SSO vs UPRO: fees, holdings and returns
SSO aims for 2 times the S&P 500’s move each day, and UPRO for 3 times. Both are ProShares funds that use borrowed money and swaps and reset every day. UPRO has had deeper drops. Over the same dates since June 2009, SSO returned about 24.9% a year and UPRO returned about 32.6% a year.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 20, 2026.
Key points
- SSO costs less: 0.84% a year against 0.88%.
- SSO started trading in June 2006. UPRO started in June 2009.
- Worst drops since 2009: SSO −59.3%, UPRO −76.8%.
- Daily correlation: 1.00 (1 means they always move together).
What is the difference between SSO and UPRO?#
Both follow the same index with different multipliers. More leverage means each bad day hurts more, and the daily reset eats more of the result when prices swing up and down. Over long, choppy periods, 3 times leverage can do worse than 2 times even when the index rises. Both charge high fees.
| Fact | SSO | UPRO |
|---|---|---|
| Full name | ProShares Ultra S&P500 | ProShares UltraPro S&P500 |
| Issuer | ProShares | ProShares |
| Expense ratio | 0.84% a year | 0.88% a year |
| Started trading | June 19, 2006 | June 23, 2009 |
| Tracks | S&P 500 | S&P 500 |
| Holdings | n/a | n/a |
| Type | Leveraged, ETF | Leveraged, ETF |
Fund facts checked on the ProShares SSO page and the ProShares UPRO page.
Is SSO or UPRO cheaper?#
SSO costs less: 0.84% a year against 0.88%. On $10,000, that is about $84 a year for SSO and $88 for UPRO. The fund takes its fee out of its own value a little each day, so you never get a bill.
SSO vs UPRO performance over the same dates#
Both funds are measured from June 2009 to October 2026, the dates both traded. SSO returned about 24.9% a year and UPRO returned about 32.6% a year. UPRO came out ahead over this period, which does not mean it will again.
| Measure | SSO | UPRO |
|---|---|---|
| $10,000 grew to | $471,675 | $1,326,219 |
| Total return | 4,617% | 13,162% |
| Return per year (CAGR) | 24.9% | 32.6% |
| Worst drop from a high | −59.3% | −76.8% |
| Volatility (how much it swings) | 34.0% | 51.0% |
| Last 12 months | 24.9% | 33.5% |
| Last 3 years, per year | 40.8% | 58.1% |
| Last 5 years, per year | 16.9% | 18.6% |
| Last 10 years, per year | 23.9% | 29.6% |
Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
SSO and UPRO returns by year#
| Year | SSO | UPRO |
|---|---|---|
| 2026 (part of the year) | 22.0% | 30.0% |
| 2025 | 26.2% | 31.9% |
| 2024 | 43.5% | 63.6% |
| 2023 | 46.7% | 68.5% |
| 2022 | −39.0% | −56.8% |
| 2021 | 60.6% | 98.6% |
| 2020 | 21.5% | 10.1% |
| 2019 | 63.4% | 102.3% |
| 2018 | −14.6% | −25.1% |
| 2017 | 44.4% | 71.4% |
| 2016 | 21.3% | 30.8% |
| 2015 | −1.2% | −5.2% |
| 2014 | 25.5% | 38.0% |
| 2013 | 70.5% | 118.5% |
| 2012 | 31.0% | 46.8% |
| 2011 | −2.9% | −11.9% |
| 2010 | 26.8% | 36.3% |
| 2009 (part of the year) | 46.7% | 73.8% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. SSO’s worst fall was −59.3%, from February 19, 2020 to March 23, 2020. It got back to that high on September 2, 2020.
UPRO’s worst fall was −76.8%, from February 19, 2020 to March 23, 2020. It got back to that high on January 8, 2021.
Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.
Why people choose SSO or UPRO#
SSO. Traders who want leverage on the S&P 500 but less than 3 times use SSO.
UPRO. Short-term traders who want the most daily leverage on the S&P 500 use UPRO. ProShares says both are meant for daily use by people who understand leverage.
Strategies that hold SSO or UPRO#
These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.
- Leverage Rotation Strategy 2x (LRS with SSO), by Michael Gayed and Charles Bilello, 2016 (holds SSO)
- Leverage Rotation Strategy (UPRO above the 200-day average), by Michael Gayed and Charles Bilello, 2016 (holds UPRO)
Test a mix of SSO and UPRO#
Open the builder, add SSO and UPRO, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for SSO and UPRO, or see more ETF comparisons.
The details#
Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.
Common questions#
Is UPRO 1.5 times SSO over time?#
Not usually. Each resets daily, so over weeks and years their results depend on the path the index took, not just where it ended.
What is volatility decay?#
When prices swing up and down, a daily-reset leveraged fund loses ground even if the index ends flat. The more leverage, the bigger this drag.
Which is cheaper, SSO or UPRO?#
SSO costs less: 0.84% a year against 0.88%. Fees come from each issuer and were checked on October 16, 2026.
Which did better, SSO or UPRO?#
From June 2009 to October 2026, SSO returned about 24.9% a year and UPRO returned about 32.6% a year, with dividends reinvested. Their worst drops were −59.3% and −76.8%. Past returns do not tell you what comes next.