SSO vs. UGE

Last updated Jun 14, 2026

SSO (ProShares Ultra S&P500) and UGE (ProShares Ultra Consumer Goods) are both Leveraged Equities funds from ProShares - SSO tracks the S&P 500 while UGE tracks the Dow Jones U.S. Consumer Goods Index (200%). Both are passively managed. Over the past 10 years, SSO returned 24.02%/yr vs 8.80%/yr for UGE. A 0.64 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.95%/yr for UGE.

Performance

SSO vs. UGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and ProShares Ultra Consumer Goods (UGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 15.08% return, which is significantly lower than UGE's 18.88% return. Over the past 10 years, SSO has outperformed UGE with an annualized return of 24.02%, while UGE has yielded a comparatively lower 8.80% annualized return.

SSO

• 1D: 1.03%
• 1M: 0.12%
• YTD: 15.08%
• 6M: 15.47%
• 1Y: 47.12%
• 3Y*: 34.18%
• 5Y*: 18.57%
• 10Y*: 24.02%

UGE

• 1D: 1.08%
• 1M: 1.65%
• YTD: 18.88%
• 6M: 15.24%
• 1Y: 9.47%
• 3Y*: 7.90%
• 5Y*: -1.08%
• 10Y*: 8.80%

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

SSO vs. UGE - 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%
UGE ProShares Ultra Consumer Goods	18.88%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%

Correlation

The correlation between SSO and UGE is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.64

Over the past year, the correlation between SSO and UGE has dropped to 0.00 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

SSO vs. UGE - Sectors Allocation Comparison

Sectors	SSO	UGE
Technology	25.7%	-
Financial Services	24.1%	-
Communication Services	7.0%	-
Consumer Cyclical	6.4%	1.0%
Healthcare	5.9%	-
Industrials	5.3%	-
Consumer Defensive	3.2%	99.0%
Energy	2.3%	-
Utilities	1.7%	-
Real Estate	1.3%	-
Basic Materials	1.2%	-

Return for Risk

SSO vs. UGE — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 59
SSO Sharpe Ratio Rank: 62
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 55
SSO Martin Ratio Rank: 66

UGE

UGE Risk / Return Rank: 14
UGE Sharpe Ratio Rank: 14
UGE Sortino Ratio Rank: 14
UGE Omega Ratio Rank: 14
UGE Calmar Ratio Rank: 14
UGE Martin Ratio Rank: 13

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. UGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra Consumer Goods (UGE). 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	UGE	Difference
Sharpe ratio: Return per unit of total volatility	1.79	0.28	+1.51
Sortino ratio: Return per unit of downside risk	2.33	0.58	+1.75
Omega ratio: Gain probability vs. loss probability	1.31	1.07	+0.24
Calmar ratio: Return relative to maximum drawdown	2.42	0.38	+2.04
Martin ratio: Return relative to average drawdown	10.37	0.67	+9.69

SSO vs. UGE - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.79, which is higher than the UGE Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of SSO and UGE, 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. UGE - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than UGE's maximum drawdown of -71.36%. Use the drawdown chart below to compare losses from any high point for SSO and UGE.

Drawdown Indicators

	SSO	UGE	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-71.36%	-13.31%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-18.95%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-24.80%	-10.41%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-56.55%	+9.82%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-57.14%	-2.20%
Current Drawdown Current decline from peak	-4.94%	-32.84%	+27.90%
Average Drawdown Average peak-to-trough decline	-19.55%	-18.75%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	10.64%	-6.40%

Volatility

SSO vs. UGE - Volatility Comparison

ProShares Ultra S&P500 (SSO) and ProShares Ultra Consumer Goods (UGE) have volatilities of 8.74% and 8.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	UGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	8.67%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	20.01%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	25.39%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.78%	31.37%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.95%	33.11%	+2.84%

SSO vs. UGE - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than UGE's 0.95% expense ratio.

Dividends

SSO vs. UGE - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, less than UGE's 2.05% 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%
UGE ProShares Ultra Consumer Goods	2.05%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both SSO and UGE in my portfolio?

SSO and UGE have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSO or UGE?

SSO has higher volatility (8.74%) compared to UGE (8.67%). In terms of maximum drawdown, SSO dropped -84.67% vs UGE's -71.36%.

Which ETF is better, SSO or UGE?

On 10-year performance, SSO leads with 24.02% vs 8.80% for UGE. On fees, SSO is cheaper at 0.87% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or UGE?

Over the 10-year period, SSO has performed better with a 24.02% return vs 8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or UGE?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for UGE.

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

UGE has the higher dividend yield at 2.05%, compared with 0.64% for SSO.

What is the main difference between SSO and UGE?

SSO tracks S&P 500, while UGE tracks Dow Jones U.S. Consumer Goods Index (200%). Their fees differ too: 0.87% for SSO and 0.95% for UGE.

Which has better risk-adjusted returns?

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.