SSO vs ZAPR
ProShares Ultra S&P500 vs Innovator Equity Defined Protection ETF - 1 Yr April
Which is better, SSO or ZAPR?
SSO has been ahead.
ZAPR has a lower expense ratio. SSO led over 1Y 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 | SSO | ZAPR |
|---|---|---|
| Expense Ratio | 0.84% | 0.79%Best |
| AUM | $9.2B | $68M |
| Dividend Yield | 0.69% | 0.00% |
| Holdings | 521 | 21 |
| YTD Return | +21.98%Best | +5.06% |
| 1Y Return | +28.56%Best | +6.36% |
| 3Y Return (annualized) | +37.60% | - |
| 5Y Return (annualized) | +17.88% | - |
| Volatility (annualized) | 24.2% | 1.1%Best |
| Max Drawdown | -23.2% | -1.7%Best |
| $10,000 over 1.5 years | $16,898Best | $11,037 |
| Fund Family | ProShares | Innovator ETFs Trust |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jun 19, 2006 | Apr 1, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 1, 2025 to Oct 14, 2026 (1.5 years).
SSO vs ZAPR 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 1.5 years both funds cover.
SSO vs ZAPR Performance
ProShares Ultra S&P500 (SSO) is an ETF from ProShares and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) is an ETF from Innovator ETFs Trust. Over the past year SSO returned +28.56% while ZAPR returned +6.36%. Year to date, SSO is up 21.98% versus a gain of 5.06% for ZAPR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SSO has been the more volatile fund, with annualized monthly volatility of 24.2% compared with 1.1% for ZAPR. 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 -23.2% for SSO and -1.7% for ZAPR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SSO charges 0.84% per year while ZAPR charges 0.79%. On a $10,000 position that is $84 vs $79 annually, a gap of $5 per year that compounds over a long holding period. On income, SSO currently yields 0.69% against 0.00% for ZAPR.
Holdings Overlap
We hold position weights for 504 holdings in SSO and 1 in ZAPR, totalling 82.2% and 112.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SSO and 1 in ZAPR, against full books of 521 and 21.
You are not choosing between two funds in isolation.
Whichever of SSO and ZAPR 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 ZAPR?
SSO has an expense ratio of 0.84% while ZAPR charges 0.79%. ZAPR is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, SSO or ZAPR?
Over the past year SSO returned +28.56% vs +6.36% for ZAPR, so SSO leads on 1-year performance. Over the longest common window we track (2 years), SSO annualized +41.87% vs +6.80% for ZAPR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SSO or ZAPR?
SSO has been the more volatile fund at 24.2% annualized versus 1.1% for ZAPR. Worst drawdown: SSO -23.2% vs ZAPR -1.7%.
Should I hold both SSO and ZAPR?
SSO and ZAPR have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SSO or ZAPR?
SSO yields 0.69% while ZAPR yields 0.00%, so SSO currently pays the higher dividend yield.
Is ZAPR better than SSO?
ZAPR has a lower expense ratio. SSO led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.