TIP vs. SSO
TIP (iShares TIPS Bond ETF) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TIP returned 2.45%/yr vs 23.24%/yr for SSO. At a correlation of -0.10, they often move in opposite directions. TIP charges 0.18%/yr vs 0.87%/yr for SSO.
Performance
TIP vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 1.03% return, which is significantly lower than SSO's 10.17% return. Over the past 10 years, TIP has underperformed SSO with an annualized return of 2.45%, while SSO has yielded a comparatively higher 23.24% annualized return.
TIP
- 1D
- -0.10%
- 1M
- -0.75%
- YTD
- 1.03%
- 6M
- 0.84%
- 1Y
- 4.70%
- 3Y*
- 3.72%
- 5Y*
- 0.84%
- 10Y*
- 2.45%
SSO
- 1D
- -3.22%
- 1M
- -4.27%
- YTD
- 10.17%
- 6M
- 8.60%
- 1Y
- 37.87%
- 3Y*
- 33.60%
- 5Y*
- 17.53%
- 10Y*
- 23.24%
TIP vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.03% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
SSO ProShares Ultra S&P500 | 10.17% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between TIP and SSO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.10 |
The correlation between TIP and SSO shifts across timeframes, from -0.10 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. SSO — Risk / Return Rank
TIP
SSO
TIP vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.09 | +0.29 |
| Martin ratioReturn relative to average drawdown | 7.15 | 9.01 | -1.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TIP | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.56 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.52 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.65 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.40 | +0.17 |
Drawdowns
TIP vs. SSO - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for TIP and SSO.
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Drawdown Indicators
| TIP | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -84.67% | +70.10% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -18.17% | +16.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -35.21% | +30.67% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -46.73% | +32.22% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -59.34% | +44.83% |
Current DrawdownCurrent decline from peak | -0.83% | -9.00% | +8.17% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -19.55% | +16.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 4.21% | -3.55% |
Volatility
TIP vs. SSO - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 0.96%, while ProShares Ultra S&P500 (SSO) has a volatility of 8.00%. This indicates that TIP 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
| TIP | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 8.00% | -7.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 18.91% | -16.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 24.34% | -20.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 33.76% | -27.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 35.94% | -30.20% |
TIP vs. SSO - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than SSO's 0.87% expense ratio.
Dividends
TIP vs. SSO - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.78%, 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% |
TIP iShares TIPS Bond ETF | 3.78% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
TIP and SSO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (8.00%) compared to TIP (0.96%). In terms of maximum drawdown, TIP dropped -14.57% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.24% vs 2.45% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.96%. 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 23.24% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.87% for SSO.
TIP has the higher dividend yield at 3.78%, compared with 0.67% for SSO.
TIP is categorized as Inflation-Protected Bonds, while SSO is Leveraged Equities. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while SSO tracks S&P 500. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.18% for TIP and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.56 vs 1.40), 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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