URE vs. SSO
URE (ProShares Ultra Real Estate) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, URE returned 3.29%/yr vs 24.26%/yr for SSO. A 0.66 correlation means they provide meaningful diversification when combined. URE charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
URE vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, URE achieves a 21.30% return, which is significantly higher than SSO's 12.95% return. Over the past 10 years, URE has underperformed SSO with an annualized return of 3.29%, while SSO has yielded a comparatively higher 24.26% annualized return.
URE
- 1D
- 2.89%
- 1M
- 1.25%
- YTD
- 21.30%
- 6M
- 22.37%
- 1Y
- 11.16%
- 3Y*
- 12.71%
- 5Y*
- -2.86%
- 10Y*
- 3.29%
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%
URE vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
URE ProShares Ultra Real Estate | 21.30% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
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 URE and SSO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | 0.66 |
Over the past year, the correlation between URE and SSO has dropped to 0.24 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
URE vs. SSO — Risk / Return Rank
URE
SSO
URE vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) 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.
| URE | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.30 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 2.34 | -1.66 |
| Martin ratioReturn relative to average drawdown | 1.63 | 9.90 | -8.27 |
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Drawdowns
URE vs. SSO - Drawdown Comparison
The maximum URE drawdown since its inception was -97.16%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for URE and SSO.
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Drawdown Indicators
| URE | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | -84.67% | -12.49% |
Max Drawdown (1Y)Largest decline over 1 year | -16.50% | -18.17% | +1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -33.77% | -35.21% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -63.66% | -46.73% | -16.93% |
Max Drawdown (10Y)Largest decline over 10 years | -70.49% | -59.34% | -11.15% |
Current DrawdownCurrent decline from peak | -49.63% | -6.70% | -42.93% |
Average DrawdownAverage peak-to-trough decline | -64.47% | -19.53% | -44.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | 4.28% | +2.58% |
Volatility
URE vs. SSO - Volatility Comparison
ProShares Ultra Real Estate (URE) has a higher volatility of 10.65% compared to ProShares Ultra S&P500 (SSO) at 9.70%. This indicates that URE'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
| URE | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.65% | 9.70% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 21.26% | 19.65% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.21% | 24.92% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.44% | 33.85% | +3.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.64% | 35.93% | +4.71% |
URE vs. SSO - Expense Ratio Comparison
URE has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
URE vs. SSO - Dividend Comparison
URE's dividend yield for the trailing twelve months is around 1.93%, 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% |
URE ProShares Ultra Real Estate | 1.93% | 2.42% | 2.09% | 1.32% | 1.26% | 0.58% | 0.94% | 1.10% | 1.53% | 0.93% | 0.96% | 0.81% |
Frequently Asked Questions
URE 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.
URE has higher volatility (10.65%) compared to SSO (9.70%). In terms of maximum drawdown, URE dropped -97.16% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.26% vs 3.29% for URE. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 9.70%. 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 3.29%. 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 URE.
URE has the higher dividend yield at 1.93%, compared with 0.65% for SSO.
URE is categorized as REIT, while SSO is Leveraged Equities. URE tracks Dow Jones U.S. Real Estate Index (200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for URE and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.71 vs 0.40), 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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