SSO vs. UPRO

Last updated Jun 24, 2026

SSO (ProShares Ultra S&P500) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares tracking the S&P 500. Both are passively managed. Over the past 10 years, SSO returned 24.26%/yr vs 30.18%/yr for UPRO. With a 1.00 correlation, they move nearly in lockstep. SSO charges 0.87%/yr vs 0.89%/yr for UPRO.

Performance

SSO vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 12.95% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, SSO has underperformed UPRO with an annualized return of 24.26%, while UPRO has yielded a comparatively higher 30.18% annualized return.

SSO

• 1D: -2.86%
• 1M: -3.30%
• YTD: 12.95%
• 6M: 10.86%
• 1Y: 42.28%
• 3Y*: 33.83%
• 5Y*: 17.91%
• 10Y*: 24.26%

UPRO

• 1D: -4.27%
• 1M: -5.38%
• YTD: 17.21%
• 6M: 13.86%
• 1Y: 62.29%
• 3Y*: 46.23%
• 5Y*: 20.37%
• 10Y*: 30.18%

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

SSO vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	12.95%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
UPRO ProShares UltraPro S&P 500	17.21%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between SSO and UPRO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	1.00

The correlation between SSO and UPRO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

SSO vs. UPRO - Sectors Allocation Comparison

Sectors	SSO	UPRO
Financial Services	25.1%	11.1%
Technology	24.9%	39.1%
Communication Services	6.6%	10.6%
Consumer Cyclical	6.2%	9.9%
Healthcare	5.7%	8.3%
Industrials	5.2%	7.8%
Consumer Defensive	3.1%	4.5%
Energy	2.2%	3.1%
Utilities	1.7%	2.1%
Real Estate	1.2%	1.8%
Basic Materials	1.2%	1.7%

Return for Risk

SSO vs. UPRO — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 50
SSO Sharpe Ratio Rank: 51
SSO Sortino Ratio Rank: 46
SSO Omega Ratio Rank: 48
SSO Calmar Ratio Rank: 49
SSO Martin Ratio Rank: 58

UPRO

UPRO Risk / Return Rank: 49
UPRO Sharpe Ratio Rank: 50
UPRO Sortino Ratio Rank: 44
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 49
UPRO Martin Ratio Rank: 56

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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares UltraPro S&P 500 (UPRO). 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	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.68	+0.03
Sortino ratio: Return per unit of downside risk	2.24	2.15	+0.09
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.34	2.34	0.00
Martin ratio: Return relative to average drawdown	9.90	9.52	+0.38

SSO vs. UPRO - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.71, which is comparable to the UPRO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SSO and UPRO, 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. UPRO - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SSO and UPRO.

Drawdown Indicators

	SSO	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-76.82%	-7.85%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-26.78%	+8.61%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-48.87%	+13.66%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-63.94%	+17.21%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-76.82%	+17.48%
Current Drawdown Current decline from peak	-6.70%	-10.27%	+3.57%
Average Drawdown Average peak-to-trough decline	-19.53%	-14.39%	-5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	6.57%	-2.29%

Volatility

SSO vs. UPRO - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 9.70%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.70%	14.68%	-4.98%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	29.49%	-9.84%
Volatility (1Y) Calculated over the trailing 1-year period	24.92%	37.35%	-12.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.85%	50.62%	-16.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.93%	53.79%	-17.86%

SSO vs. UPRO - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than UPRO's 0.89% expense ratio.

Dividends

SSO vs. UPRO - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.65%, less than UPRO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSO ProShares Ultra S&P500	0.65%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%
UPRO ProShares UltraPro S&P 500	0.74%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both SSO and UPRO in my portfolio?

With a correlation of 1.00, SSO and UPRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SSO or UPRO?

UPRO has higher volatility (14.68%) compared to SSO (9.70%). In terms of maximum drawdown, SSO dropped -84.67% vs UPRO's -76.82%.

Which ETF is better, SSO or UPRO?

On 10-year performance, UPRO leads with 30.18% vs 24.26% for SSO. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or UPRO?

Over the 10-year period, UPRO has performed better with a 30.18% return vs 24.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or UPRO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.89% for UPRO.

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

UPRO has the higher dividend yield at 0.74%, compared with 0.65% for SSO.

What is the main difference between SSO and UPRO?

Both ETFs track S&P 500. Their fees differ too: 0.87% for SSO and 0.89% for UPRO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.71 vs 1.68), 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.