SSO vs. UST
SSO (ProShares Ultra S&P500) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, SSO returned 23.26%/yr vs -2.53%/yr for UST. Their -0.23 correlation means they have often moved in opposite directions in the past. SSO charges 0.87%/yr vs 0.95%/yr for UST.
Performance
SSO vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 19.52% return, which is significantly higher than UST's -4.75% return. Over the past 10 years, SSO has outperformed UST with an annualized return of 23.26%, while UST has yielded a comparatively lower -2.53% annualized return.
SSO
- 1D
- 2.91%
- 1M
- 2.90%
- 6M
- 15.55%
- YTD
- 19.52%
- 1Y
- 41.35%
- 3Y*
- 33.95%
- 5Y*
- 17.79%
- 10Y*
- 23.26%
- ALL TIME*
- 15.80%
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $185.74M | $192.80M | $223.12M | |
| $493.89K | $437.03K | $327.72K |
SSO vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 19.52% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between SSO and UST is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | -0.23 |
The correlation between SSO and UST shifts across timeframes, from -0.23 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SSO vs. UST — Risk / Return Rank
SSO
UST
SSO vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra 7-10 Year Treasury (UST). 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 | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.96 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | -0.30 | +2.59 |
| Martin ratioReturn relative to average drawdown | 9.14 | -0.66 | +9.80 |
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Drawdowns
SSO vs. UST - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for SSO and UST.
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Drawdown Indicators
| SSO | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -47.99% | -36.68% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -8.86% | -9.31% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -14.85% | -20.36% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -43.53% | -3.20% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -47.99% | -11.35% |
Current DrawdownCurrent decline from peak | -1.28% | -39.52% | +38.24% |
Average DrawdownAverage peak-to-trough decline | -19.44% | -15.35% | -4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.53% | 4.07% | +0.46% |
Volatility
SSO vs. UST - Volatility Comparison
ProShares Ultra S&P500 (SSO) has a higher volatility of 7.63% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.65%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.63% | 2.65% | +4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 20.31% | 7.24% | +13.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.58% | 9.01% | +16.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.91% | 15.45% | +18.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.93% | 13.15% | +22.78% |
SSO vs. UST - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is lower than UST's 0.95% expense ratio.
Dividends
SSO vs. UST - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.66%, less than UST's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.66% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
UST ProShares Ultra 7-10 Year Treasury | 3.63% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
SSO and UST have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (7.63%) compared to UST (2.65%). In terms of maximum drawdown, SSO dropped -84.67% vs UST's -47.99%.
On 10-year performance, SSO leads with 23.26% vs -2.53% for UST. On fees, SSO is cheaper at 0.87% per year. On volatility, UST has been the lower-risk option at 2.65%. 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 23.26% return vs -2.53%. 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 UST.
UST has the higher dividend yield at 3.63%, compared with 0.66% for SSO.
SSO is categorized as Leveraged Equities, while UST is Leveraged Bonds. SSO tracks S&P 500, while UST tracks ICE U.S. Treasury 7-10 Year Bond Index. Their fees differ too: 0.87% for SSO and 0.95% for UST.
SSO currently has the higher Sharpe Ratio (1.63 vs -0.30), 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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