UPW vs. SSO
Compare and contrast key facts about ProShares Ultra Utilities (UPW) and ProShares Ultra S&P500 (SSO).
UPW and SSO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPW is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Utilities Index (200%). It was launched on Jan 30, 2007. SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006. Both UPW and SSO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UPW vs. SSO - Performance Comparison
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UPW vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 14.41% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 22.53% |
SSO ProShares Ultra S&P500 | -10.23% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Returns By Period
In the year-to-date period, UPW achieves a 14.41% return, which is significantly higher than SSO's -10.23% return. Over the past 10 years, UPW has underperformed SSO with an annualized return of 11.18%, while SSO has yielded a comparatively higher 21.06% annualized return.
UPW
- 1D
- -0.37%
- 1M
- -7.21%
- YTD
- 14.41%
- 6M
- 9.25%
- 1Y
- 30.87%
- 3Y*
- 18.27%
- 5Y*
- 12.78%
- 10Y*
- 11.18%
SSO
- 1D
- 5.75%
- 1M
- -10.37%
- YTD
- -10.23%
- 6M
- -7.08%
- 1Y
- 26.35%
- 3Y*
- 28.27%
- 5Y*
- 15.34%
- 10Y*
- 21.06%
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UPW vs. SSO - Expense Ratio Comparison
UPW has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Return for Risk
UPW vs. SSO — Risk / Return Rank
UPW
SSO
UPW vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) 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.
| UPW | SSO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 0.73 | +0.26 |
Sortino ratioReturn per unit of downside risk | 1.41 | 1.23 | +0.18 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.20 | +0.58 |
Martin ratioReturn relative to average drawdown | 4.17 | 5.18 | -1.01 |
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
| UPW | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 0.73 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.46 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.59 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.38 | -0.11 |
Correlation
The correlation between UPW and SSO is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
UPW vs. SSO - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.40%, more than SSO's 0.82% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 1.40% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
SSO ProShares Ultra S&P500 | 0.82% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Drawdowns
UPW vs. SSO - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for UPW and SSO.
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Drawdown Indicators
| UPW | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -84.67% | +6.92% |
Max Drawdown (1Y)Largest decline over 1 year | -18.93% | -23.17% | +4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -46.73% | -2.69% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -59.34% | -3.33% |
Current DrawdownCurrent decline from peak | -7.21% | -13.46% | +6.25% |
Average DrawdownAverage peak-to-trough decline | -22.71% | -19.72% | -2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.09% | 5.38% | +2.71% |
Volatility
UPW vs. SSO - Volatility Comparison
ProShares Ultra Utilities (UPW) and ProShares Ultra S&P500 (SSO) have volatilities of 10.16% and 10.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPW | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.16% | 10.60% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 20.93% | 18.95% | +1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.45% | 36.45% | -5.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.11% | 33.66% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.07% | 35.86% | +1.21% |