ProShares Ultra S&P500 ((SSO 3.09%) and Direxion Daily Semiconductor Bull 3X Shares (SOXL 10.36%) both deliver daily leveraged exposure, but SOXL’s sector concentration and triple leverage drive much greater volatility, while SSO spreads risk across the entire S&P 500 Index (^GSPC 1.52%).
Both SSO and SOXL are designed for traders seeking amplified returns, but their approaches differ sharply: SSO targets 2x daily S&P 500 performance for broad market exposure, while SOXL aims for 3x daily returns of a semiconductor-only index. This comparison covers cost, risk, returns, liquidity, and portfolio construction to help clarify which leveraged strategy may appeal more to different risk appetites.
Snapshot (cost & size)
| Metric | SSO | SOXL |
|---|---|---|
| Issuer | ProShares | Direxion |
| Expense ratio | 0.88% | 0.89% |
| 1-yr return (as of Dec. 17, 2025) | 14.0% | 15.7% |
| Dividend yield | 1.2% | 0.6% |
| AUM | $7.1 billion | $13.9 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
Both funds charge nearly identical expense ratios, but SSO is marginally more affordable. SSO also delivers a higher dividend yield, which may appeal to those seeking a modest income alongside leveraged exposure.
Performance & risk comparison
| Metric | SSO | SOXL |
|---|---|---|
| Max drawdown (5 y) | (46.77%) | (90.51%) |
| Growth of $1,000 over 5 years | $2,509 | $1,195 |
What's inside
SOXL is a pure-play on the semiconductor sector, with 100% of its portfolio in technology stocks and only 44 holdings. Top positions include Advanced Micro Devices (AMD 3.46%), Broadcom (AVGO 1.64%), and Nvidia (NVDA 1.55%), each representing less than 2% of assets. The fund’s 15.8-year track record and daily leverage reset mean it is engineered for short-term tactical trades, not buy-and-hold investing.
By contrast, SSO tracks the full S&P 500, delivering exposure to technology, financials, and a broad array of U.S. sectors. Its largest positions — Nvidia, Apple (AAPL 1.93%), and Microsoft (MSFT 0.73%) — reflect the S&P 500’s tech tilt, but SSO’s 521 holdings create much broader diversification. Like SOXL, SSO’s daily leverage reset is a key risk factor for long-term holders.
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What this means for investors
The ProShares Ultra S&P500 (SSO) and Direxion Daily Semiconductor Bull 3X Shares (SOXL) are both meant for aggressive investors who want to see a quick return on their investment. But a key difference is in the underlying stocks for each ETF.
Since SOXL concentrates on the semiconductor sector, which is hot right now thanks to the rise of artificial intelligence, it's exposed to the ups and downs of that one industry. If the AI market starts to cool, SOXL will be hit hard. However, its higher AUM offers a liquidity advantage over SSO.
SSO, on the other hand, provides superior diversification across industries by targeting the S&P 500, and with a higher dividend, investors can add that passive income to their return. Because of its S&P 500 focus, this ETF is less volatile than SOXL. SSO is a better choice for those who want strong returns but some risk mitigation through diversification.
Glossary
Leverage: Use of borrowed funds or financial instruments to amplify investment returns, increasing both potential gains and losses.
Expense ratio: Annual fee, expressed as a percentage of assets, that a fund charges to cover operating costs.
Dividend yield: Annual dividends paid by a fund or stock, shown as a percentage of its current price.
Beta: A measure of an investment's volatility compared to the overall market, typically the S&P 500.
AUM (Assets Under Management): Total market value of assets that a fund manages on behalf of investors.
Max drawdown: The largest observed loss from a fund's peak value to its lowest point over a specific period.
Growth of $1,000: How much a $1,000 investment would be worth after a set time, including gains and losses.
Daily leverage reset: The process of rebalancing a leveraged fund each day to maintain its target leverage ratio.
Sector concentration: When a fund invests heavily in a single industry or sector, increasing exposure to sector-specific risks.
Diversification: Spreading investments across different assets or sectors to reduce overall risk.
Pure-play: A fund or company focused exclusively on a single industry or sector.
Tactical trades: Short-term investment moves aiming to capitalize on market opportunities or trends, rather than long-term holding.
