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 2.32%/yr vs 24.26%/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 1.05% return, which is significantly lower than SSO's 12.95% return. Over the past 10 years, TBT has underperformed SSO with an annualized return of 2.32%, while SSO has yielded a comparatively higher 24.26% annualized return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
SSO
- 1D
- -2.86%
- 1M
- -3.30%
- YTD
- 12.95%
- 6M
- 10.86%
- 1Y
- 42.28%
- 3Y*
- 33.83%
- 5Y*
- 17.91%
- 10Y*
- 24.26%
TBT vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
SSO ProShares Ultra S&P500 | 12.95% | 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 -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
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 -0.24 (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 | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.30 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.34 | -2.39 |
| Martin ratioReturn relative to average drawdown | -0.10 | 9.90 | -10.00 |
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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 | -14.89% | -18.17% | +3.28% |
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 | -85.92% | -6.70% | -79.22% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -19.53% | -57.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 4.28% | +3.27% |
Volatility
TBT vs. SSO - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while ProShares Ultra S&P500 (SSO) has a volatility of 9.70%. 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 | 4.53% | 9.70% | -5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 19.65% | -6.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 24.92% | -5.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 33.85% | -2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 35.93% | -7.18% |
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 2.95%, more than SSO's 0.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.65% | 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 | 2.95% | 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 -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (9.70%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.26% vs 2.32% for TBT. On fees, SSO is cheaper at 0.87% per year. On volatility, TBT has been the lower-risk option at 4.53%. 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 24.26% return vs 2.32%. 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 2.95%, compared with 0.65% 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 (1.71 vs -0.04), 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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