SSO vs UPRO: which held to its multiple?
Over three months against its own daily promise, SSO finished 1.4 points short and UPRO 2.6 points short. ProShares Ultra S&P500 and ProShares UltraPro S&P500.
SSO returned +3.3% while 2 times SPY's move would have been +5.0%
UPRO returned +4.1% while 3 times SPY's move would have been +7.6%
A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SSO | UPRO | SSO | UPRO | SSO | UPRO |
| 1 month | −1.2% | −2.0% | −0.7% | −1.0% | −0.5 pts | −1.0 pts |
| 3 months | +3.3% | +4.1% | +5.0% | +7.6% | −1.7 pts | −3.4 pts |
| 6 months | +32.2% | +48.8% | +34.0% | +50.9% | −1.8 pts | −2.1 pts |
| 1 year | +24.6% | +33.0% | +31.4% | +47.1% | −6.8 pts | −14.1 pts |
| 3 years | +166.2% | +267.2% | +170.0% | +254.9% | −3.8 pts | +12.3 pts |
| Since launch SSO Jan 2010 · UPRO Jan 2010 | +2980.8% | +7040.0% | not meaningful | not meaningful | not meaningful | not meaningful |
SSO and UPRO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
SSO and UPRO on the same fields, as of Sep 30, 2026. Source: ETFIQ.
SSO in plain words
Three months to Sep 30, 2026: SSO returned +3.3% where its own daily promise gave +4.8%, 1.4 points short. Read the multiple against the whole window instead and 2 times SPY's 2.5% implies +5.0%, which makes SSO look 1.7 points short. 0.3 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SSO aims to return +2 times SPY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPY moved at 11% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
UPRO in plain words
Three months to Sep 30, 2026: UPRO returned +4.1% where its own daily promise gave +6.8%, 2.6 points short. Read the multiple against the whole window instead and 3 times SPY's 2.5% implies +7.6%, which makes UPRO look 3.4 points short. 0.8 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. UPRO aims to return +3 times SPY's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SSO or UPRO?
- Over the window to Sep 30, 2026, SSO finished 1.7 points from what its multiple implies and UPRO finished 3.4 points from its own, so SSO came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SSO and UPRO levered on the same thing?
- Yes. Both are levered on the S&P 500, SSO at +2 times and UPRO at +3 times the daily move.
- Which one decays faster, SSO or UPRO?
- Decay follows how much the underlying moves about. Over this window SSO’s moved at 11% annualized and UPRO’s at 11%, so SSO has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SSO or UPRO for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, SSO against UPRO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sso-vs-upro
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, SSO against UPRO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sso-vs-upro Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, SSO against UPRO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sso-vs-upro
- APA
- ETFIQ. (Sep 30, 2026). SSO against UPRO. Retrieved from https://etfiq.com/compare/leverage/sso-vs-upro
- Markdown
- [SSO against UPRO (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/sso-vs-upro)