SAA vs. ^SML

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra SmallCap600 (SAA) and S&P Small-Cap 600 Index (^SML).

SAA is a passively managed fund by ProShares that tracks the performance of the S&P SmallCap 600 Index (200%). It was launched on Jan 25, 2007.

Performance

SAA vs. ^SML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and S&P Small-Cap 600 Index (^SML). The values are adjusted to include any dividend payments, if applicable.

SAA vs. ^SML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAA ProShares Ultra SmallCap600	6.03%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%
^SML S&P Small-Cap 600 Index	3.65%	4.23%	6.82%	13.89%	-17.42%	25.27%	9.57%	20.86%	-9.75%	11.73%

Returns By Period

In the year-to-date period, SAA achieves a 6.03% return, which is significantly higher than ^SML's 3.65% return. Over the past 10 years, SAA has outperformed ^SML with an annualized return of 10.07%, while ^SML has yielded a comparatively lower 8.26% annualized return.

SAA

• 1D: 1.28%
• 1M: -9.00%
• YTD: 6.03%
• 6M: 6.48%
• 1Y: 31.02%
• 3Y*: 10.09%
• 5Y*: -1.39%
• 10Y*: 10.07%

^SML

• 1D: 0.53%
• 1M: -4.39%
• YTD: 3.65%
• 6M: 4.71%
• 1Y: 18.85%
• 3Y*: 8.77%
• 5Y*: 2.57%
• 10Y*: 8.26%

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

Return for Risk

SAA vs. ^SML — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 38
SAA Sharpe Ratio Rank: 34
SAA Sortino Ratio Rank: 41
SAA Omega Ratio Rank: 37
SAA Calmar Ratio Rank: 39
SAA Martin Ratio Rank: 40

^SML

^SML Risk / Return Rank: 53
^SML Sharpe Ratio Rank: 51
^SML Sortino Ratio Rank: 53
^SML Omega Ratio Rank: 49
^SML Calmar Ratio Rank: 50
^SML Martin Ratio Rank: 59

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.

SAA vs. ^SML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and S&P Small-Cap 600 Index (^SML). 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.

	SAA	^SML	Difference
Sharpe ratio Return per unit of total volatility	0.67	0.83	-0.16
Sortino ratio Return per unit of downside risk	1.23	1.31	-0.09
Omega ratio Gain probability vs. loss probability	1.16	1.17	-0.01
Calmar ratio Return relative to maximum drawdown	1.09	1.28	-0.19
Martin ratio Return relative to average drawdown	3.98	5.11	-1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAA vs. ^SML - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 0.67, which is comparable to the ^SML Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of SAA and ^SML, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SAA	^SML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.83	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.12	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.36	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.40	-0.24

Correlation

The correlation between SAA and ^SML is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

SAA vs. ^SML - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than ^SML's maximum drawdown of -59.17%. Use the drawdown chart below to compare losses from any high point for SAA and ^SML.

Drawdown Indicators

	SAA	^SML	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-59.17%	-28.22%
Max Drawdown (1Y) Largest decline over 1 year	-28.46%	-14.89%	-13.57%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-28.39%	-26.98%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	-45.77%	-28.77%
Current Drawdown Current decline from peak	-20.91%	-5.55%	-15.36%
Average Drawdown Average peak-to-trough decline	-27.60%	-9.55%	-18.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.81%	3.74%	+4.07%

Volatility

SAA vs. ^SML - Volatility Comparison

ProShares Ultra SmallCap600 (SAA) has a higher volatility of 12.65% compared to S&P Small-Cap 600 Index (^SML) at 6.26%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than ^SML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	^SML	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.65%	6.26%	+6.39%
Volatility (6M) Calculated over the trailing 6-month period	26.92%	13.06%	+13.86%
Volatility (1Y) Calculated over the trailing 1-year period	46.27%	22.74%	+23.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.73%	21.55%	+22.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.09%	23.20%	+22.89%