SSO vs SH: returns, risk and drawdowns compared
ProShares Ultra S&P500 against ProShares Short S&P500, over the same 6 years (July 2020 to November 2026) with dividends reinvested.
Data updated November 2026
SSO
ProShares Ultra S&P500
10,000 became
20,745
- A year on average
- +12.0%
- Annual volatility
- 35.8%
- Deepest fall
- −54.5%
- Worst month
- −43.9%
SH
ProShares Short S&P500
10,000 became
6,246
- A year on average
- −7.1%
- Annual volatility
- 15.8%
- Deepest fall
- −40.6%
- Worst month
- −10.0%
SSO came out ahead by 19.1 percentage points a year from July 2020 to November 2026. SSO swung more (35.8% against 15.8% a year). The correlation of monthly returns was -0.74: they tended to move in opposite directions.
Growth of 10,000: SSO vs SH
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero SSO had returned more, below zero SH. SSO was ahead in 95% of the 42 three-year periods.
Annualised 3-year return of SSO minus that of SH, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: SSO −54.5%, SH −40.6%.
All the figures
| SSO | SH | |
|---|---|---|
| Annual return (CAGR) | +12.0% | −7.1% |
| Total return | +107% | −38% |
| Annual volatility | 35.8% | 15.8% |
| Deepest fall (month-end) | −54.5% | −40.6% |
| Worst month | −43.9% | −10.0% |
| Best month | +22.5% | +13.4% |
| Positive months | 57% | 45% |
| Best year | 2021: +60.3% | 2022: +23.0% |
| Worst year | 2022: −39.1% | 2021: −24.2% |
| 1-year return | +11.2% | −3.9% |
| 5 years, a year | −1.9% | +0.1% |
| 10 years, a year | — | −8.8% |
| Trading currency | USD | USD |
First nine rows: the same 77 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 SSO, half SH
| SSO alone | SH alone | 50/50 | |
|---|---|---|---|
| A year on average | +12.0% | −7.1% | +5.3% |
| Annual volatility | 35.8% | 15.8% | 13.1% |
| Deepest fall (month-end) | −54.5% | −40.6% | −28.9% |
| Worst month | −43.9% | −10.0% | −24.7% |
Because the two did not always move together, the mix swung less than the average of the two (13.1% against 25.8%). Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, SSO or SH?
From July 2020 to November 2026, SSO returned +12.0% a year and SH −7.1% a year, with dividends reinvested. Over rolling 3-year periods SSO did better in 95% of cases. Past returns do not predict future returns.
Which is riskier, SSO or SH?
Over the same months annual volatility was 35.8% for SSO and 15.8% for SH; the deepest fall from a month-end high was 54.5% and 40.6%, and the worst single month −43.9% and −10.0%.
How correlated are SSO and SH?
The correlation of their monthly returns was -0.74: they tended to move in opposite directions. Combining them has historically smoothed the ups and downs of either one alone.
What about holding both SSO and SH?
Half in each, rebalanced every month, returned +5.3% a year over the same period, with 13.1% annual volatility and a deepest month-end fall of 28.9%.
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.