- ISIN
- US74347R8189
- CUSIP
- 74347R818
- Issuer
- ProShares
- Inception Date
- Jan 25, 2007
- Region
- North America (U.S.)
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- S&P SmallCap 600 Index (200%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $29M
Highlights
- Avg. Volume (1M)
- 3K
- Avg. Volume Value (1M)
- $123.70K
Share Price Chart
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Performance
SAA Performance Chart
ProShares Ultra SmallCap600 (SAA) is up 40.6% since the beginning of the year. SAA is currently trading at $36 per share. Investors who bought $1,000 worth of SAA shares 5 years ago would now be looking at an investment worth $1,249.
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Returns By Period
ProShares Ultra SmallCap600 (SAA) has returned 40.60% so far this year and 69.35% over the past 12 months. Over the last ten years, SAA has returned 11.77% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
ProShares Ultra SmallCap600
- 1D
- -0.46%
- 1M
- -1.90%
- 6M
- 26.90%
- YTD
- 40.60%
- 1Y
- 69.35%
- 3Y*
- 15.75%
- 5Y*
- 4.55%
- 10Y*
- 11.77%
- ALL TIME*
- 9.32%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
SAA Monthly Returns History
Based on dividend-adjusted daily data since Jan 25, 2007, SAA's average daily return is +0.08%, while the average monthly return is +1.47%. At this rate, an investment would double in approximately 4.0 years.
Historically, 60% of months were positive and 40% were negative. The best month was Nov 2020 with a return of +38.9%, while the worst month was Mar 2020 at -45.6%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, SAA closed higher 50% of trading days. The best single day was Apr 9, 2025 with a return of +18.2%, while the worst single day was Mar 16, 2020 at -25.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 10.79% | 3.87% | -9.03% | 21.18% | 1.33% | 14.65% | -4.60% | 40.60% | |||||
| 2025 | 5.20% | -10.57% | -13.76% | -10.65% | 9.69% | 7.45% | 0.31% | 14.27% | 1.28% | -2.75% | 4.62% | -0.61% | 0.29% |
| 2024 | -8.93% | 5.84% | 5.77% | -11.12% | 8.53% | -5.09% | 21.93% | -4.36% | 1.04% | -5.73% | 21.33% | -16.05% | 5.60% |
| 2023 | 18.73% | -2.90% | -11.45% | -6.13% | -4.09% | 15.99% | 10.21% | -8.78% | -12.15% | -12.05% | 16.07% | 26.21% | 21.32% |
| 2022 | -14.14% | 2.07% | -0.14% | -15.56% | 2.89% | -17.50% | 20.54% | -9.23% | -19.39% | 24.87% | 7.02% | -13.66% | -36.17% |
| 2021 | 13.14% | 15.37% | 5.37% | 3.44% | 3.72% | 0.62% | -5.63% | 3.77% | -4.99% | 6.68% | -5.08% | 8.50% | 51.77% |
Benchmark Metrics
ProShares Ultra SmallCap600 has an annualized alpha of -0.99%, beta of 2.08, and R2 of 0.72 versus S&P 500 Index. Calculated based on daily prices since January 25, 2007.
- This ETF captured 249.21% of S&P 500 Index gains and 184.14% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- Beta of 2.08 means this ETF moves significantly more than S&P 500 Index - expect amplified gains in rallies and amplified losses in downturns.
- Alpha
- -0.99%
- Beta
- 2.08
- R²
- 0.72
- Upside Capture
- 249.21%
- Downside Capture
- 184.14%
Expense Ratio
SAA has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SAA ranks 80 for risk / return — above 80% of ETFs peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SAA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 2.00 | +1.56 |
| Martin ratioReturn relative to average drawdown | 11.78 | 8.49 | +3.29 |
Dividends
Dividend History
ProShares Ultra SmallCap600 provided a 0.77% dividend yield over the last twelve months, with an annual payout of $0.28 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.28 | $0.27 | $0.35 | $0.22 | $0.10 | $0.00 | $0.01 | $0.08 | $0.04 | $0.00 | $0.02 |
Dividend yield | 0.77% | 1.05% | 1.36% | 0.88% | 0.46% | 0.00% | 0.03% | 0.35% | 0.27% | 0.00% | 0.14% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares Ultra SmallCap600. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.03 | $0.00 | $0.07 | |||||
| 2025 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.13 | $0.27 |
| 2024 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.14 | $0.35 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.11 | $0.22 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.07 | $0.10 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Ultra SmallCap600. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Ultra SmallCap600 was 87.39%, occurring on Mar 9, 2009. Recovery took 1091 trading sessions.
The current ProShares Ultra SmallCap600 drawdown is 4.60%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-87.39%Mar 2009 | 1y 9mo | 4y 4mo | 6y 1moJun 2007 - Jul 2013 | Financial crisis2007–2009 |
-74.54%Mar 2020 | 1y 6mo | 10mo 19d | 2y 5moSep 2018 - Feb 2021 | COVID crash2020 |
-55.37%Apr 2025 | 3y 5mo | 1y 2mo | 4y 7moNov 2021 - Jun 2026 | 2025 selloff2025 |
-37.45%Feb 2016 | 7mo 23d | 6mo 6d | 1y 1moJun 2015 - Aug 2016 | — |
-22.75%Oct 2014 | 3mo 13d | 2mo 12d | 5mo 25dJul 2014 - Dec 2014 | — |
Drawdown Indicators
| SAA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -56.78% | -30.61% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -9.10% | -9.11% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -18.90% | -31.94% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -25.43% | -29.94% |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | -33.92% | -40.62% |
Current DrawdownCurrent decline from peak | -4.60% | -1.58% | -3.02% |
Average DrawdownAverage peak-to-trough decline | -27.22% | -10.70% | -16.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 2.14% | +3.36% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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