RXL vs. SAA

Last updated Jun 13, 2026

RXL (ProShares Ultra Health Care) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - RXL tracks the Dow Jones U.S. Health Care Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, RXL returned 12.72%/yr vs 12.47%/yr for SAA. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

RXL vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Health Care (RXL) 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, RXL achieves a -4.01% return, which is significantly lower than SAA's 37.82% return. Both investments have delivered pretty close results over the past 10 years, with RXL having a 12.72% annualized return and SAA not far behind at 12.47%.

RXL

• 1D: -0.79%
• 1M: 9.11%
• YTD: -4.01%
• 6M: -2.59%
• 1Y: 20.82%
• 3Y*: 5.63%
• 5Y*: 2.58%
• 10Y*: 12.72%

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)

RXL vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RXL ProShares Ultra Health Care	-4.01%	19.76%	-2.72%	-3.15%	-15.26%	48.06%	19.24%	40.40%	3.38%	46.92%
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 RXL 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	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.58

The correlation between RXL and SAA shifts across timeframes, from 0.44 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

RXL vs. SAA - Sectors Allocation Comparison

Sectors	RXL	SAA
Healthcare	78.0%	11.0%
Financial Services	11.8%	16.9%
Basic Materials	-	5.1%
Communication Services	-	3.6%
Consumer Cyclical	-	13.4%
Consumer Defensive	-	3.5%
Energy	-	5.9%
Industrials	-	15.5%
Real Estate	-	7.7%
Technology	-	15.5%
Utilities	-	2.0%

Return for Risk

RXL vs. SAA — Risk / Return Rank

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

RXL

RXL Risk / Return Rank: 23
RXL Sharpe Ratio Rank: 23
RXL Sortino Ratio Rank: 25
RXL Omega Ratio Rank: 22
RXL Calmar Ratio Rank: 24
RXL Martin Ratio Rank: 21

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.

RXL vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Health Care (RXL) 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.

	RXL	SAA	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.81	-1.12
Sortino ratio: Return per unit of downside risk	1.23	2.49	-1.26
Omega ratio: Gain probability vs. loss probability	1.14	1.29	-0.16
Calmar ratio: Return relative to maximum drawdown	0.98	3.61	-2.63
Martin ratio: Return relative to average drawdown	2.28	11.75	-9.47

RXL vs. SAA - Sharpe Ratio Comparison

The current RXL Sharpe Ratio is 0.69, which is lower than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of RXL 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

RXL vs. SAA - Drawdown Comparison

The maximum RXL drawdown since its inception was -67.70%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for RXL and SAA.

Drawdown Indicators

	RXL	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-67.70%	-87.39%	+19.69%
Max Drawdown (1Y) Largest decline over 1 year	-21.33%	-18.21%	-3.12%
Max Drawdown (3Y) Largest decline over 3 years	-36.08%	-50.84%	+14.76%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-55.37%	+19.29%
Max Drawdown (10Y) Largest decline over 10 years	-51.00%	-74.54%	+23.54%
Current Drawdown Current decline from peak	-12.76%	0.00%	-12.76%
Average Drawdown Average peak-to-trough decline	-15.85%	-27.38%	+11.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.17%	5.60%	+3.57%

Volatility

RXL vs. SAA - Volatility Comparison

ProShares Ultra Health Care (RXL) and ProShares Ultra SmallCap600 (SAA) have volatilities of 10.03% and 9.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RXL	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.03%	9.77%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	21.39%	24.21%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	30.32%	36.26%	-5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.72%	43.58%	-13.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.30%	46.15%	-12.85%

RXL vs. SAA - Expense Ratio Comparison

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

Dividends

RXL vs. SAA - Dividend Comparison

RXL's dividend yield for the trailing twelve months is around 1.51%, more than SAA's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RXL ProShares Ultra Health Care	1.51%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%
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 RXL and SAA in my portfolio?

RXL 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, RXL or SAA?

RXL has higher volatility (10.03%) compared to SAA (9.77%). In terms of maximum drawdown, RXL dropped -67.70% vs SAA's -87.39%.

Which ETF is better, RXL or SAA?

On 10-year performance, RXL leads with 12.72% vs 12.47% for SAA. Both ETFs have the same 0.95% expense ratio. 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, RXL or SAA?

Over the 10-year period, RXL has performed better with a 12.72% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXL or SAA?

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

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

RXL has the higher dividend yield at 1.51%, compared with 0.73% for SAA.

What is the main difference between RXL and SAA?

RXL tracks Dow Jones U.S. Health Care Index (200%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.81 vs 0.69), 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.