SAA vs. AVUV

Last updated Jun 24, 2026

SAA (ProShares Ultra SmallCap600) and AVUV (Avantis US Small Cap Value ETF) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while AVUV is a Small Cap Value Equities fund actively managed by Avantis. SAA is passively managed, while AVUV is actively managed. Over the past 5 years, SAA returned 2.49%/yr vs 11.59%/yr for AVUV. With a 0.95 correlation, they move nearly in lockstep. SAA charges 0.95%/yr vs 0.25%/yr for AVUV.

Performance

SAA vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and Avantis US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAA achieves a 36.86% return, which is significantly higher than AVUV's 20.76% return.

SAA

• 1D: -0.55%
• 1M: 8.20%
• YTD: 36.86%
• 6M: 31.50%
• 1Y: 66.49%
• 3Y*: 21.67%
• 5Y*: 2.49%
• 10Y*: 12.61%

AVUV

• 1D: 0.00%
• 1M: 2.33%
• YTD: 20.76%
• 6M: 18.72%
• 1Y: 38.38%
• 3Y*: 20.03%
• 5Y*: 11.59%
• 10Y*: —

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

SAA vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SAA ProShares Ultra SmallCap600	36.86%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	12.56%
AVUV Avantis US Small Cap Value ETF	20.76%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%

Correlation

The correlation between SAA and AVUV is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.95

The correlation between SAA and AVUV has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

SAA vs. AVUV - Sectors Allocation Comparison

Sectors	SAA	AVUV
Technology	17.1%	7.4%
Financial Services	16.5%	26.1%
Industrials	15.2%	13.6%
Consumer Cyclical	13.1%	18.7%
Healthcare	11.0%	4.8%
Real Estate	7.6%	0.7%
Energy	5.4%	15.8%
Basic Materials	5.0%	5.1%
Communication Services	3.7%	3.1%
Consumer Defensive	3.6%	4.7%
Utilities	1.9%	0.1%

Return for Risk

SAA vs. AVUV — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 63
SAA Sharpe Ratio Rank: 60
SAA Sortino Ratio Rank: 58
SAA Omega Ratio Rank: 51
SAA Calmar Ratio Rank: 77
SAA Martin Ratio Rank: 69

AVUV

AVUV Risk / Return Rank: 75
AVUV Sharpe Ratio Rank: 70
AVUV Sortino Ratio Rank: 73
AVUV Omega Ratio Rank: 65
AVUV Calmar Ratio Rank: 87
AVUV 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.

SAA vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and Avantis US Small Cap Value ETF (AVUV). 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.

	SAA	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.19	-0.33
Sortino ratio: Return per unit of downside risk	2.55	3.13	-0.57
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	3.67	4.85	-1.18
Martin ratio: Return relative to average drawdown	11.94	14.37	-2.43

SAA vs. AVUV - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.85, which is comparable to the AVUV Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SAA and AVUV, 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

SAA vs. AVUV - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than AVUV's maximum drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for SAA and AVUV.

Drawdown Indicators

	SAA	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-49.42%	-37.97%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-7.95%	-10.26%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-28.79%	-22.05%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-28.79%	-26.58%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	—	—
Current Drawdown Current decline from peak	-0.69%	-1.61%	+0.92%
Average Drawdown Average peak-to-trough decline	-27.35%	-7.89%	-19.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	2.68%	+2.91%

Volatility

SAA vs. AVUV - Volatility Comparison

ProShares Ultra SmallCap600 (SAA) has a higher volatility of 9.60% compared to Avantis US Small Cap Value ETF (AVUV) at 4.28%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	4.28%	+5.32%
Volatility (6M) Calculated over the trailing 6-month period	24.43%	11.39%	+13.04%
Volatility (1Y) Calculated over the trailing 1-year period	36.09%	17.63%	+18.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.53%	22.65%	+20.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.15%	28.22%	+17.93%

SAA vs. AVUV - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is higher than AVUV's 0.25% expense ratio.

Dividends

SAA vs. AVUV - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.74%, less than AVUV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AVUV Avantis US Small Cap Value ETF	1.63%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%	0.00%
SAA ProShares Ultra SmallCap600	0.74%	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 SAA and AVUV in my portfolio?

With a correlation of 0.94, SAA and AVUV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SAA or AVUV?

SAA has higher volatility (9.60%) compared to AVUV (4.28%). In terms of maximum drawdown, SAA dropped -87.39% vs AVUV's -49.42%.

Which ETF is better, SAA or AVUV?

On 5-year performance, AVUV leads with 11.59% vs 2.49% for SAA. On fees, AVUV is cheaper at 0.25% per year. On volatility, AVUV has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or AVUV?

Over the 5-year period, AVUV has performed better with a 11.59% return vs 2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or AVUV?

AVUV is cheaper with a 0.25% expense ratio, compared with 0.95% for SAA.

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

AVUV has the higher dividend yield at 1.63%, compared with 0.74% for SAA.

What is the main difference between SAA and AVUV?

SAA is categorized as Leveraged Equities, while AVUV is Small Cap Value Equities. They also come from different issuers: ProShares and Avantis. Their fees differ too: 0.95% for SAA and 0.25% for AVUV.

Which has better risk-adjusted returns?

AVUV currently has the higher Sharpe Ratio (2.19 vs 1.85), 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.