1M
- 2.90%
- 6M
- 15.55%
- YTD
- 19.52%
- 1Y
- 41.35%
- 3Y*
- 33.95%
- 5Y*
- 17.79%
- 10Y*
- 23.26%
- ALL TIME*
- 15.80%
UBT
- 1D
- 0.81%
- 1M
- -7.64%
- 6M
- -8.31%
- YTD
- -9.14%
- 1Y
- -9.25%
- 3Y*
- -9.00%
- 5Y*
- -21.58%
- 10Y*
- -9.58%
- ALL TIME*
- 0.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $185.74M | $192.80M | $223.12M | |
| $607.37K | $624.24K | $851.60K |
SSO vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 19.52% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
Correlation
The correlation between SSO and UBT is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.24 |
The correlation between SSO and UBT shifts across timeframes, from -0.24 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SSO vs. UBT — Risk / Return Rank
SSO
UBT
SSO vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra 20+ Year Treasury (UBT). 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 | UBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.78 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.93 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | -0.51 | +2.80 |
| Martin ratioReturn relative to average drawdown | 9.14 | -1.08 | +10.22 |
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Drawdowns
SSO vs. UBT - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, which is greater than UBT's maximum drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for SSO and UBT.
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Drawdown Indicators
| SSO | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -78.90% | -5.77% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -18.25% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -31.18% | -4.03% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -72.49% | +25.76% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -78.90% | +19.56% |
Current DrawdownCurrent decline from peak | -1.28% | -78.21% | +76.93% |
Average DrawdownAverage peak-to-trough decline | -19.44% | -32.73% | +13.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.53% | 8.58% | -4.05% |
Volatility
SSO vs. UBT - Volatility Comparison
ProShares Ultra S&P500 (SSO) has a higher volatility of 7.63% compared to ProShares Ultra 20+ Year Treasury (UBT) at 5.23%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than UBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.63% | 5.23% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 20.31% | 13.51% | +6.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.58% | 18.34% | +7.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.91% | 31.09% | +2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.93% | 29.18% | +6.75% |
SSO vs. UBT - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is lower than UBT's 0.95% expense ratio.
Dividends
SSO vs. UBT - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.66%, less than UBT's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UBT ProShares Ultra 20+ Year Treasury | 3.77% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
SSO and UBT have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (7.63%) compared to UBT (5.23%). In terms of maximum drawdown, SSO dropped -84.67% vs UBT's -78.90%.
On 10-year performance, SSO leads with 23.26% vs -9.58% for UBT. On fees, SSO is cheaper at 0.87% per year. On volatility, UBT has been the lower-risk option at 5.23%. 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 23.26% return vs -9.58%. 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 0.95% for UBT.
UBT has the higher dividend yield at 3.77%, compared with 0.66% for SSO.
SSO is categorized as Leveraged Equities, while UBT is Leveraged Bonds. SSO tracks S&P 500, while UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily). Their fees differ too: 0.87% for SSO and 0.95% for UBT.
SSO currently has the higher Sharpe Ratio (1.63 vs -0.51), 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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