SSO vs. XLB

Last updated Jun 9, 2026

SSO (ProShares Ultra S&P500) and XLB (Materials Select Sector SPDR ETF) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while XLB is a Materials fund tracking the Materials Select Sector Index. Both are passively managed. Over the past 10 years, SSO returned 23.71%/yr vs 9.85%/yr for XLB. A 0.79 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.13%/yr for XLB.

Performance

SSO vs. XLB - Performance Comparison

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

Returns By Period

In the year-to-date period, SSO achieves a 14.49% return, which is significantly higher than XLB's 10.66% return. Over the past 10 years, SSO has outperformed XLB with an annualized return of 23.71%, while XLB has yielded a comparatively lower 9.85% annualized return.

SSO

• 1D: 0.47%
• 1M: -0.08%
• YTD: 14.49%
• 6M: 14.11%
• 1Y: 45.16%
• 3Y*: 35.32%
• 5Y*: 18.74%
• 10Y*: 23.71%

XLB

• 1D: -1.32%
• 1M: -3.16%
• YTD: 10.66%
• 6M: 16.01%
• 1Y: 16.06%
• 3Y*: 10.29%
• 5Y*: 5.04%
• 10Y*: 9.85%

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

SSO vs. XLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	14.49%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
XLB Materials Select Sector SPDR ETF	10.66%	9.94%	0.15%	12.46%	-12.30%	27.44%	20.46%	24.13%	-14.88%	24.01%

Correlation

The correlation between SSO and XLB is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.79

Over the past year, the correlation between SSO and XLB has dropped to 0.54 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

SSO vs. XLB - Sectors Allocation Comparison

Sectors	SSO	XLB
Technology	35.6%	-
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	12.4%
Healthcare	8.5%	-
Industrials	8.3%	1.5%
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	87.6%

Return for Risk

SSO vs. XLB — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 60
SSO Sharpe Ratio Rank: 63
SSO Sortino Ratio Rank: 56
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 56
SSO Martin Ratio Rank: 65

XLB

XLB Risk / Return Rank: 29
XLB Sharpe Ratio Rank: 29
XLB Sortino Ratio Rank: 29
XLB Omega Ratio Rank: 27
XLB Calmar Ratio Rank: 29
XLB Martin Ratio Rank: 30

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. XLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Materials Select Sector SPDR ETF (XLB). 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.

	SSO	XLB	Difference
Sharpe ratio: Return per unit of total volatility	1.88	0.95	+0.93
Sortino ratio: Return per unit of downside risk	2.42	1.43	+0.99
Omega ratio: Gain probability vs. loss probability	1.33	1.17	+0.16
Calmar ratio: Return relative to maximum drawdown	2.50	1.30	+1.20
Martin ratio: Return relative to average drawdown	10.89	4.02	+6.87
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. XLB - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.88, which is higher than the XLB Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SSO and XLB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSO	XLB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	0.95	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.27	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.48	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.35	+0.06

Drawdowns

SSO vs. XLB - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than XLB's maximum drawdown of -59.83%. Use the drawdown chart below to compare losses from any high point for SSO and XLB.

Drawdown Indicators

	SSO	XLB	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-59.83%	-24.84%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-12.38%	-5.79%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-23.17%	-12.04%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-24.72%	-22.01%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-37.27%	-22.07%
Current Drawdown Current decline from peak	-5.43%	-6.41%	+0.98%
Average Drawdown Average peak-to-trough decline	-19.56%	-10.84%	-8.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	4.00%	+0.16%

Volatility

SSO vs. XLB - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 7.49% compared to Materials Select Sector SPDR ETF (XLB) at 5.32%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than XLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	XLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	5.32%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	18.61%	13.02%	+5.59%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	16.95%	+7.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.73%	18.96%	+14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.94%	20.66%	+15.28%

SSO vs. XLB - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than XLB's 0.13% expense ratio.

Dividends

SSO vs. XLB - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, less than XLB's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSO ProShares Ultra S&P500	0.64%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%
XLB Materials Select Sector SPDR ETF	1.75%	1.92%	1.92%	2.00%	2.26%	1.62%	1.72%	1.98%	2.20%	1.66%	1.95%	2.24%

Frequently Asked Questions

Can I hold both SSO and XLB in my portfolio?

SSO and XLB have a correlation of 0.54, 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 XLB?

SSO has higher volatility (7.49%) compared to XLB (5.32%). In terms of maximum drawdown, SSO dropped -84.67% vs XLB's -59.83%.

Which ETF is better, SSO or XLB?

On 10-year performance, SSO leads with 23.71% vs 9.85% for XLB. On fees, XLB is cheaper at 0.13% per year. On volatility, XLB has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or XLB?

Over the 10-year period, SSO has performed better with a 23.71% return vs 9.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or XLB?

XLB is cheaper with a 0.13% expense ratio, compared with 0.87% for SSO.

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

XLB has the higher dividend yield at 1.75%, compared with 0.64% for SSO.

What is the main difference between SSO and XLB?

SSO is categorized as Leveraged Equities, while XLB is Materials. SSO tracks S&P 500, while XLB tracks Materials Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.87% for SSO and 0.13% for XLB.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.88 vs 0.95), 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.