Skip to content
etf.net

MVPL vs SSO

Miller Value Partners Leverage ETF

MVPLDNYSE Arca

ProShares Ultra S&P500

SSOBNYSE Arca

Overlap

Expense ratio

SSO −0.88pt a year

MVPL1.72%SSO0.84%

Avg volume · 30D

SSO 914.6×the volume

MVPL3.49KSSO3.19M

MVPL vs SSO Performance

Oct 31, 2025 – Oct 30, 2026

+14.5%MVPL+16.8%SSO

Oct 31, 2025 to Oct 30, 2026. MVPL +14.5%. SSO +16.8%. Use the arrow keys to read each point.−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
MVPL 1.72%
SSO 0.84%, better
Fund size
MVPL $32M
SSO $8.45B
1Y total return
MVPL +14.5%
SSO +16.8%, better
Yield (12M)
MVPL 0.94%, better
SSO 0.70%
Holdings
MVPL 1
SSO 511
Avg volume (30D)
MVPL 3.49K sh
SSO 3.19M sh, better
NAV per share
MVPL $44.18
SSO $67.67
52W range

ETF.net Grade

MVPL: Cost 6, Risk 74, Mission 0, Tradability 37, Holdings 51, Durability 40. SSO: Cost 59, Risk 63, Mission 84, Tradability 82, Holdings 78, Durability 77.
Pillar letters and Scores for MVPL, SSO, with each pillar’s weight
PillarMVPLSSO
Cost30% weightF6B59Higher
Mission25% weightF0A84Higher
Risk15% weightA74HigherB63
Tradability15% weightD37A82Higher
Holdings10% weightC51A78Higher
Durability5% weightC40A77Higher

Rank among 2x/3x Long S&P 500 funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MVPL and SSO are both graded against the same 7 2x/3x Long S&P 500 funds, so their Grades compare head to head.

2x/3x Long S&P 500⁠

Category · 7 funds
See all 7 ›

SSO ranks 1st and MVPL 7th of 7 funds in the 2x/3x Long S&P 500 Category.

  1. Rank 1BSSOProShares Ultra S&P500Score 66
  2. Rank 2BSPUUDirexion Daily S&P 500 Bull 2X ETFScore 63
  3. Rank 5CUSLXCorgi U.S. Large-Cap 2x Daily ETFScore 40
  4. Rank 7DMVPLMiller Value Partners Leverage ETFScore 31

Our read on each fund

ETF.net Research

MVPLDMiller Value Partners Leverage ETF

SSOBProShares Ultra S&P500

In short

MVPL Most 2x S&P 500 funds leave the leverage on all day, every day. MVPL is the one with a switch: an active fund that flips between plain index exposure and 2x leveraged ETFs on its adviser's daily signal.

SSO The 2x S&P 500 trade in its original wrapper: ProShares has run SSO since 2006, resetting the leverage every single day. Half the dial of the 3x crowd, at 0.84% net of a waiver through September 30, 2027.

Stated mandate

MVPL The fund seeks capital appreciation through active management of equity securities, index-tracking and leveraged ETFs, and swaps linked to the S&P 500, using daily signals to vary leveraged or unleveraged exposure.

SSO The fund seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the S&P 500.

Why people hold it

  • MVPL Leverage with an off switch: when the signal says no, the fund sits in unleveraged S&P 500 exposure, something the always-on 2x and 3x funds in this category cannot do.sec.gov
  • Exposure is set by daily signals rather than fixed at 2x forever, so the leverage dial moves with conditions instead of running wide open through every market.
  • When leverage is on, it buys established 2x S&P 500 ETFs such as SSO and SPUU rather than building the exposure itself. Live since 2024.sec.gov
  • SSO Mechanically plain: it aims for twice the S&P 500's move each day, then resets. Half the daily dial of the 3x versions, UPRO and SPXL.proshares.com
  • Holds roughly 500 S&P 500 stocks plus swaps for the extra exposure, and has tracked its daily target tightly, among the stronger builds in its peer group.proshares.com
  • Size and volume are on its side: a multi-billion-dollar fund that changes hands actively every session.
  • Trading since 2006, part of the original ProShares leveraged lineup, so there is a long record across several market cycles.sec.gov

