SSO vs. UYG

Last updated Jun 30, 2026

SSO (ProShares Ultra S&P500) and UYG (ProShares Ultra Financials) are both Leveraged Equities funds from ProShares - SSO tracks the S&P 500 while UYG tracks the Dow Jones U.S. Financials Index (200%). Both are passively managed. Over the past 10 years, SSO returned 23.72%/yr vs 17.86%/yr for UYG. Their correlation of 0.83 suggests significant overlap in exposure. SSO charges 0.87%/yr vs 0.95%/yr for UYG.

Performance

SSO vs. UYG - Performance Comparison

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

Returns By Period

In the year-to-date period, SSO achieves a 15.03% return, which is significantly higher than UYG's -6.07% return. Over the past 10 years, SSO has outperformed UYG with an annualized return of 23.72%, while UYG has yielded a comparatively lower 17.86% annualized return.

SSO

• 1D: 3.00%
• 1M: -4.26%
• YTD: 15.03%
• 6M: 13.00%
• 1Y: 38.24%
• 3Y*: 32.66%
• 5Y*: 18.00%
• 10Y*: 23.72%

UYG

• 1D: 0.57%
• 1M: 8.68%
• YTD: -6.07%
• 6M: -7.75%
• 1Y: 2.00%
• 3Y*: 28.65%
• 5Y*: 11.86%
• 10Y*: 17.86%

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

SSO vs. UYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	15.03%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
UYG ProShares Ultra Financials	-6.07%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%

Correlation

The correlation between SSO and UYG is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.83

Over the past year, the correlation between SSO and UYG has dropped to 0.56 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

SSO vs. UYG - Sectors Allocation Comparison

Sectors	SSO	UYG
Technology	26.4%	1.8%
Financial Services	24.0%	98.0%
Communication Services	6.8%	-
Consumer Cyclical	6.4%	-
Healthcare	5.6%	-
Industrials	5.3%	0.2%
Consumer Defensive	3.1%	-
Energy	2.1%	-
Utilities	1.8%	-
Real Estate	1.2%	-
Basic Materials	1.2%	-

Return for Risk

SSO vs. UYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SSO

SSO Risk / Return Rank: 51
SSO Sharpe Ratio Rank: 52
SSO Sortino Ratio Rank: 47
SSO Omega Ratio Rank: 49
SSO Calmar Ratio Rank: 49
SSO Martin Ratio Rank: 58

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 10
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 10
UYG Martin Ratio Rank: 10

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. UYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra Financials (UYG). 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	UYG	Difference
Sharpe ratio: Return per unit of total volatility	1.54	0.07	+1.47
Sortino ratio: Return per unit of downside risk	2.07	0.29	+1.78
Omega ratio: Gain probability vs. loss probability	1.27	1.04	+0.24
Calmar ratio: Return relative to maximum drawdown	2.12	0.07	+2.05
Martin ratio: Return relative to average drawdown	8.79	0.16	+8.62

SSO vs. UYG - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.54, which is higher than the UYG Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of SSO and UYG, 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. UYG - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum UYG drawdown of -97.90%. Use the drawdown chart below to compare losses from any high point for SSO and UYG.

Drawdown Indicators

	SSO	UYG	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-97.90%	+13.23%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-28.91%	+10.74%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-30.35%	-4.86%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-47.77%	+1.04%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-69.98%	+10.64%
Current Drawdown Current decline from peak	-4.99%	-11.29%	+6.30%
Average Drawdown Average peak-to-trough decline	-19.52%	-63.18%	+43.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	12.36%	-8.00%

Volatility

SSO vs. UYG - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 10.01% compared to ProShares Ultra Financials (UYG) at 7.91%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than UYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	UYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.01%	7.91%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	19.76%	22.37%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	24.96%	28.95%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.87%	36.12%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.88%	40.86%	-4.98%

SSO vs. UYG - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than UYG's 0.95% expense ratio.

Dividends

SSO vs. UYG - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.68%, less than UYG's 12.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSO ProShares Ultra S&P500	0.68%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%
UYG ProShares Ultra Financials	12.43%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both SSO and UYG in my portfolio?

SSO and UYG have a correlation of 0.56, 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 UYG?

SSO has higher volatility (10.01%) compared to UYG (7.91%). In terms of maximum drawdown, SSO dropped -84.67% vs UYG's -97.90%.

Which ETF is better, SSO or UYG?

On 10-year performance, SSO leads with 23.72% vs 17.86% for UYG. On fees, SSO is cheaper at 0.87% per year. On volatility, UYG has been the lower-risk option at 7.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or UYG?

Over the 10-year period, SSO has performed better with a 23.72% return vs 17.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or UYG?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for UYG.

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

UYG has the higher dividend yield at 12.43%, compared with 0.68% for SSO.

What is the main difference between SSO and UYG?

SSO tracks S&P 500, while UYG tracks Dow Jones U.S. Financials Index (200%). Their fees differ too: 0.87% for SSO and 0.95% for UYG.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.54 vs 0.07), 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.