SSO returns: 5-year, yearly and since 2020
ProShares Ultra S&P500. Funds that aim for twice the daily move of an index, or the opposite of it. Over longer periods the result differs from twice the index return.
Data updated November 2026
SSO · US exchange · USDCategory: Leveraged and inverse ETFsData from June 2020
SSO 5-year return
−1.9% a year
November 2021 to November 2026, dividends reinvested
- 1 year
- +11.2%
- 3 years
- +5.7%
- a year
- Since 2020
- +12.1%
- a year
$10,000 in SSO from June 2020
$20,817
+108% in total, +12.1% a year on average, with dividends reinvested, in US dollars.
- Calendar years with a gain
3 of 5
Best 2021, +60.3%. Worst 2022, −39.1%.
- Deepest fall
−59.0%
Feb 2025 to May 2025. Not yet back to the previous high.
- Annual volatility
38.7%
How much returns swing around their average. Worst single month: −43.9%.
- At the last close
35.8% below its high
November 5, 2026.
Returns to November 2026
1 year
3 years
a year
5 years
a year
Since 2020
a year
Total return to the last close, dividends reinvested. Periods longer than a year are annualised. SPY is SPDR S&P 500 ETF Trust, shown for reference.
What holding SSO was like
Every stretch of 1, 3, 5 and 10 years since June 2020, starting at each month-end. The bar runs from the worst stretch to the best; the mark is the middle one. Held for 5 years, SSO lost money in 6% of the stretches.
Held 1 year
66 periods
61% of periods ended with a gain
Held 3 years
42 periods, a year
95% of periods ended with a gain
Held 5 years
18 periods, a year
94% of periods ended with a gain
Falls and recoveries
How far SSO was below its previous high, week by week.
| Fall | From the high of | To the low of | Falling for | Back to the high |
|---|---|---|---|---|
| −59.0% | Feb 2025 | May 2025 | 3 months | Not yet |
| −44.6% | Nov 2021 | Sep 2022 | 11 months | Mar 2024, 2.3 years later |
| −16.7% | Jul 2024 | Aug 2024 | 1 months | Sep 2024, 3 months later |
| −16.1% | Aug 2020 | Sep 2020 | 1 months | Nov 2020, 3 months later |
| −13.9% | Jun 2020 | Jun 2020 | 1 months | Aug 2020, 2 months later |
Year by year
SSO ended 3 of 5 full calendar years higher. The average gain in an up year was +49.9%, the average loss in a down year −38.0%.
YTD: from 1 January to the last close. 2020 starts at the first price, June 2020.
Example: $500 a month for 6 years
Put in from Dec 2020
$36,000
Worth at the last close
$38,947 +8%
Lowest point: Sep 2022, when the $11,000 put in so far was worth $7,886 (−28%).
Try your own amount and datesInvested at each month-start, dividends reinvested, before trading costs and taxes.
SSO against SPY
Correlation of monthly returns
0.79
Over 76 months: they usually moved together.
In months when SPY rose
1.60×
SSO rose 1.60 times as much, on average.
In months when SPY fell
2.14×
SSO fell 2.14 times as much, on average.
Growth of $10,000 from July 2020, the first month both funds have data.
SSO compared
Questions
What is the average annual return of SSO?
From June 2020 to November 2026 SSO returned 12.1% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: −1.9% a year. Over the last 12 months: +11.2%.
What was the worst drawdown of SSO?
59.0%, from February 2025 to May 2025; it has not yet returned to the previous high.
Has SSO ever lost money over 5 years?
Of the 18 5 years periods from month-end to month-end since June 2020, 6% ended with a loss. The worst returned −0.7% a year (to Nov 2026), the best +11.2% a year.
How volatile is SSO?
Annual volatility was 38.7% over the period. Its worst month was −43.9% and 57% of months were positive. Worst calendar year: 2022 (−39.1%).
How closely does SSO follow SPY?
Over 76 months the correlation of monthly returns was 0.79, so they usually moved together, with a beta of 1.84.
Use SSO in a free tool
Other Leveraged and inverse ETFs
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.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. Holding periods, the monthly-investing example and the comparison with other funds use month-end values; drawdowns and volatility use daily closes.
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.