SPXX vs SSO
Nuveen S&P 500 Dynamic Overwrite Fund vs ProShares Ultra S&P500
Which is better, SPXX or SSO?
SSO has been ahead.
SSO has a lower expense ratio. SSO led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPXX | SSO |
|---|---|---|
| Expense Ratio | 0.91% | 0.84%Best |
| AUM | $2.8B | $9.2B |
| Dividend Yield | 7.40% | 0.69% |
| Holdings | 553 | 521 |
| YTD Return | +10.40% | +21.98%Best |
| 1Y Return | +18.86% | +28.56%Best |
| 3Y Return (annualized) | +17.05% | +37.60%Best |
| 5Y Return (annualized) | +9.18% | +17.88%Best |
| Volatility (annualized) | 15.7%Best | 31.0% |
| Max Drawdown | -59.9%Best | -85.5% |
| $10,000 over 5 years | $15,514 | $22,761Best |
| Fund Family | Nuveen | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Nov 22, 2005 | Jun 19, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 21, 2006 to Oct 14, 2026 (20.3 years).
SPXX vs SSO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPXX vs SSO Performance
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen and ProShares Ultra S&P500 (SSO) is an ETF from ProShares. Over the past year SPXX returned +18.86% while SSO returned +28.56%. Year to date, SPXX is up 10.40% versus a gain of 21.98% for SSO.
Over three years, SPXX compounded at +17.05% per year against +37.60% for SSO; over five years the annualized figures are +9.18% and +17.88% respectively. Across the full 20-year window we track, SSO has the edge at +14.70% annualized vs +2.44%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SSO has been the more volatile fund, with annualized monthly volatility of 31.0% compared with 15.7% for SPXX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -59.9% for SPXX and -85.5% for SSO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPXX charges 0.91% per year while SSO charges 0.84%. On a $10,000 position that is $91 vs $84 annually, a gap of $7 per year that compounds over a long holding period. On income, SPXX currently yields 7.40% against 0.69% for SSO.
Holdings Overlap
At least 78.6% of SPXX's money is in holdings SSO also owns.
Stated as a floor: for SSO, our book for it covers 82.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of SPXX is already inside SSO. Owning both mostly buys the same companies twice.
The two holdings books were reported 63 days apart, SPXX as of Jul 31, 2026 and SSO as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
80 positions in common, counted across the 546 positions we hold weights for in SPXX and 504 in SSO, against full books of 553 and 521.
Top Shared Holdings
| Stock | Weight in SPXX | Weight in SSO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.65% | 5.73% | 1.92% |
| AAPLApple, Inc | 7.01% | 4.93% | 2.08% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.49% | 3.89% | 1.60% |
| AMZNAmazon.Com Inc | 4.25% | 2.50% | 1.75% |
| GOOGLAlphabet Inc Cap Stk Cl A | 3.13% | 2.04% | 1.09% |
| AVGOBroadcom Inc | 2.84% | 1.71% | 1.13% |
| GOOGAlphabet Inc Class C | 2.47% | 1.64% | 0.83% |
| METAMeta Platform Inc | 1.75% | 1.62% | 0.13% |
| JPMJpmorgan Chase | 1.93% | 0.89% | 1.04% |
| MUMicron Technology, Inc. | 1.53% | 1.23% | 0.30% |
78.6% of SPXX is already inside SSO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPXX or SSO?
SPXX has an expense ratio of 0.91% while SSO charges 0.84%. SSO is the cheaper option, by $7 a year on a $10,000 investment.
Which performed better, SPXX or SSO?
Over the past year SPXX returned +18.86% vs +28.56% for SSO, so SSO leads on 1-year performance. Over the longest common window we track (20 years), SPXX annualized +2.44% vs +14.70% for SSO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXX or SSO?
SSO has been the more volatile fund at 31.0% annualized versus 15.7% for SPXX. Worst drawdown: SPXX -59.9% vs SSO -85.5%.
Should I hold both SPXX and SSO?
SPXX and SSO have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPXX and SSO?
At least 78.6% of SPXX's money is in holdings SSO also owns. Our book for SSO is partial, so the real figure is this or higher. They hold 80 positions in common, counted across the 546 positions we hold weights for in SPXX and 504 in SSO.
Which pays a higher dividend, SPXX or SSO?
SPXX yields 7.40% while SSO yields 0.69%, so SPXX currently pays the higher dividend yield.
Is SSO better than SPXX?
SSO has a lower expense ratio. SSO led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.