SSO vs. USMV

Last updated Jun 14, 2026

SSO (ProShares Ultra S&P500) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, SSO returned 24.02%/yr vs 9.90%/yr for USMV. Their correlation of 0.83 suggests significant overlap in exposure. SSO charges 0.87%/yr vs 0.15%/yr for USMV.

Performance

SSO vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and iShares MSCI USA Min Vol Factor ETF (USMV). 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 higher than USMV's 2.43% return. Over the past 10 years, SSO has outperformed USMV with an annualized return of 24.02%, while USMV has yielded a comparatively lower 9.90% 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%

USMV

• 1D: 0.43%
• 1M: 1.43%
• YTD: 2.43%
• 6M: 2.34%
• 1Y: 4.89%
• 3Y*: 11.35%
• 5Y*: 7.24%
• 10Y*: 9.90%

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

SSO vs. USMV - 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%
USMV iShares MSCI USA Min Vol Factor ETF	2.43%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between SSO and USMV is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.83

Over the past year, the correlation between SSO and USMV has dropped to 0.52 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

SSO vs. USMV - Sectors Allocation Comparison

Sectors	SSO	USMV
Technology	25.7%	33.9%
Financial Services	24.1%	11.7%
Communication Services	7.0%	6.2%
Consumer Cyclical	6.4%	5.7%
Healthcare	5.9%	12.6%
Industrials	5.3%	6.1%
Consumer Defensive	3.2%	9.4%
Energy	2.3%	2.7%
Utilities	1.7%	6.9%
Real Estate	1.3%	2.5%
Basic Materials	1.2%	2.4%

Return for Risk

SSO vs. USMV — 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

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 18
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 18
USMV Martin Ratio Rank: 20

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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.79	0.47	+1.32
Sortino ratio: Return per unit of downside risk	2.33	0.72	+1.61
Omega ratio: Gain probability vs. loss probability	1.31	1.08	+0.23
Calmar ratio: Return relative to maximum drawdown	2.42	0.62	+1.80
Martin ratio: Return relative to average drawdown	10.37	2.06	+8.31

SSO vs. USMV - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.79, which is higher than the USMV Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of SSO and USMV, 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. USMV - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SSO and USMV.

Drawdown Indicators

	SSO	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-33.10%	-51.57%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-6.46%	-11.71%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-9.36%	-25.85%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-17.93%	-28.80%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-33.10%	-26.24%
Current Drawdown Current decline from peak	-4.94%	-1.40%	-3.54%
Average Drawdown Average peak-to-trough decline	-19.55%	-2.87%	-16.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	1.95%	+2.29%

Volatility

SSO vs. USMV - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 8.74% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.70%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	2.70%	+6.04%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	6.02%	+13.15%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	8.56%	+15.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.78%	12.36%	+21.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.95%	14.51%	+21.44%

SSO vs. USMV - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

SSO vs. USMV - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, less than USMV's 1.53% 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%
USMV iShares MSCI USA Min Vol Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both SSO and USMV in my portfolio?

SSO and USMV have a correlation of 0.52, 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 USMV?

SSO has higher volatility (8.74%) compared to USMV (2.70%). In terms of maximum drawdown, SSO dropped -84.67% vs USMV's -33.10%.

Which ETF is better, SSO or USMV?

On 10-year performance, SSO leads with 24.02% vs 9.90% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or USMV?

Over the 10-year period, SSO has performed better with a 24.02% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.87% for SSO.

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

USMV has the higher dividend yield at 1.53%, compared with 0.64% for SSO.

What is the main difference between SSO and USMV?

SSO is categorized as Leveraged Equities, while USMV is Large Cap Blend Equities. SSO tracks S&P 500, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.87% for SSO and 0.15% for USMV.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.79 vs 0.47), 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.