SAA vs. DGS
SAA (ProShares Ultra SmallCap600) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while DGS is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, SAA returned 12.47%/yr vs 10.14%/yr for DGS. A 0.61 correlation means they provide meaningful diversification when combined. SAA charges 0.95%/yr vs 0.58%/yr for DGS.
Performance
SAA vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, SAA achieves a 37.82% return, which is significantly higher than DGS's 14.94% return. Over the past 10 years, SAA has outperformed DGS with an annualized return of 12.47%, while DGS has yielded a comparatively lower 10.14% annualized return.
SAA
- 1D
- 2.03%
- 1M
- 10.79%
- YTD
- 37.82%
- 6M
- 30.48%
- 1Y
- 72.96%
- 3Y*
- 18.49%
- 5Y*
- 2.36%
- 10Y*
- 12.47%
DGS
- 1D
- 0.65%
- 1M
- 1.51%
- YTD
- 14.94%
- 6M
- 17.07%
- 1Y
- 25.61%
- 3Y*
- 15.36%
- 5Y*
- 8.06%
- 10Y*
- 10.14%
SAA vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 37.82% | 0.29% | 5.60% | 21.32% | -36.17% | 51.77% | -1.79% | 42.39% | -23.00% | 23.94% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 14.94% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between SAA and DGS is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2007 | 0.61 |
The correlation between SAA and DGS shifts across timeframes, from 0.53 (10 years) to 0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SAA vs. DGS — Risk / Return Rank
SAA
DGS
SAA vs. DGS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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 | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.27 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 2.38 | +1.23 |
| Martin ratioReturn relative to average drawdown | 11.75 | 7.84 | +3.91 |
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Drawdowns
SAA vs. DGS - Drawdown Comparison
The maximum SAA drawdown since its inception was -87.39%, which is greater than DGS's maximum drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for SAA and DGS.
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Drawdown Indicators
| SAA | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -61.83% | -25.56% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -10.06% | -8.15% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -19.31% | -31.53% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -24.86% | -30.51% |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | -44.08% | -30.46% |
Current DrawdownCurrent decline from peak | 0.00% | -1.05% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -27.38% | -12.57% | -14.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 3.05% | +2.55% |
Volatility
SAA vs. DGS - Volatility Comparison
ProShares Ultra SmallCap600 (SAA) has a higher volatility of 9.77% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 7.30%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAA | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.77% | 7.30% | +2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 24.21% | 14.27% | +9.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.26% | 16.60% | +19.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.58% | 15.08% | +28.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 17.39% | +28.76% |
SAA vs. DGS - Expense Ratio Comparison
SAA has a 0.95% expense ratio, which is higher than DGS's 0.58% expense ratio.
Dividends
SAA vs. DGS - Dividend Comparison
SAA's dividend yield for the trailing twelve months is around 0.73%, less than DGS's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.20% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
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
SAA and DGS have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAA has higher volatility (9.77%) compared to DGS (7.30%). In terms of maximum drawdown, SAA dropped -87.39% vs DGS's -61.83%.
On 10-year performance, SAA leads with 12.47% vs 10.14% for DGS. On fees, DGS is cheaper at 0.58% per year. On volatility, DGS has been the lower-risk option at 7.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SAA has performed better with a 12.47% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGS is cheaper with a 0.58% expense ratio, compared with 0.95% for SAA.
DGS has the higher dividend yield at 3.20%, compared with 0.73% for SAA.
SAA is categorized as Leveraged Equities, while DGS is Emerging Markets Diversified. SAA tracks S&P SmallCap 600 Index (200%), while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for SAA and 0.58% for DGS.
SAA currently has the higher Sharpe Ratio (1.81 vs 1.44), 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.
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