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 22.87%/yr vs 12.81%/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 14.99% return, which is significantly higher than UCC's -12.08% return. Over the past 10 years, SSO has outperformed UCC with an annualized return of 22.87%, while UCC has yielded a comparatively lower 12.81% annualized return.
SSO
- 1D
- -0.29%
- 1M
- -1.70%
- 6M
- 12.09%
- YTD
- 14.99%
- 1Y
- 33.08%
- 3Y*
- 31.07%
- 5Y*
- 17.34%
- 10Y*
- 22.87%
- ALL TIME*
- 15.61%
UCC
- 1D
- -1.58%
- 1M
- -4.80%
- 6M
- -15.88%
- YTD
- -12.08%
- 1Y
- -1.65%
- 3Y*
- 10.74%
- 5Y*
- -2.17%
- 10Y*
- 12.81%
- ALL TIME*
- 13.01%
SSO vs. UCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 14.99% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
UCC ProShares Ultra Consumer Services | -12.08% | 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 | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.02 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | -0.06 | +1.89 |
| Martin ratioReturn relative to average drawdown | 7.49 | -0.14 | +7.63 |
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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 | -5.02% | -21.50% | +16.48% |
Average DrawdownAverage peak-to-trough decline | -19.47% | -21.78% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.43% | 11.57% | -7.14% |
Volatility
SSO vs. UCC - Volatility Comparison
The current volatility for ProShares Ultra S&P500 (SSO) is 6.60%, while ProShares Ultra Consumer Services (UCC) has a volatility of 10.88%. 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 | 6.60% | 10.88% | -4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 20.01% | 28.45% | -8.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.15% | 37.40% | -12.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.83% | 43.97% | -10.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.88% | 40.78% | -4.90% |
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 0.68%, less than UCC's 1.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.68% | 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 | 1.31% | 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 (10.88%) compared to SSO (6.60%). In terms of maximum drawdown, SSO dropped -84.67% vs UCC's -83.05%.
On 10-year performance, SSO leads with 22.87% vs 12.81% for UCC. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 6.60%. 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 22.87% return vs 12.81%. 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 1.31%, compared with 0.68% 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 (1.32 vs -0.04), 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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