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SSO vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SSO vs. UVXY

Last updated Jun 4, 2026

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 24.21%/yr vs -72.67%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 19.37% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SSO has outperformed UVXY with an annualized return of 24.21%, while UVXY has yielded a comparatively lower -72.67% annualized return.

SSO

1D
-1.40%
1M
9.75%
YTD
19.37%
6M
18.81%
1Y
52.69%
3Y*
37.56%
5Y*
19.62%
10Y*
24.21%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SSO vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SSO
ProShares Ultra S&P500		19.37%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		-19.06%-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 -0.73, 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

-0.73

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

-0.73

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 5, 2011

-0.77

The correlation between SSO and UVXY has been stable across timeframes, ranging from -0.77 to -0.73 - a consistent structural relationship.

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

ProShares Ultra VIX Short-Term Futures ETF

Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

SSO vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SSO
SSO Risk / Return Rank: 6262
Overall Rank
SSO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 5959
Sortino Ratio Rank
SSO Omega Ratio Rank: 6060
Omega Ratio Rank
SSO Calmar Ratio Rank: 5858
Calmar Ratio Rank
SSO Martin Ratio Rank: 6868
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
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. 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.

SSOUVXYDifference

Sharpe ratio

Return per unit of total volatility

2.25

-0.87

+3.11

Sortino ratio

Return per unit of downside risk

2.86

-1.60

+4.46

Omega ratio

Gain probability vs. loss probability

1.38

0.82

+0.56

Calmar ratio

Return relative to maximum drawdown

2.91

-0.97

+3.89

Martin ratio

Return relative to average drawdown

12.80

-1.31

+14.11

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. UVXY - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 2.25, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SSO and UVXY, 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

SSOUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.25

-0.87

+3.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

-0.66

+1.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

-0.64

+1.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

-0.68

+1.09

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

SSOUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-84.67%

-100.00%

+15.33%

Max Drawdown (1Y)

Largest decline over 1 year

-18.17%

-75.22%

+57.05%

Max Drawdown (3Y)

Largest decline over 3 years

-35.21%

-95.45%

+60.24%

Max Drawdown (5Y)

Largest decline over 5 years

-46.73%

-99.68%

+52.95%

Max Drawdown (10Y)

Largest decline over 10 years

-59.34%

-100.00%

+40.66%

Current Drawdown

Current decline from peak

-1.40%

-100.00%

+98.60%

Average Drawdown

Average peak-to-trough decline

-19.57%

-98.55%

+78.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.13%

55.63%

-51.50%

Volatility

SSO vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 5.66%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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

SSOUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.66%

11.77%

-6.11%

Volatility (6M)

Calculated over the trailing 6-month period

17.78%

62.64%

-44.86%

Volatility (1Y)

Calculated over the trailing 1-year period

23.60%

84.42%

-60.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.65%

103.85%

-70.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.89%

113.82%

-77.93%

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 0.62%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SSO
ProShares Ultra S&P500		0.62%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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to SSO (5.66%). In terms of maximum drawdown, SSO dropped -84.67% vs UVXY's -100.00%.

On 10-year performance, SSO leads with 24.21% vs -72.67% for UVXY. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. 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 24.21% return vs -72.67%. 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 0.62%, 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 (2.25 vs -0.87), 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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