SSO observed max drawdown: 81.3%
ProShares Ultra S&P 500 (2x). From its 2007-05-31 peak, SSO fell 81.3% to the 2009-02-28 trough and needed 6.4 years to make a new high (2013-10-31). Computed from 244 months of observed fund history. Fund inception boundary (first available fund observation): 2006-06-21; the monthly analysis runs from 2006-06-30 through 2026-09-30.
Before 2006-06-21, the extended history is simulated. Observed fund drawdowns come first; simulation assumptions and results are separated below.
What is SSO's observed maximum drawdown?
SSO's observed maximum drawdown was 81.3%, from a peak in 2007-05-31 to a trough in 2009-02-28, based on monthly closes from fund prices first observed on 2006-06-21. The sample contains 244 monthly observations through 2026-09-30. Monthly closes can miss deeper daily losses.
| Measure | Value |
|---|---|
| Maximum drawdown | -81.3% |
| Peak | 2007-05-31 |
| Trough | 2009-02-28 |
| Recovered | 2013-10-31 |
| Monthly observations | 244 |
Last verified
What is SSO's observed maximum drawdown?
SSO's observed maximum drawdown was 81.3%, from a peak in 2007-05-31 to a trough in 2009-02-28, based on monthly closes from fund prices first observed on 2006-06-21.
How long did SSO take to recover from its worst drawdown?
SSO took 6.4 years from the 2007-05-31 peak to make a new high in 2013-10-31, based only on observed fund prices.
What was SSO's worst 12-month return?
SSO's worst observed rolling 12-month return was -74.4%, in the 12 months ending 2009-02-28.
SSO observed fund drawdown statistics
2007-05-31 peak to 2009-02-28 trough.
New high reached 2013-10-31.
Share of all months spent below a prior high.
Rolling year ending 2009-02-28.
The biggest SSO drawdowns in observed fund history
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -81.3% | 2007-05-31 | 2009-02-28 | 2013-10-31 | 21 mo | 6.4 years |
| -45.7% | 2021-12-31 | 2022-09-30 | 2024-02-29 | 9 mo | 2.2 years |
| -40.9% | 2019-12-31 | 2020-03-31 | 2020-08-31 | 3 mo | 8 months |
| -27.0% | 2018-09-30 | 2018-12-31 | 2019-07-31 | 3 mo | 10 months |
| -18.7% | 2024-11-30 | 2025-04-30 | 2025-06-30 | 5 mo | 7 months |
Methodology: observed SSO fund prices only, first available from 2006-06-21. Monthly closing-price statistics cover 2006-06-30 through 2026-09-30; no proxy or pre-inception simulation is included in this table. Educational information, not investment advice.
Before 2006-06-21: simulated from the underlying index with assumptions
This separate series combines observed prices with a modeled pre-inception extension from 1970-01-31 through 2026-10-31. The 2026-10-31 endpoint is the legacy current partial-month bucket/month-end label, not evidence that SSO was observed through that future date. It is not observed SSO performance. The API's observed boundary is 2006-06-21; observed monthly statistics run from 2006-06-30 through 2026-09-30.
- Rebalancing convention: monthly rebalance at month-end close; drawdown statistics use monthly closing prices.
- Leverage factor: 2x daily returns of SPY, the underlying index proxy, with daily leverage reset and compounding.
- Expense proxy: 0.95% annual expense ratio, deducted daily using 252 trading days per year.
- Financing proxy: FRED DFF (Federal Funds Rate), forward-filled to return dates, with a 0.50% spread on financed exposure (leverage factor minus one); borrowing pays the rate plus spread, while lending earns the rate minus spread.
- When FRED DFF is unavailable, the rate proxy is 2.50%, with the same spread applied.
- Proxy source for SSO: SPY (synthetic_leverage), from 1900-02-01 to 2006-06-20.
- Proxy source for SPY: VFINX (proxy_etf), from 1987-01-06 to 1993-01-28.
- Proxy source for SPY: SP500_TR_DAILY (static), from 1976-08-31 to 1987-01-05.
- Proxy source for SPY: spy_tr (static_monthly), from 1900-01-31 to 1976-08-30.
Modeled extended statistics
2000-03-31 peak to 2009-02-28 trough.
New high reached 2014-08-31.
Share of all months spent below a prior high.
Rolling year ending 2009-02-28.
For context, SPY (the S&P 500 baseline) had a maximum drawdown of 50.8% over the same kind of monthly-close analysis.
Modeled extended drawdowns
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -86.1% | 2000-03-31 | 2009-02-28 | 2014-08-31 | 107 mo | 14.4 years |
| -73.2% | 1972-12-31 | 1974-09-30 | 1980-10-31 | 21 mo | 7.8 years |
| -56.7% | 1987-08-31 | 1987-11-30 | 1991-05-31 | 3 mo | 3.8 years |
| -49.6% | 1980-11-30 | 1982-07-31 | 1983-04-30 | 20 mo | 2.4 years |
| -45.7% | 2021-12-31 | 2022-09-30 | 2024-02-29 | 9 mo | 2.2 years |
Monthly closing prices, peak-to-trough on total return where available. The pre-inception segment is a reconstruction, not a live fund record, and actual tracking, financing, taxes, spreads, and volatility drag can differ.
Drawdowns are the reason tactical strategies exist
Buy-and-hold SSO means living through every number on this page. BestFolio tracks published TAA strategies whose whole job is cutting these drawdowns, with out-of-sample track records.