SAA vs. DBE
SAA (ProShares Ultra SmallCap600) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SAA returned 11.77%/yr vs 13.17%/yr for DBE. Their 0.25 correlation means their historical movements had little consistent relationship. SAA charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
SAA vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SAA achieves a 40.60% return, which is significantly lower than DBE's 78.87% return. Over the past 10 years, SAA has underperformed DBE with an annualized return of 11.77%, while DBE has yielded a comparatively higher 13.17% annualized return.
SAA
- 1D
- -0.46%
- 1M
- -1.90%
- 6M
- 26.90%
- YTD
- 40.60%
- 1Y
- 69.35%
- 3Y*
- 15.75%
- 5Y*
- 4.55%
- 10Y*
- 11.77%
- ALL TIME*
- 9.32%
DBE
- 1D
- 1.13%
- 1M
- 21.13%
- 6M
- 53.89%
- YTD
- 78.87%
- 1Y
- 68.62%
- 3Y*
- 17.16%
- 5Y*
- 17.73%
- 10Y*
- 13.17%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24M | $1.18M | $1.76M | |
| $74.40K | $123.70K | $201.98K |
SAA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 40.60% | 0.29% | 5.60% | 21.32% | -36.17% | 51.77% | -1.79% | 42.39% | -23.00% | 23.94% |
DBE Invesco DB Energy Fund | 78.87% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between SAA and DBE is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007 | 0.25 |
The correlation between SAA and DBE shifts across timeframes, from -0.32 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SAA vs. DBE — Risk / Return Rank
SAA
DBE
SAA vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 2.59 | +0.97 |
| Martin ratioReturn relative to average drawdown | 11.78 | 8.14 | +3.64 |
Loading charts...
Drawdowns
SAA vs. DBE - Drawdown Comparison
The maximum SAA drawdown since its inception was -87.39%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SAA and DBE.
Loading charts...
Drawdown Indicators
| SAA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -86.69% | -0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -24.72% | +6.51% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -24.72% | -26.12% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -38.74% | -16.63% |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | -60.84% | -13.70% |
Current DrawdownCurrent decline from peak | -4.60% | -32.09% | +27.49% |
Average DrawdownAverage peak-to-trough decline | -27.22% | -57.13% | +29.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 8.15% | -2.65% |
Volatility
SAA vs. DBE - Volatility Comparison
The current volatility for ProShares Ultra SmallCap600 (SAA) is 6.98%, while Invesco DB Energy Fund (DBE) has a volatility of 14.12%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SAA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.98% | 14.12% | -7.14% |
Volatility (6M)Calculated over the trailing 6-month period | 23.54% | 33.95% | -10.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.44% | 37.47% | -2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 30.09% | +13.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.01% | 28.58% | +17.43% |
SAA vs. DBE - Expense Ratio Comparison
SAA has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
SAA vs. DBE - Dividend Comparison
SAA's dividend yield for the trailing twelve months is around 0.77%, less than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
SAA and DBE have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (14.12%) compared to SAA (6.98%). In terms of maximum drawdown, SAA dropped -87.39% vs DBE's -86.69%.
On 10-year performance, DBE leads with 13.17% vs 11.77% for SAA. On fees, DBE is cheaper at 0.78% per year. On volatility, SAA has been the lower-risk option at 6.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 13.17% return vs 11.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for SAA.
DBE has the higher dividend yield at 2.16%, compared with 0.77% for SAA.
SAA is categorized as Leveraged Equities, while DBE is Oil & Gas. SAA tracks S&P SmallCap 600 Index (200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SAA and 0.78% for DBE.
SAA currently has the higher Sharpe Ratio (1.84 vs 1.71), 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.
Find the right allocation for SAA and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer