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SSO vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SSO vs. USO

Last updated Jun 3, 2026

SSO (ProShares Ultra S&P500) and USO (United States Oil Fund LP) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, SSO returned 24.38%/yr vs 3.80%/yr for USO. At a 0.27 correlation, their price movements are largely independent. SSO charges 0.87%/yr vs 0.86%/yr for USO.

Performance

SSO vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SSO achieves a 21.07% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, SSO has outperformed USO with an annualized return of 24.38%, while USO has yielded a comparatively lower 3.80% 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%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SSO vs. USO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between SSO and USO is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2006

0.27

The correlation between SSO and USO shifts across timeframes, from -0.32 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra S&P500

United States Oil Fund LP

Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

SSO vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SSO
SSO Risk / Return Rank: 6868
Overall Rank
SSO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 6565
Sortino Ratio Rank
SSO Omega Ratio Rank: 6666
Omega Ratio Rank
SSO Calmar Ratio Rank: 6464
Calmar Ratio Rank
SSO Martin Ratio Rank: 7373
Martin Ratio Rank
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
Martin Ratio Rank
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. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and United States Oil Fund LP (USO). 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.

SSOUSODifference

Sharpe ratio

Return per unit of total volatility

2.42

2.22

+0.20

Sortino ratio

Return per unit of downside risk

3.03

2.81

+0.22

Omega ratio

Gain probability vs. loss probability

1.40

1.37

+0.03

Calmar ratio

Return relative to maximum drawdown

3.21

5.12

-1.91

Martin ratio

Return relative to average drawdown

14.14

9.66

+4.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSO vs. USO - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 2.42, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of SSO and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SSOUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.42

2.22

+0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.67

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.10

+0.58

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

-0.18

+0.60

Drawdowns

SSO vs. USO - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SSO and USO.

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Drawdown Indicators

SSOUSODifference

Max Drawdown

Largest peak-to-trough decline

-84.67%

-98.19%

+13.52%

Max Drawdown (1Y)

Largest decline over 1 year

-18.17%

-20.39%

+2.22%

Max Drawdown (3Y)

Largest decline over 3 years

-35.21%

-26.05%

-9.16%

Max Drawdown (5Y)

Largest decline over 5 years

-46.73%

-36.23%

-10.50%

Max Drawdown (10Y)

Largest decline over 10 years

-59.34%

-86.75%

+27.41%

Current Drawdown

Current decline from peak

0.00%

-85.39%

+85.39%

Average Drawdown

Average peak-to-trough decline

-19.57%

-75.30%

+55.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.13%

10.81%

-6.68%

Volatility

SSO vs. USO - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 5.46%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SSOUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.46%

15.03%

-9.57%

Volatility (6M)

Calculated over the trailing 6-month period

17.74%

38.18%

-20.44%

Volatility (1Y)

Calculated over the trailing 1-year period

23.57%

44.26%

-20.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.65%

36.04%

-2.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.90%

39.00%

-3.10%

SSO vs. USO - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

SSO vs. USO - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.61%, while USO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
USO
United States Oil Fund LP		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 USO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (15.03%) compared to SSO (5.46%). In terms of maximum drawdown, SSO dropped -84.67% vs USO's -98.19%.

On 10-year performance, SSO leads with 24.38% vs 3.80% for USO. On fees, USO is cheaper at 0.86% 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 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USO is cheaper with a 0.86% expense ratio, compared with 0.87% for SSO.

SSO has the higher dividend yield at 0.61%, compared with 0.00% for USO.

SSO is categorized as Leveraged Equities, while USO is Oil & Gas. SSO tracks S&P 500, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.87% for SSO and 0.86% for USO.

SSO currently has the higher Sharpe Ratio (2.42 vs 2.22), 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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