XPP vs. SSO

Last updated Jun 24, 2026

XPP (ProShares Ultra FTSE China 50) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - XPP tracks the FTSE/Xinhua China 25 Index (200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, XPP returned -6.09%/yr vs 24.26%/yr for SSO. A 0.57 correlation means they provide meaningful diversification when combined. XPP charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

XPP vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -28.87% return, which is significantly lower than SSO's 12.95% return. Over the past 10 years, XPP has underperformed SSO with an annualized return of -6.09%, while SSO has yielded a comparatively higher 24.26% annualized return.

XPP

• 1D: -3.49%
• 1M: -13.68%
• YTD: -28.87%
• 6M: -29.70%
• 1Y: -21.92%
• 3Y*: 3.54%
• 5Y*: -22.11%
• 10Y*: -6.09%

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%

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

XPP vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-28.87%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
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 XPP and SSO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	0.57

The correlation between XPP and SSO shifts across timeframes, from 0.38 (3 years) to 0.57 (all time), reflecting how their relationship changes across market environments.

XPP vs. SSO - Sectors Allocation Comparison

Sectors	XPP	SSO
Financial Services	48.1%	25.1%
Basic Materials	-	1.2%
Communication Services	-	6.6%
Consumer Cyclical	-	6.2%
Consumer Defensive	-	3.1%
Energy	-	2.2%
Healthcare	-	5.7%
Industrials	-	5.2%
Real Estate	-	1.2%
Technology	-	24.9%
Utilities	-	1.7%

Return for Risk

XPP vs. SSO — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 4
XPP Sharpe Ratio Rank: 5
XPP Sortino Ratio Rank: 5
XPP Omega Ratio Rank: 5
XPP Calmar Ratio Rank: 4
XPP Martin Ratio Rank: 3

SSO

SSO Risk / Return Rank: 50
SSO Sharpe Ratio Rank: 51
SSO Sortino Ratio Rank: 46
SSO Omega Ratio Rank: 48
SSO Calmar Ratio Rank: 49
SSO Martin Ratio Rank: 58

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.

XPP vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	SSO	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	1.71	-2.27
Sortino ratio: Return per unit of downside risk	-0.60	2.24	-2.85
Omega ratio: Gain probability vs. loss probability	0.93	1.30	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.55	2.34	-2.89
Martin ratio: Return relative to average drawdown	-1.23	9.90	-11.13

XPP vs. SSO - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.56, which is lower than the SSO Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. SSO - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for XPP and SSO.

Drawdown Indicators

	XPP	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-84.67%	-5.23%
Max Drawdown (1Y) Largest decline over 1 year	-40.13%	-18.17%	-21.96%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-35.21%	-17.74%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-46.73%	-38.51%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-59.34%	-30.56%
Current Drawdown Current decline from peak	-81.17%	-6.70%	-74.47%
Average Drawdown Average peak-to-trough decline	-47.90%	-19.53%	-28.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.79%	4.28%	+13.51%

Volatility

XPP vs. SSO - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 12.54% compared to ProShares Ultra S&P500 (SSO) at 9.70%. This indicates that XPP'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

	XPP	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.54%	9.70%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	29.54%	19.65%	+9.89%
Volatility (1Y) Calculated over the trailing 1-year period	39.48%	24.92%	+14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.84%	33.85%	+28.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.79%	35.93%	+18.86%

XPP vs. SSO - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

XPP vs. SSO - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 3.05%, 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%
XPP ProShares Ultra FTSE China 50	3.05%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPP and SSO in my portfolio?

XPP and SSO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or SSO?

XPP has higher volatility (12.54%) compared to SSO (9.70%). In terms of maximum drawdown, XPP dropped -89.90% vs SSO's -84.67%.

Which ETF is better, XPP or SSO?

On 10-year performance, SSO leads with 24.26% vs -6.09% for XPP. 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.

Which ETF has performed better, XPP or SSO?

Over the 10-year period, SSO has performed better with a 24.26% return vs -6.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for XPP.

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

XPP has the higher dividend yield at 3.05%, compared with 0.65% for SSO.

What is the main difference between XPP and SSO?

XPP tracks FTSE/Xinhua China 25 Index (200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for XPP and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.71 vs -0.56), 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.