TTT vs. SSO
TTT (UltraPro Short 20+ Year Treasury) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TTT returned 0.59%/yr vs 23.26%/yr for SSO. At a 0.19 correlation, their price movements are largely independent. TTT charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
TTT vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 7.59% return, which is significantly lower than SSO's 17.80% return. Over the past 10 years, TTT has underperformed SSO with an annualized return of 0.59%, while SSO has yielded a comparatively higher 23.26% annualized return.
TTT
- 1D
- 0.27%
- 1M
- 7.04%
- 6M
- 11.68%
- YTD
- 7.59%
- 1Y
- -2.74%
- 3Y*
- 10.58%
- 5Y*
- 22.85%
- 10Y*
- 0.59%
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%
TTT vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 7.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
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 TTT and SSO is -0.20, 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 | -0.20 |
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 Mar 29, 2012 | 0.19 |
The correlation between TTT and SSO shifts across timeframes, from -0.20 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TTT vs. SSO — Risk / Return Rank
TTT
SSO
TTT vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) 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.
| TTT | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.27 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 2.09 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.23 | 8.58 | -8.82 |
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Drawdowns
TTT vs. SSO - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for TTT and SSO.
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Drawdown Indicators
| TTT | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -84.67% | -9.33% |
Max Drawdown (1Y)Largest decline over 1 year | -21.80% | -18.17% | -3.63% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -35.21% | -14.48% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -46.73% | -2.96% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -59.34% | -22.42% |
Current DrawdownCurrent decline from peak | -77.44% | -2.70% | -74.74% |
Average DrawdownAverage peak-to-trough decline | -70.41% | -19.48% | -50.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.09% | 4.41% | +7.68% |
Volatility
TTT vs. SSO - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 7.56% compared to ProShares Ultra S&P500 (SSO) at 6.83%. This indicates that TTT'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.
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Volatility by Period
| TTT | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 6.83% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 20.24% | 19.92% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.84% | 25.02% | +2.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.91% | 33.87% | +13.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.16% | 35.86% | +7.30% |
TTT vs. SSO - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
TTT vs. SSO - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.01%, 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% |
TTT UltraPro Short 20+ Year Treasury | 9.01% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TTT and SSO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (7.56%) compared to SSO (6.83%). In terms of maximum drawdown, TTT dropped -94.00% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.26% vs 0.59% for TTT. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 6.83%. 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 0.59%. 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 0.95% for TTT.
TTT has the higher dividend yield at 9.01%, compared with 0.67% for SSO.
TTT is categorized as Leveraged Bonds, while SSO is Leveraged Equities. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while SSO tracks S&P 500. Their fees differ too: 0.95% for TTT and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.52 vs -0.10), 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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