CURE vs. SAA

Last updated Jun 13, 2026

CURE (Direxion Daily Healthcare Bull 3x Shares) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds - CURE tracks the Health Care Select Sector Index (300%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, CURE returned 13.49%/yr vs 12.47%/yr for SAA. A 0.52 correlation means they provide meaningful diversification when combined. CURE charges 1.08%/yr vs 0.95%/yr for SAA.

Performance

CURE vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Healthcare Bull 3x Shares (CURE) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CURE achieves a -7.96% return, which is significantly lower than SAA's 37.82% return. Over the past 10 years, CURE has outperformed SAA with an annualized return of 13.49%, while SAA has yielded a comparatively lower 12.47% annualized return.

CURE

• 1D: -0.55%
• 1M: 13.53%
• YTD: -7.96%
• 6M: -6.00%
• 1Y: 26.46%
• 3Y*: 3.05%
• 5Y*: 1.51%
• 10Y*: 13.49%

SAA

• 1D: 2.03%
• 1M: 11.96%
• YTD: 37.82%
• 6M: 30.48%
• 1Y: 65.40%
• 3Y*: 18.49%
• 5Y*: 2.36%
• 10Y*: 12.47%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CURE vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CURE Direxion Daily Healthcare Bull 3x Shares	-7.96%	22.55%	-8.47%	-9.40%	-20.51%	88.30%	5.02%	55.66%	2.82%	69.32%
SAA ProShares Ultra SmallCap600	37.82%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between CURE and SAA is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 15, 2011	0.52

The correlation between CURE and SAA has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

CURE vs. SAA - Sectors Allocation Comparison

Sectors	CURE	SAA
Healthcare	100.0%	11.0%
Basic Materials	-	5.1%
Communication Services	-	3.6%
Consumer Cyclical	-	13.4%
Consumer Defensive	-	3.5%
Energy	-	5.9%
Financial Services	-	16.9%
Industrials	-	15.5%
Real Estate	-	7.7%
Technology	-	15.5%
Utilities	-	2.0%

Return for Risk

CURE vs. SAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CURE

CURE Risk / Return Rank: 21
CURE Sharpe Ratio Rank: 20
CURE Sortino Ratio Rank: 24
CURE Omega Ratio Rank: 22
CURE Calmar Ratio Rank: 22
CURE Martin Ratio Rank: 19

SAA

SAA Risk / Return Rank: 65
SAA Sharpe Ratio Rank: 62
SAA Sortino Ratio Rank: 60
SAA Omega Ratio Rank: 53
SAA Calmar Ratio Rank: 79
SAA Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CURE vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Healthcare Bull 3x Shares (CURE) and ProShares Ultra SmallCap600 (SAA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	CURE	SAA	Difference
Sharpe ratio: Return per unit of total volatility	0.60	1.81	-1.21
Sortino ratio: Return per unit of downside risk	1.18	2.49	-1.31
Omega ratio: Gain probability vs. loss probability	1.13	1.29	-0.16
Calmar ratio: Return relative to maximum drawdown	0.85	3.61	-2.76
Martin ratio: Return relative to average drawdown	1.94	11.75	-9.81

CURE vs. SAA - Sharpe Ratio Comparison

The current CURE Sharpe Ratio is 0.60, which is lower than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of CURE and SAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CURE vs. SAA - Drawdown Comparison

The maximum CURE drawdown since its inception was -69.19%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for CURE and SAA.

Drawdown Indicators

	CURE	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-69.19%	-87.39%	+18.20%
Max Drawdown (1Y) Largest decline over 1 year	-31.10%	-18.21%	-12.89%
Max Drawdown (3Y) Largest decline over 3 years	-51.93%	-50.84%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-52.23%	-55.37%	+3.14%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-74.54%	+5.35%
Current Drawdown Current decline from peak	-26.94%	0.00%	-26.94%
Average Drawdown Average peak-to-trough decline	-18.16%	-27.38%	+9.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.71%	5.60%	+8.11%

Volatility

CURE vs. SAA - Volatility Comparison

Direxion Daily Healthcare Bull 3x Shares (CURE) has a higher volatility of 14.30% compared to ProShares Ultra SmallCap600 (SAA) at 9.77%. This indicates that CURE's price experiences larger fluctuations and is considered to be riskier than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CURE	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.30%	9.77%	+4.53%
Volatility (6M) Calculated over the trailing 6-month period	30.87%	24.21%	+6.66%
Volatility (1Y) Calculated over the trailing 1-year period	44.32%	36.26%	+8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.84%	43.58%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.59%	46.15%	+3.44%

CURE vs. SAA - Expense Ratio Comparison

CURE has a 1.08% expense ratio, which is higher than SAA's 0.95% expense ratio.

Dividends

CURE vs. SAA - Dividend Comparison

CURE's dividend yield for the trailing twelve months is around 1.16%, more than SAA's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CURE Direxion Daily Healthcare Bull 3x Shares	1.16%	1.12%	1.17%	2.02%	0.38%	0.02%	0.17%	0.40%	0.70%	0.18%	0.00%
SAA ProShares Ultra SmallCap600	0.73%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%

Frequently Asked Questions

Can I hold both CURE and SAA in my portfolio?

CURE and SAA have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CURE or SAA?

CURE has higher volatility (14.30%) compared to SAA (9.77%). In terms of maximum drawdown, CURE dropped -69.19% vs SAA's -87.39%.

Which ETF is better, CURE or SAA?

On 10-year performance, CURE leads with 13.49% vs 12.47% for SAA. On fees, SAA is cheaper at 0.95% per year. On volatility, SAA has been the lower-risk option at 9.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CURE or SAA?

Over the 10-year period, CURE has performed better with a 13.49% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CURE or SAA?

SAA is cheaper with a 0.95% expense ratio, compared with 1.08% for CURE.

Which ETF pays a higher dividend yield, CURE or SAA?

CURE has the higher dividend yield at 1.16%, compared with 0.73% for SAA.

What is the main difference between CURE and SAA?

CURE tracks Health Care Select Sector Index (300%), while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for CURE and 0.95% for SAA.

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.81 vs 0.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.