TSLL vs. SSO

Last updated Jun 13, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds. TSLL is actively managed, while SSO is passively managed. Over the past 3 years, TSLL returned -3.31%/yr vs 34.18%/yr for SSO. A 0.55 correlation means they provide meaningful diversification when combined. TSLL charges 0.83%/yr vs 0.87%/yr for SSO.

Performance

TSLL vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bull 2X ETF (TSLL) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLL achieves a -28.34% return, which is significantly lower than SSO's 15.08% return.

TSLL

• 1D: 3.58%
• 1M: -19.30%
• YTD: -28.34%
• 6M: -32.14%
• 1Y: 17.57%
• 3Y*: -3.31%
• 5Y*: —
• 10Y*: —

SSO

• 1D: 1.03%
• 1M: -0.82%
• YTD: 15.08%
• 6M: 15.47%
• 1Y: 43.79%
• 3Y*: 34.18%
• 5Y*: 18.57%
• 10Y*: 24.02%

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

TSLL vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	-28.34%	-26.80%	99.63%	139.86%	-74.99%
SSO ProShares Ultra S&P500	15.08%	26.19%	43.48%	46.65%	-16.55%

Correlation

The correlation between TSLL and SSO is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.55

The correlation between TSLL and SSO has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

TSLL vs. SSO - Sectors Allocation Comparison

Sectors	TSLL	SSO
Consumer Cyclical	100.0%	10.1%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

TSLL vs. SSO — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 15
TSLL Sharpe Ratio Rank: 13
TSLL Sortino Ratio Rank: 19
TSLL Omega Ratio Rank: 18
TSLL Calmar Ratio Rank: 13
TSLL Martin Ratio Rank: 13

SSO

SSO Risk / Return Rank: 59
SSO Sharpe Ratio Rank: 62
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 55
SSO Martin Ratio Rank: 66

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.

TSLL vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) 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.

	TSLL	SSO	Difference
Sharpe ratio: Return per unit of total volatility	0.20	1.79	-1.59
Sortino ratio: Return per unit of downside risk	0.92	2.33	-1.41
Omega ratio: Gain probability vs. loss probability	1.10	1.31	-0.21
Calmar ratio: Return relative to maximum drawdown	0.32	2.42	-2.10
Martin ratio: Return relative to average drawdown	0.65	10.37	-9.71

TSLL vs. SSO - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.20, which is lower than the SSO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of TSLL and SSO, 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

TSLL vs. SSO - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for TSLL and SSO.

Drawdown Indicators

	TSLL	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-84.67%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-18.17%	-36.58%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	-35.21%	-47.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.34%	—
Current Drawdown Current decline from peak	-63.81%	-4.94%	-58.87%
Average Drawdown Average peak-to-trough decline	-53.85%	-19.55%	-34.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.01%	4.24%	+22.77%

Volatility

TSLL vs. SSO - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.50% compared to ProShares Ultra S&P500 (SSO) at 8.74%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLL	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.50%	8.74%	+19.76%
Volatility (6M) Calculated over the trailing 6-month period	57.37%	19.17%	+38.20%
Volatility (1Y) Calculated over the trailing 1-year period	88.62%	24.54%	+64.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.00%	33.78%	+73.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.00%	35.95%	+71.05%

TSLL vs. SSO - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is lower than SSO's 0.87% expense ratio.

Dividends

TSLL vs. SSO - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 7.14%, more than SSO's 0.64% 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%
TSLL Direxion Daily TSLA Bull 2X ETF	7.14%	5.00%	2.47%	4.44%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLL and SSO in my portfolio?

TSLL and SSO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLL or SSO?

TSLL has higher volatility (28.50%) compared to SSO (8.74%). In terms of maximum drawdown, TSLL dropped -82.88% vs SSO's -84.67%.

Which ETF is better, TSLL or SSO?

On 3-year performance, SSO leads with 34.18% vs -3.31% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, SSO has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or SSO?

Over the 3-year period, SSO has performed better with a 34.18% return vs -3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or SSO?

TSLL is cheaper with a 0.83% expense ratio, compared with 0.87% for SSO.

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

TSLL has the higher dividend yield at 7.14%, compared with 0.64% for SSO.

What is the main difference between TSLL and SSO?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.83% for TSLL and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.79 vs 0.20), 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.