SPYQ vs SSO: Leverage, Returns & Decay
Over the days both have traded, SPYQ finished 1.9 points from its stated multiple and SSO 1.6. Net assets on Oct 22, 2026: $13m for Tradr 2X Long SPY Quarterly ETF and $8.6bn for ProShares Ultra S&P500.
SSO costs 0.16 points a year less; their one-year returns differ by 2.0 points; SSO is far larger, $8.6bn against $13m.
Points (pts) are percentage points.
| SPYQ | SSO | |
|---|---|---|
| Expense ratio | 1.00% | 0.84% |
| Net assets | $13m | $8.6bn |
| Total return, 1 year | +22.5% | +24.5% |
| What it tracks | S&P 500 | S&P 500 |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | 7.3% | 7.3% |
| Against its daily multiple, 3 months | 1.8 points short | 1.5 points short |
| What the underlying did, 3 months | SPY 3.7% | SPY 3.7% |
SPYQ returned +5.5% while 2 times SPY's move would have been +7.4%. Figures from Jul 23, 2026 to Oct 22, 2026.
SPYQ returned +5.5% while 2 times SPY's move would have been +7.4%. Figures from Jul 23, 2026 to Oct 22, 2026.
SSO returned +5.8% while 2 times SPY's move would have been +7.4%. Figures from Jul 23, 2026 to Oct 22, 2026.
Figures from Jul 23, 2026 to Oct 22, 2026.
How closely it delivered its daily multiple over 3 months, ranked against 510 leveraged ETFs at 2x, over three months. 100 is best. How it is computed
A percentile among the 510 leveraged ETFs at 2x, over three months. Three months only, against the fund's own daily multiple; a different quarter can rank it very differently. All leveraged ETFs ranked by it →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SPYQ | SSO | SPYQ | SSO | SPYQ | SSO |
| 1 month | −2.9% | −2.9% | −2.4% | −2.4% | −0.5 pts | −0.5 pts |
| 3 months | +5.5% | +5.8% | +7.4% | +7.4% | −1.9 pts | −1.6 pts |
| 6 months | +12.3% | +13.5% | +16.8% | +16.8% | −4.5 pts | −3.3 pts |
| 1 year | +22.5% | +24.5% | +31.2% | +31.2% | −8.7 pts | −6.7 pts |
| 3 years | – | +176.5% | – | +176.8% | – | −0.3 pts |
| Since launch Not the same days: SPYQ Oct 2024 · SSO Jun 2006 | +56.5% | +1,810.7% | +74.8% | not meaningful | −18.3 pts | not meaningful |
Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →
On the same fields
As of Oct 22, 2026. Source: ETFIQ.
About SPYQ
Read the multiple against the whole window instead and 2 times SPY's 3.7% implies +7.4%, which makes SPYQ look 1.9 points short. That is not the fund's objective, which is daily. Of that 1.9, daily compounding is −0.1 points, which any 2 times fund would show over the same path, and the fund itself is −1.8 points against 2 times each day's move, compounded. SPYQ aims to return +2 times SPY's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. SPY moved at 11% annualized over that window. The more it moves, the further the two figures separate.
Over the three months to Oct 22, 2026, SPYQ returned 5.5%, against 7.3% for twice SPY's daily moves.
About SSO
Read the multiple against the whole window instead and 2 times SPY's 3.7% implies +7.4%, which makes SSO look 1.6 points short. Of that 1.6, daily compounding is −0.1 points, which any 2 times fund would show over the same path, and the fund itself is −1.5 points against 2 times each day's move, compounded. SSO aims to return +2 times SPY's move each day, then resets.
Over the three months to Oct 22, 2026, SSO returned 5.8%, against 7.3% for twice SPY's daily moves.
Questions people ask
- Which came closer to its daily multiple, SPYQ or SSO?
- Over the window to Oct 22, 2026, SPYQ finished 1.9 points from what its multiple implies and SSO finished 1.6 points from its own, so SSO came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SPYQ and SSO levered on the same thing?
- Yes. Both are levered on the S&P 500, SPYQ at +2 times and SSO at +2 times the daily move.
- Which one decays faster, SPYQ or SSO?
- Decay follows how much the underlying moves about. Over this window SPYQ’s moved at 11% annualized and SSO’s at 11%, so SPYQ has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SPYQ or SSO for a year?
- Both reset every day, so the multiple in the name applies to a single day, and daily results compound. Over a year the total is not the multiple times the year’s move; after a fall and recovery it is lower.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Every figure is an ETFIQ calculation with distributions reinvested.
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ETFIQ, SPYQ against SSO, data as of Oct 22, 2026. https://etfiq.com/compare/leverage/spyq-vs-sso
ETFIQ. (Oct 22, 2026). SPYQ against SSO. Retrieved from https://etfiq.com/compare/leverage/spyq-vs-sso
[SPYQ against SSO (ETFIQ, Oct 22, 2026)](https://etfiq.com/compare/leverage/spyq-vs-sso)
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