SAA vs. COMT

Last updated Jun 5, 2026

SAA (ProShares Ultra SmallCap600) and COMT (iShares Commodities Select Strategy ETF) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while COMT is a Commodities fund actively managed by iShares. SAA is passively managed, while COMT is actively managed. Over the past 10 years, SAA returned 11.50%/yr vs 8.79%/yr for COMT. At a 0.27 correlation, their price movements are largely independent. SAA charges 0.95%/yr vs 0.48%/yr for COMT.

Performance

SAA vs. COMT - Performance Comparison

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

Returns By Period

In the year-to-date period, SAA achieves a 31.32% return, which is significantly lower than COMT's 37.50% return. Over the past 10 years, SAA has outperformed COMT with an annualized return of 11.50%, while COMT has yielded a comparatively lower 8.79% annualized return.

SAA

• 1D: 2.42%
• 1M: 2.47%
• YTD: 31.32%
• 6M: 28.51%
• 1Y: 62.97%
• 3Y*: 20.31%
• 5Y*: 1.70%
• 10Y*: 11.50%

COMT

• 1D: -1.55%
• 1M: -5.00%
• YTD: 37.50%
• 6M: 36.36%
• 1Y: 45.51%
• 3Y*: 16.18%
• 5Y*: 13.14%
• 10Y*: 8.79%

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

SAA vs. COMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAA ProShares Ultra SmallCap600	31.32%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%
COMT iShares Commodities Select Strategy ETF	37.50%	6.07%	5.96%	-6.56%	19.45%	36.88%	-18.66%	10.81%	-6.67%	11.70%

Correlation

The correlation between SAA and COMT is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 17, 2014	0.27

The correlation between SAA and COMT shifts across timeframes, from -0.21 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

SAA vs. COMT - Sectors Allocation Comparison

Sectors	SAA	COMT
Financial Services	16.9%	100.0%
Industrials	15.5%	-
Technology	15.5%	-
Consumer Cyclical	13.4%	-
Healthcare	11.0%	-
Real Estate	7.7%	-
Energy	5.9%	-
Basic Materials	5.1%	-
Communication Services	3.6%	-
Consumer Defensive	3.5%	-
Utilities	2.0%	-

Return for Risk

SAA vs. COMT — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 56
SAA Sharpe Ratio Rank: 52
SAA Sortino Ratio Rank: 51
SAA Omega Ratio Rank: 46
SAA Calmar Ratio Rank: 70
SAA Martin Ratio Rank: 63

COMT

COMT Risk / Return Rank: 70
COMT Sharpe Ratio Rank: 65
COMT Sortino Ratio Rank: 60
COMT Omega Ratio Rank: 64
COMT Calmar Ratio Rank: 91
COMT Martin Ratio Rank: 73

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. COMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and iShares Commodities Select Strategy ETF (COMT). 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	COMT	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.14	-0.38
Sortino ratio: Return per unit of downside risk	2.44	2.77	-0.33
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	3.48	5.70	-2.22
Martin ratio: Return relative to average drawdown	11.21	13.42	-2.21
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. COMT - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.77, which is comparable to the COMT Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of SAA and COMT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SAA	COMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.14	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.63	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.47	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.20	-0.01

Drawdowns

SAA vs. COMT - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than COMT's maximum drawdown of -51.89%. Use the drawdown chart below to compare losses from any high point for SAA and COMT.

Drawdown Indicators

	SAA	COMT	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-51.89%	-35.50%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-8.02%	-10.19%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-13.31%	-37.53%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-29.00%	-26.37%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	-39.22%	-35.32%
Current Drawdown Current decline from peak	-2.04%	-6.30%	+4.26%
Average Drawdown Average peak-to-trough decline	-27.42%	-24.06%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	3.40%	+2.23%

Volatility

SAA vs. COMT - Volatility Comparison

ProShares Ultra SmallCap600 (SAA) has a higher volatility of 8.40% compared to iShares Commodities Select Strategy ETF (COMT) at 7.46%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than COMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	COMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.40%	7.46%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	23.99%	18.88%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	35.85%	21.36%	+14.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.55%	21.07%	+22.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.12%	18.89%	+27.23%

SAA vs. COMT - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is higher than COMT's 0.48% expense ratio.

Dividends

SAA vs. COMT - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.77%, less than COMT's 5.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COMT iShares Commodities Select Strategy ETF	5.63%	7.74%	4.90%	5.19%	29.79%	17.79%	0.36%	2.61%	11.65%	5.16%	0.52%	1.44%
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 SAA and COMT in my portfolio?

SAA and COMT have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAA or COMT?

SAA has higher volatility (8.40%) compared to COMT (7.46%). In terms of maximum drawdown, SAA dropped -87.39% vs COMT's -51.89%.

Which ETF is better, SAA or COMT?

On 10-year performance, SAA leads with 11.50% vs 8.79% for COMT. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 7.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or COMT?

Over the 10-year period, SAA has performed better with a 11.50% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or COMT?

COMT is cheaper with a 0.48% expense ratio, compared with 0.95% for SAA.

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

COMT has the higher dividend yield at 5.63%, compared with 0.77% for SAA.

What is the main difference between SAA and COMT?

SAA is categorized as Leveraged Equities, while COMT is Commodities. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SAA and 0.48% for COMT.

Which has better risk-adjusted returns?

COMT currently has the higher Sharpe Ratio (2.14 vs 1.77), 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.