SPY vs SSO
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra S&P500
Which is better, SPY or SSO?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. SSO led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00.
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 | SPY | SSO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.84% |
| AUM | $823.2B | $9.2B |
| Dividend Yield | 0.99% | 0.69% |
| Holdings | 1,515 | 521 |
| YTD Return | +13.53% | +21.98%Best |
| 1Y Return | +17.47% | +28.56%Best |
| 3Y Return (annualized) | +22.36% | +37.60%Best |
| 5Y Return (annualized) | +13.21% | +17.88%Best |
| Volatility (annualized) | 15.2%Best | 31.0% |
| Max Drawdown | -56.5%Best | -85.5% |
| $10,000 over 5 years | $18,596 | $22,761Best |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | 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).
SPY 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 covers the 20.3 years both funds cover.
SPY vs SSO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra S&P500 (SSO) is an ETF from ProShares. Over the past year SPY returned +17.47% while SSO returned +28.56%. Year to date, SPY is up 13.53% versus a gain of 21.98% for SSO.
Over three years, SPY compounded at +22.36% per year against +37.60% for SSO; over five years the annualized figures are +13.21% and +17.88% respectively. Across the full 20-year window we track, SSO has the edge at +14.70% annualized vs +9.77%.
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 15.2% for SPY. 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 -56.5% for SPY 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while SSO charges 0.84%. On a $10,000 position that is $9 vs $84 annually, a gap of $75 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 0.69% for SSO.
Holdings Overlap
At least 98.9% of SPY'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 SPY is already inside SSO. Owning both mostly buys the same companies twice.
491 positions in common, counted across the 504 positions we hold weights for in SPY and 504 in SSO, against full books of 1,515 and 521.
Top Shared Holdings
| Stock | Weight in SPY | Weight in SSO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.78% | 5.73% | 2.05% |
| AAPLApple, Inc | 7.45% | 4.93% | 2.52% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.71% | 3.89% | 1.82% |
| AMZNAmazon.Com Inc | 3.78% | 2.50% | 1.28% |
| GOOGLAlphabet Inc Cap Stk Cl A | 3.12% | 2.04% | 1.08% |
| AVGOBroadcom Inc | 2.48% | 1.71% | 0.77% |
| GOOGAlphabet Inc Class C | 2.49% | 1.64% | 0.85% |
| METAMeta Platform Inc | 2.22% | 1.62% | 0.60% |
| MUMicron Technology, Inc. | 1.59% | 1.23% | 0.36% |
| TSLATesla Motors Inc | 1.54% | 1.06% | 0.48% |
98.9% of SPY 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, SPY or SSO?
SPY has an expense ratio of 0.09% while SSO charges 0.84%. SPY is the cheaper option, by $75 a year on a $10,000 investment.
Which performed better, SPY or SSO?
Over the past year SPY returned +17.47% vs +28.56% for SSO, so SSO leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.77% vs +14.70% for SSO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SSO?
SSO has been the more volatile fund at 31.0% annualized versus 15.2% for SPY. Worst drawdown: SPY -56.5% vs SSO -85.5%.
Should I hold both SPY and SSO?
SPY and SSO have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and SSO?
At least 98.9% of SPY's money is in holdings SSO also owns. Our book for SSO is partial, so the real figure is this or higher. They hold 491 positions in common, counted across the 504 positions we hold weights for in SPY and 504 in SSO.
Which pays a higher dividend, SPY or SSO?
SPY yields 0.99% while SSO yields 0.69%, so SPY currently pays the higher dividend yield.
Is SSO better than SPY?
SPY has a lower expense ratio. SSO led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. Which one suits a particular account depends on what it is for. This is information, not a recommendation.