O vs. SAA

Last updated Jun 13, 2026

O (Realty Income Corporation) is a stock, while SAA (ProShares Ultra SmallCap600) is Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%). Over the past 10 years, O returned 4.89%/yr vs 12.47%/yr for SAA. At a 0.45 correlation, their price movements are largely independent.

Performance

O vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Realty Income Corporation (O) 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, O achieves a 13.70% return, which is significantly lower than SAA's 37.82% return. Over the past 10 years, O has underperformed SAA with an annualized return of 4.89%, while SAA has yielded a comparatively higher 12.47% annualized return.

O

• 1D: 1.31%
• 1M: 1.67%
• YTD: 13.70%
• 6M: 11.57%
• 1Y: 14.88%
• 3Y*: 6.59%
• 5Y*: 3.49%
• 10Y*: 4.89%

SAA

• 1D: 2.03%
• 1M: 10.79%
• YTD: 37.82%
• 6M: 30.48%
• 1Y: 72.96%
• 3Y*: 18.49%
• 5Y*: 2.36%
• 10Y*: 12.47%

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

O vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
O Realty Income Corporation	13.70%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%
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 O and SAA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	0.45

Over the past year, the correlation between O and SAA has dropped to 0.18 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Return for Risk

O vs. SAA — Risk / Return Rank

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

O

O Risk / Return Rank: 66
O Sharpe Ratio Rank: 71
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 61
O Calmar Ratio Rank: 68
O Martin Ratio Rank: 69

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.

O vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Realty Income Corporation (O) 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.

	O	SAA	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.81	-0.93
Sortino ratio: Return per unit of downside risk	1.26	2.49	-1.23
Omega ratio: Gain probability vs. loss probability	1.15	1.29	-0.14
Calmar ratio: Return relative to maximum drawdown	1.29	3.61	-2.32
Martin ratio: Return relative to average drawdown	3.12	11.75	-8.63

O vs. SAA - Sharpe Ratio Comparison

The current O Sharpe Ratio is 0.88, which is lower than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of O 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

O vs. SAA - Drawdown Comparison

The maximum O drawdown since its inception was -48.45%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for O and SAA.

Drawdown Indicators

	O	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-48.45%	-87.39%	+38.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.10%	-18.21%	+7.11%
Max Drawdown (3Y) Largest decline over 3 years	-26.49%	-50.84%	+24.35%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-55.37%	+20.89%
Max Drawdown (10Y) Largest decline over 10 years	-48.28%	-74.54%	+26.26%
Current Drawdown Current decline from peak	-5.94%	0.00%	-5.94%
Average Drawdown Average peak-to-trough decline	-9.20%	-27.38%	+18.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	5.60%	-1.02%

Volatility

O vs. SAA - Volatility Comparison

The current volatility for Realty Income Corporation (O) is 5.29%, while ProShares Ultra SmallCap600 (SAA) has a volatility of 9.77%. This indicates that O experiences smaller price fluctuations and is considered to be less risky than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	O	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	9.77%	-4.48%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	24.21%	-12.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	36.26%	-20.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	43.58%	-24.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.64%	46.15%	-20.51%

Dividends

O vs. SAA - Dividend Comparison

O's dividend yield for the trailing twelve months is around 5.16%, more than SAA's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
O Realty Income Corporation	5.16%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
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%	0.00%

Frequently Asked Questions

Can I hold both O and SAA in my portfolio?

O and SAA have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, O or SAA?

SAA has higher volatility (9.77%) compared to O (5.29%). In terms of maximum drawdown, O dropped -48.45% vs SAA's -87.39%.

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.81 vs 0.88), 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.