SSO vs UPRO
ProShares Ultra S&P500 vs ProShares UltraPro S&P 500
Which is better, SSO or UPRO?
Nearly the same fund. SSO costs less.
SSO has a lower expense ratio. UPRO 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 | SSO | UPRO |
|---|---|---|
| Expense Ratio | 0.84%Best | 0.88% |
| AUM | $9.2B | $5.7B |
| Dividend Yield | 0.69% | 0.77% |
| Holdings | 521 | 520 |
| YTD Return | +21.98% | +29.25%Best |
| 1Y Return | +28.56% | +38.25%Best |
| 3Y Return (annualized) | +37.60% | +51.43%Best |
| 5Y Return (annualized) | +17.88% | +19.36%Best |
| Volatility (annualized) | 29.1%Best | 44.4% |
| Max Drawdown | -59.3%Best | -76.8% |
| $10,000 over 5 years | $22,761 | $24,227Best |
| Fund Family | ProShares | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jun 19, 2006 | Jun 23, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 25, 2009 to Oct 14, 2026 (17.3 years).
SSO vs UPRO 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 17.3 years both funds cover.
SSO vs UPRO Performance
ProShares Ultra S&P500 (SSO) is an ETF from ProShares and ProShares UltraPro S&P 500 (UPRO) is an ETF from ProShares. Over the past year SSO returned +28.56% while UPRO returned +38.25%. Year to date, SSO is up 21.98% versus a gain of 29.25% for UPRO.
Over three years, SSO compounded at +37.60% per year against +51.43% for UPRO; over five years the annualized figures are +17.88% and +19.36% respectively. Across the full 17-year window we track, UPRO has the edge at +32.30% annualized vs +24.50%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 44.4% compared with 29.1% for SSO. 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 -59.3% for SSO and -76.8% for UPRO. 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
SSO charges 0.84% per year while UPRO charges 0.88%. On a $10,000 position that is $84 vs $88 annually, a gap of $4 per year that compounds over a long holding period. On income, SSO currently yields 0.69% against 0.77% for UPRO.
Holdings Overlap
We hold position weights for 504 holdings in SSO and 502 in UPRO, totalling 82.2% and 72.5% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 496 positions appear in both.
496 positions in common, counted across the 504 positions we hold weights for in SSO and 502 in UPRO, against full books of 521 and 520.
Top Shared Holdings
| Stock | Weight in SSO | Weight in UPRO | Difference |
|---|---|---|---|
| IQMMProshares Genius Mny Mkt Etf | 14.98% | 21.18% | 6.20% |
| NVDANvidia Corp. | 5.73% | 4.01% | 1.72% |
| AAPLApple, Inc | 4.93% | 3.83% | 1.10% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 3.89% | 2.94% | 0.95% |
| AMZNAmazon.Com Inc | 2.50% | 1.95% | 0.55% |
| GOOGLAlphabet Inc Cap Stk Cl A | 2.04% | 1.61% | 0.43% |
| AVGOBroadcom Inc | 1.71% | 1.28% | 0.43% |
| GOOGAlphabet Inc Class C | 1.64% | 1.28% | 0.36% |
| METAMeta Platform Inc | 1.62% | 1.15% | 0.47% |
| MUMicron Technology, Inc. | 1.23% | 0.82% | 0.41% |
You are not choosing between two funds in isolation.
Whichever of SSO and UPRO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SSO or UPRO?
SSO has an expense ratio of 0.84% while UPRO charges 0.88%. SSO is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, SSO or UPRO?
Over the past year SSO returned +28.56% vs +38.25% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (17 years), SSO annualized +24.50% vs +32.30% for UPRO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SSO or UPRO?
UPRO has been the more volatile fund at 44.4% annualized versus 29.1% for SSO. Worst drawdown: SSO -59.3% vs UPRO -76.8%.
Should I hold both SSO and UPRO?
SSO and UPRO 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.
Which pays a higher dividend, SSO or UPRO?
SSO yields 0.69% while UPRO yields 0.77%, so UPRO currently pays the higher dividend yield.
Is UPRO better than SSO?
SSO has a lower expense ratio. UPRO 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.