SSO vs. UGL
SSO (ProShares Ultra S&P500) and UGL (ProShares Ultra Gold) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, SSO returned 24.38%/yr vs 18.69%/yr for UGL. At a 0.06 correlation, their price movements are largely independent. SSO charges 0.87%/yr vs 0.95%/yr for UGL.
Performance
SSO vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 21.07% return, which is significantly higher than UGL's -0.16% return. Over the past 10 years, SSO has outperformed UGL with an annualized return of 24.38%, while UGL has yielded a comparatively lower 18.69% annualized return.
SSO
- 1D
- 0.27%
- 1M
- 10.52%
- YTD
- 21.07%
- 6M
- 21.28%
- 1Y
- 56.67%
- 3Y*
- 38.21%
- 5Y*
- 20.39%
- 10Y*
- 24.38%
UGL
- 1D
- 0.31%
- 1M
- -6.05%
- YTD
- -0.16%
- 6M
- 3.70%
- 1Y
- 52.07%
- 3Y*
- 54.22%
- 5Y*
- 28.09%
- 10Y*
- 18.69%
SSO vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 21.07% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
UGL ProShares Ultra Gold | -0.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between SSO and UGL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.06 |
The correlation between SSO and UGL shifts across timeframes, from 0.05 (10 years) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SSO vs. UGL — Risk / Return Rank
SSO
UGL
SSO vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra Gold (UGL). 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.
| SSO | UGL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.42 | 0.99 | +1.43 |
Sortino ratioReturn per unit of downside risk | 3.03 | 1.44 | +1.59 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.22 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 3.21 | 1.60 | +1.61 |
Martin ratioReturn relative to average drawdown | 14.14 | 3.71 | +10.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SSO | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 0.99 | +1.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.78 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.58 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.39 | +0.02 |
Drawdowns
SSO vs. UGL - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for SSO and UGL.
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Drawdown Indicators
| SSO | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -75.93% | -8.74% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -37.56% | +19.39% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -37.56% | +2.35% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -40.23% | -6.50% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -46.23% | -13.11% |
Current DrawdownCurrent decline from peak | 0.00% | -35.26% | +35.26% |
Average DrawdownAverage peak-to-trough decline | -19.57% | -43.63% | +24.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.13% | 16.19% | -12.06% |
Volatility
SSO vs. UGL - Volatility Comparison
The current volatility for ProShares Ultra S&P500 (SSO) is 5.46%, while ProShares Ultra Gold (UGL) has a volatility of 11.62%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 11.62% | -6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 17.74% | 46.78% | -29.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.57% | 53.11% | -29.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.65% | 36.22% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.90% | 32.34% | +3.56% |
SSO vs. UGL - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is lower than UGL's 0.95% expense ratio.
Dividends
SSO vs. UGL - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.61%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.61% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SSO and UGL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.62%) compared to SSO (5.46%). In terms of maximum drawdown, SSO dropped -84.67% vs UGL's -75.93%.
On 10-year performance, SSO leads with 24.38% vs 18.69% for UGL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.46%. 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 24.38% return vs 18.69%. 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 UGL.
SSO has the higher dividend yield at 0.61%, compared with 0.00% for UGL.
SSO is categorized as Leveraged Equities, while UGL is Leveraged Commodities. SSO tracks S&P 500, while UGL tracks Bloomberg Gold Subindex (200%). Their fees differ too: 0.87% for SSO and 0.95% for UGL.
SSO currently has the higher Sharpe Ratio (2.42 vs 0.99), 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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