ROM vs. SAA

Last updated Jul 21, 2026

ROM (ProShares Ultra Technology) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - ROM tracks the S&P Technology Select Sector Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, ROM returned 38.10%/yr vs 11.73%/yr for SAA. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

ROM vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Technology (ROM) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ROM having a 38.89% return and SAA slightly higher at 40.69%. Over the past 10 years, ROM has outperformed SAA with an annualized return of 38.10%, while SAA has yielded a comparatively lower 11.73% annualized return.

ROM

• 1D: 0.12%
• 1M: -16.60%
• 6M: 36.16%
• YTD: 38.89%
• 1Y: 62.90%
• 3Y*: 42.01%
• 5Y*: 21.27%
• 10Y*: 38.10%
• ALL TIME*: 23.75%

SAA

• 1D: -1.26%
• 1M: 2.42%
• 6M: 23.30%
• YTD: 40.69%
• 1Y: 58.53%
• 3Y*: 16.94%
• 5Y*: 4.80%
• 10Y*: 11.73%
• ALL TIME*: 9.34%

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

ROM vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ROM ProShares Ultra Technology	38.89%	35.63%	31.65%	130.70%	-63.86%	77.75%	80.42%	102.10%	-9.89%	81.11%
SAA ProShares Ultra SmallCap600	40.69%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between ROM and SAA is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.65

The correlation between ROM and SAA shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

ROM vs. SAA - Sectors Allocation Comparison

Sectors	ROM	SAA
Technology	99.2%	15.5%
Financial Services	3.3%	17.1%
Communication Services	0.8%	3.2%
Energy	0.1%	4.7%
Industrials	0.0%	15.6%
Basic Materials	-	4.7%
Consumer Cyclical	-	13.2%
Consumer Defensive	-	4.2%
Healthcare	-	12.4%
Real Estate	-	7.6%
Utilities	-	1.8%

Return for Risk

ROM vs. SAA — Risk / Return Rank

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

ROM

ROM Risk / Return Rank: 47
ROM Sharpe Ratio Rank: 49
ROM Sortino Ratio Rank: 45
ROM Omega Ratio Rank: 45
ROM Calmar Ratio Rank: 51
ROM Martin Ratio Rank: 44

SAA

SAA Risk / Return Rank: 72
SAA Sharpe Ratio Rank: 70
SAA Sortino Ratio Rank: 70
SAA Omega Ratio Rank: 61
SAA Calmar Ratio Rank: 82
SAA Martin Ratio Rank: 77

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.

ROM vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Technology (ROM) 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.

	ROM	SAA	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.66	-0.38
Sortino ratio: Return per unit of downside risk	1.76	2.38	-0.62
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	1.96	3.23	-1.28
Martin ratio: Return relative to average drawdown	5.28	10.51	-5.23

ROM vs. SAA - Sharpe Ratio Comparison

The current ROM Sharpe Ratio is 1.28, which is comparable to the SAA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of ROM 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

ROM vs. SAA - Drawdown Comparison

The maximum ROM drawdown since its inception was -83.36%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for ROM and SAA.

Drawdown Indicators

	ROM	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-83.36%	-87.39%	+4.03%
Max Drawdown (1Y) Largest decline over 1 year	-32.33%	-18.21%	-14.12%
Max Drawdown (3Y) Largest decline over 3 years	-48.10%	-50.84%	+2.74%
Max Drawdown (5Y) Largest decline over 5 years	-67.55%	-55.37%	-12.18%
Max Drawdown (10Y) Largest decline over 10 years	-67.55%	-74.54%	+6.99%
Current Drawdown Current decline from peak	-23.42%	-4.54%	-18.88%
Average Drawdown Average peak-to-trough decline	-20.84%	-27.26%	+6.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.96%	5.59%	+6.37%

Volatility

ROM vs. SAA - Volatility Comparison

ProShares Ultra Technology (ROM) has a higher volatility of 19.27% compared to ProShares Ultra SmallCap600 (SAA) at 7.48%. This indicates that ROM'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

	ROM	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.27%	7.48%	+11.79%
Volatility (6M) Calculated over the trailing 6-month period	42.12%	24.17%	+17.95%
Volatility (1Y) Calculated over the trailing 1-year period	49.40%	35.47%	+13.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.92%	43.28%	+9.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.39%	46.01%	+4.38%

ROM vs. SAA - Expense Ratio Comparison

Both ROM and SAA have an expense ratio of 0.95%.

Dividends

ROM vs. SAA - Dividend Comparison

ROM's dividend yield for the trailing twelve months is around 0.07%, less than SAA's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ROM ProShares Ultra Technology	0.07%	0.24%	0.21%	0.01%	0.00%	0.00%	0.05%	0.16%	0.30%	0.08%	0.20%	0.12%
SAA ProShares Ultra SmallCap600	0.77%	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 ROM and SAA in my portfolio?

ROM and SAA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ROM or SAA?

ROM has higher volatility (19.27%) compared to SAA (7.48%). In terms of maximum drawdown, ROM dropped -83.36% vs SAA's -87.39%.

Which ETF is better, ROM or SAA?

On 10-year performance, ROM leads with 38.10% vs 11.73% for SAA. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ROM or SAA?

Over the 10-year period, ROM has performed better with a 38.10% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ROM or SAA?

ROM and SAA have the same expense ratio: 0.95% per year.

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

SAA has the higher dividend yield at 0.77%, compared with 0.07% for ROM.

What is the main difference between ROM and SAA?

ROM tracks S&P Technology Select Sector Index (200%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.66 vs 1.28), 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.