SPY vs SSO: returns, risk and drawdowns compared
SPDR S&P 500 ETF Trust against ProShares Ultra S&P500, over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
SPY
SPDR S&P 500 ETF Trust
10,000 became
27,061
- A year on average
- +17.0%
- Annual volatility
- 15.4%
- Deepest fall
- −23.9%
- Worst month
- −9.2%
SSO
ProShares Ultra S&P500
10,000 became
22,104
- A year on average
- +13.3%
- Annual volatility
- 35.9%
- Deepest fall
- −54.5%
- Worst month
- −43.9%
SPY came out ahead by 3.7 percentage points a year from July 2020 to October 2026. SSO swung more (35.9% against 15.4% a year). The correlation of monthly returns was 0.79: they usually moved together.
Growth of 10,000: SPY vs SSO
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero SPY had returned more, below zero SSO. SPY was ahead in 51% of the 41 three-year periods.
Annualised 3-year return of SPY minus that of SSO, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: SPY −23.9%, SSO −54.5%.
All the figures
| SPY | SSO | |
|---|---|---|
| Annual return (CAGR) | +17.0% | +13.3% |
| Total return | +171% | +121% |
| Annual volatility | 15.4% | 35.9% |
| Deepest fall (month-end) | −23.9% | −54.5% |
| Worst month | −9.2% | −43.9% |
| Best month | +10.9% | +22.5% |
| Positive months | 66% | 58% |
| Best year | 2021: +28.7% | 2021: +60.3% |
| Worst year | 2022: −18.2% | 2022: −39.1% |
| 1-year return | +16.6% | +11.2% |
| 5 years, a year | +12.7% | −1.9% |
| 10 years, a year | +15.4% | — |
| Trading currency | USD | USD |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half SPY, half SSO
| SPY alone | SSO alone | 50/50 | |
|---|---|---|---|
| A year on average | +17.0% | +13.3% | +16.4% |
| Annual volatility | 15.4% | 35.9% | 24.4% |
| Deepest fall (month-end) | −23.9% | −54.5% | −35.4% |
| Worst month | −9.2% | −43.9% | −18.8% |
Because the two did not always move together, the mix swung less than the average of the two (24.4% against 25.6%). Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, SPY or SSO?
From July 2020 to October 2026, SPY returned +17.0% a year and SSO +13.3% a year, with dividends reinvested. Over rolling 3-year periods SPY did better in 51% of cases. Past returns do not predict future returns.
Which is riskier, SPY or SSO?
Over the same months annual volatility was 15.4% for SPY and 35.9% for SSO; the deepest fall from a month-end high was 23.9% and 54.5%, and the worst single month −9.2% and −43.9%.
How correlated are SPY and SSO?
The correlation of their monthly returns was 0.79: they usually moved together. Combining them has historically given some diversification.
What about holding both SPY and SSO?
Half in each, rebalanced every month, returned +16.4% a year over the same period, with 24.4% annual volatility and a deepest month-end fall of 35.4%.
More comparisons
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.