SSO vs. UCC
SSO (ProShares Ultra S&P500) and UCC (ProShares Ultra Consumer Services) are both Leveraged Equities funds from ProShares - SSO tracks the S&P 500 while UCC tracks the Dow Jones U.S. Consumer Services Index (200%). Both are passively managed. Over the past 10 years, SSO returned 24.02%/yr vs 13.99%/yr for UCC. A 0.78 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.95%/yr for UCC.
Performance
SSO vs. UCC - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 15.08% return, which is significantly higher than UCC's -8.62% return. Over the past 10 years, SSO has outperformed UCC with an annualized return of 24.02%, while UCC has yielded a comparatively lower 13.99% annualized return.
SSO
- 1D
- 1.03%
- 1M
- -0.82%
- YTD
- 15.08%
- 6M
- 15.47%
- 1Y
- 43.79%
- 3Y*
- 34.18%
- 5Y*
- 18.57%
- 10Y*
- 24.02%
UCC
- 1D
- 0.57%
- 1M
- -4.21%
- YTD
- -8.62%
- 6M
- -10.29%
- 1Y
- 10.10%
- 3Y*
- 14.37%
- 5Y*
- -0.24%
- 10Y*
- 13.99%
SSO vs. UCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 15.08% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
UCC ProShares Ultra Consumer Services | -8.62% | 2.21% | 44.24% | 61.67% | -57.59% | 20.92% | 46.55% | 53.76% | -4.94% | 42.05% |
Correlation
The correlation between SSO and UCC is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | 0.78 |
The correlation between SSO and UCC has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.
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Return for Risk
SSO vs. UCC — Risk / Return Rank
SSO
UCC
SSO vs. UCC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra Consumer Services (UCC). 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 | UCC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.08 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 0.35 | +2.07 |
| Martin ratioReturn relative to average drawdown | 10.37 | 0.97 | +9.40 |
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Drawdowns
SSO vs. UCC - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, roughly equal to the maximum UCC drawdown of -83.05%. Use the drawdown chart below to compare losses from any high point for SSO and UCC.
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Drawdown Indicators
| SSO | UCC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -83.05% | -1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -29.14% | +10.97% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -48.01% | +12.80% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -61.77% | +15.04% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -61.77% | +2.43% |
Current DrawdownCurrent decline from peak | -4.94% | -18.41% | +13.47% |
Average DrawdownAverage peak-to-trough decline | -19.55% | -21.80% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 10.45% | -6.21% |
Volatility
SSO vs. UCC - Volatility Comparison
The current volatility for ProShares Ultra S&P500 (SSO) is 8.74%, while ProShares Ultra Consumer Services (UCC) has a volatility of 12.41%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than UCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | UCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 12.41% | -3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 19.17% | 27.05% | -7.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.54% | 36.41% | -11.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.78% | 43.70% | -9.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.95% | 40.68% | -4.73% |
SSO vs. UCC - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is lower than UCC's 0.95% expense ratio.
Dividends
SSO vs. UCC - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.64%, less than UCC's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.64% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
UCC ProShares Ultra Consumer Services | 1.18% | 1.10% | 0.17% | 0.04% | 0.25% | 0.00% | 0.02% | 0.17% | 0.18% | 0.14% | 0.21% | 0.14% |
Frequently Asked Questions
SSO and UCC have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCC has higher volatility (12.41%) compared to SSO (8.74%). In terms of maximum drawdown, SSO dropped -84.67% vs UCC's -83.05%.
On 10-year performance, SSO leads with 24.02% vs 13.99% for UCC. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.74%. 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 24.02% return vs 13.99%. 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 UCC.
UCC has the higher dividend yield at 1.18%, compared with 0.64% for SSO.
SSO tracks S&P 500, while UCC tracks Dow Jones U.S. Consumer Services Index (200%). Their fees differ too: 0.87% for SSO and 0.95% for UCC.
SSO currently has the higher Sharpe Ratio (1.79 vs 0.28), 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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