TBT vs. SSO
TBT (ProShares UltraShort 20+ Year Treasury) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TBT returned 3.31%/yr vs 23.26%/yr for SSO. At a 0.25 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.87%/yr for SSO.
Performance
TBT vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 6.06% return, which is significantly lower than SSO's 17.80% return. Over the past 10 years, TBT has underperformed SSO with an annualized return of 3.31%, while SSO has yielded a comparatively higher 23.26% annualized return.
TBT
- 1D
- 0.19%
- 1M
- 4.81%
- 6M
- 8.83%
- YTD
- 6.06%
- 1Y
- 0.31%
- 3Y*
- 10.93%
- 5Y*
- 19.07%
- 10Y*
- 3.31%
SSO
- 1D
- -1.03%
- 1M
- 0.06%
- 6M
- 14.60%
- YTD
- 17.80%
- 1Y
- 37.75%
- 3Y*
- 32.35%
- 5Y*
- 18.24%
- 10Y*
- 23.26%
TBT vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 6.06% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
SSO ProShares Ultra S&P500 | 17.80% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between TBT and SSO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since May 1, 2008 | 0.25 |
The correlation between TBT and SSO shifts across timeframes, from -0.22 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. SSO — Risk / Return Rank
TBT
SSO
TBT vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares Ultra S&P500 (SSO). 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.
| TBT | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.27 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 2.09 | -2.07 |
| Martin ratioReturn relative to average drawdown | 0.04 | 8.58 | -8.54 |
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Drawdowns
TBT vs. SSO - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for TBT and SSO.
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Drawdown Indicators
| TBT | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -84.67% | -10.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.68% | -18.17% | +3.49% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -35.21% | +1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -46.73% | +12.90% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -59.34% | -5.75% |
Current DrawdownCurrent decline from peak | -85.22% | -2.70% | -82.52% |
Average DrawdownAverage peak-to-trough decline | -77.37% | -19.48% | -57.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.57% | 4.41% | +3.16% |
Volatility
TBT vs. SSO - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 5.08%, while ProShares Ultra S&P500 (SSO) has a volatility of 6.83%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 6.83% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 19.92% | -6.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.90% | 25.02% | -6.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.26% | 33.87% | -2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.65% | 35.86% | -7.21% |
TBT vs. SSO - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
TBT vs. SSO - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.64%, more than SSO's 0.67% yield.
| 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% |
TBT ProShares UltraShort 20+ Year Treasury | 2.64% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBT and SSO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (6.83%) compared to TBT (5.08%). In terms of maximum drawdown, TBT dropped -94.99% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.26% vs 3.31% for TBT. On fees, SSO is cheaper at 0.87% per year. On volatility, TBT has been the lower-risk option at 5.08%. 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 3.31%. 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 0.93% for TBT.
TBT has the higher dividend yield at 2.64%, compared with 0.67% for SSO.
TBT is categorized as Inverse Bonds, while SSO is Leveraged Equities. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while SSO tracks S&P 500. Their fees differ too: 0.93% for TBT and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.52 vs 0.02), 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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