SSO vs. UVXY
SSO (ProShares Ultra S&P500) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SSO returned 23.27%/yr vs -72.05%/yr for UVXY. At a correlation of -0.77, they often move in opposite directions. SSO charges 0.87%/yr vs 0.95%/yr for UVXY.
Performance
SSO vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 17.32% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, SSO has outperformed UVXY with an annualized return of 23.27%, while UVXY has yielded a comparatively lower -72.05% annualized return.
SSO
- 1D
- -1.53%
- 1M
- 1.94%
- 6M
- 13.10%
- YTD
- 17.32%
- 1Y
- 37.37%
- 3Y*
- 32.47%
- 5Y*
- 17.61%
- 10Y*
- 23.27%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
SSO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 17.32% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SSO and UVXY is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.77 |
The correlation between SSO and UVXY has been stable across timeframes, ranging from -0.77 to -0.75 - a consistent structural relationship.
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Return for Risk
SSO vs. UVXY — Risk / Return Rank
SSO
UVXY
SSO vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.34 | ||
| Sortino ratioReturn per unit of downside risk | +3.52 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.83 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | -0.98 | +3.04 |
| Martin ratioReturn relative to average drawdown | 8.51 | -1.46 | +9.97 |
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Drawdowns
SSO vs. UVXY - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SSO and UVXY.
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Drawdown Indicators
| SSO | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -100.00% | +15.33% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -73.42% | +55.25% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -95.32% | +60.11% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -99.74% | +53.01% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -100.00% | +40.66% |
Current DrawdownCurrent decline from peak | -3.10% | -100.00% | +96.90% |
Average DrawdownAverage peak-to-trough decline | -19.49% | -98.75% | +79.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.40% | 48.91% | -44.51% |
Volatility
SSO vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra S&P500 (SSO) is 8.22%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 21.23% | -13.01% |
Volatility (6M)Calculated over the trailing 6-month period | 19.91% | 66.69% | -46.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.05% | 85.49% | -60.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.87% | 103.84% | -69.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.88% | 112.03% | -76.15% |
SSO vs. UVXY - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
SSO vs. UVXY - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.67%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.67% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 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 UVXY have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to SSO (8.22%). In terms of maximum drawdown, SSO dropped -84.67% vs UVXY's -100.00%.
On 10-year performance, SSO leads with 23.27% vs -72.05% for UVXY. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.22%. 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 23.27% return vs -72.05%. 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 UVXY.
SSO has the higher dividend yield at 0.67%, compared with 0.00% for UVXY.
SSO is categorized as Leveraged Equities, while UVXY is Volatility. SSO tracks S&P 500, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.87% for SSO and 0.95% for UVXY.
SSO currently has the higher Sharpe Ratio (1.50 vs -0.84), 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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