Worth knowing

  • MVPL The 1.72% fee is above the category median, and straight 2x peers cost less: SSO charges 0.84% net of a waiver through September 30, 2027.
  • It does not target a set leverage level, and the 2x ETFs it holds reset daily, so results over several days can drift from twice the index move.sec.gov
  • A small fund that trades lightly, so the spread you pay at the point of trade is part of the real cost of owning it.
  • SSO The daily reset is the whole game. Hold longer than a day and compounding means your result can differ from 2x the index move, especially in choppy markets.proshares.com
  • Leverage cuts both ways: a one-day drop in the S&P 500 is doubled in the fund, before fees.proshares.com
  • 0.84% net of a waiver through September 30, 2027 (0.88% gross), near the category median. SPUU runs 0.60% net of a waiver through September 1, 2027 for the same 2x target.

Full MVPL profile⁠

Full SSO profile⁠

MVPL vs SSO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MVPL vs SSO Cost

Overpaying MVPL vs SSO

$13,279

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MVPL 1.72%

    $29,308

  • SSO 0.84%

    $16,029

$10,000
30 years

Cost over time

  • MVPL 1.72%
  • SSO 0.84%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MVPL $29,308SSO $16,029

Year by year

YearMVPLSSOOverpaying
10$2,943$1,491$1,452
20$10,712$5,643$5,069
30$29,308$16,029$13,279

Expense ratio

  • 1.72%MVPL
  • 0.84%SSO, cheaper
  • Middle half of 2x/3x Long S&P 500 funds
  • Median 0.84%

SSO 4th cheapest of 7 funds

MVPL 7th cheapest of 7 funds

MVPL vs SSO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MVPL 0.94%, better
SSO 0.70%
Payout (12M)
MVPL $0.40
SSO $0.48
Last payment
MVPL $0.40
SSO $0.12
Ex-dividend
MVPL Dec 18, 2025
SSO Sep 23, 2026
Paid on
MVPL Dec 19, 2025
SSO Sep 29, 2026
Frequency
MVPL Irregular
SSO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MVPLIrregular · 2 paymentsAll MVPL payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Dec 27, 2024 $2.07; Dec 18, 2025 $0.40. Use the arrow keys to read each point.$0$22017202020232026YTD
SSOQuarterly · 16 paymentsAll SSO payments⁠
One bar per payment. 16 payments from 2017 to 2026 YTD. Dec 24, 2019 $0.03; Mar 25, 2020 $0.02; Dec 23, 2020 $0.02; Mar 23, 2022 $0.02; Dec 22, 2022 $0.09; Dec 20, 2023 $0.06; Mar 20, 2024 $0.09; Jun 26, 2024 $0.10; Dec 23, 2024 $0.12; Mar 26, 2025 $0.08; Jun 25, 2025 $0.10; Sep 24, 2025 $0.09; Dec 24, 2025 $0.12; Mar 25, 2026 $0.11; Jun 24, 2026 $0.13; Sep 23, 2026 $0.12. Use the arrow keys to read each point.$0$22017202020232026YTD

MVPL vs SSO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MVPL 21.2%since Mar 2024SSO 25.2%
Return per unit of riskSharpe ratio, 3 years
MVPL 0.96since Mar 2024SSO 1.29
Worst fallMax drawdown, 5 years
MVPL −25.7%since Feb 2024SSO −46.7%
Market sensitivityBeta, 5 years
MVPL 1.83SSO 2.02

MVPL and SSO in the news

All news⁠

Popular comparisons

  • MVPLDvsSPUUB

    Miller Value Partners Leverage ETF · Direxion Daily S&P 500 Bull 2X ETF

    Expense ratio
    1.72% · 0.60%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SSOBvsSPUUB

    ProShares Ultra S&P500 · Direxion Daily S&P 500 Bull 2X ETF

    Expense ratio
    0.84% · 0.60%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MVPLDvsSPXLB

    Miller Value Partners Leverage ETF · Direxion Daily S&P 500 Bull 3X Shares

    Expense ratio
    1.72% · 0.84%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SSOBvsSPXLB

    ProShares Ultra S&P500 · Direxion Daily S&P 500 Bull 3X Shares

    Expense ratio
    0.84% · 0.84%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MVPLDvsUPROC

    Miller Value Partners Leverage ETF · ProShares UltraPro S&P500

    Expense ratio
    1.72% · 0.88%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SSOBvsUPROC

    ProShares Ultra S&P500 · ProShares UltraPro S&P500

    Expense ratio
    0.84% · 0.88%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.