SAA vs. IAI

Last updated Jun 13, 2026

SAA (ProShares Ultra SmallCap600) and IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while IAI is a Financials Equities fund tracking the DJ US Select / Investment Services. Both are passively managed. Over the past 10 years, SAA returned 12.47%/yr vs 19.37%/yr for IAI. A 0.75 correlation means they provide meaningful diversification when combined. SAA charges 0.95%/yr vs 0.41%/yr for IAI.

Performance

SAA vs. IAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAA achieves a 37.82% return, which is significantly higher than IAI's 3.17% return. Over the past 10 years, SAA has underperformed IAI with an annualized return of 12.47%, while IAI has yielded a comparatively higher 19.37% 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%

IAI

• 1D: 1.83%
• 1M: 2.57%
• YTD: 3.17%
• 6M: 2.78%
• 1Y: 21.00%
• 3Y*: 28.06%
• 5Y*: 14.44%
• 10Y*: 19.37%

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

SAA vs. IAI - 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%
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	3.17%	25.80%	34.37%	15.27%	-10.87%	40.48%	18.61%	24.26%	-9.47%	28.86%

Correlation

The correlation between SAA and IAI is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	0.75

The correlation between SAA and IAI shifts across timeframes, from 0.61 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

SAA vs. IAI - Sectors Allocation Comparison

Sectors	SAA	IAI
Financial Services	16.9%	99.9%
Industrials	15.5%	-
Technology	15.5%	0.1%
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. IAI — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 65
SAA Sharpe Ratio Rank: 62
SAA Sortino Ratio Rank: 60
SAA Omega Ratio Rank: 53
SAA Calmar Ratio Rank: 79
SAA Martin Ratio Rank: 71

IAI

IAI Risk / Return Rank: 29
IAI Sharpe Ratio Rank: 31
IAI Sortino Ratio Rank: 30
IAI Omega Ratio Rank: 29
IAI Calmar Ratio Rank: 27
IAI Martin Ratio Rank: 27

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. IAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). 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	IAI	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.00	+0.82
Sortino ratio: Return per unit of downside risk	2.49	1.43	+1.06
Omega ratio: Gain probability vs. loss probability	1.29	1.18	+0.12
Calmar ratio: Return relative to maximum drawdown	3.61	1.17	+2.44
Martin ratio: Return relative to average drawdown	11.75	3.33	+8.42

SAA vs. IAI - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.81, which is higher than the IAI Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of SAA and IAI, 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. IAI - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than IAI's maximum drawdown of -75.46%. Use the drawdown chart below to compare losses from any high point for SAA and IAI.

Drawdown Indicators

	SAA	IAI	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-75.46%	-11.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-16.52%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-23.14%	-27.70%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-28.84%	-26.53%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	-40.38%	-34.16%
Current Drawdown Current decline from peak	0.00%	-2.81%	+2.81%
Average Drawdown Average peak-to-trough decline	-27.38%	-22.63%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	5.80%	-0.20%

Volatility

SAA vs. IAI - Volatility Comparison

ProShares Ultra SmallCap600 (SAA) has a higher volatility of 9.77% compared to iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) at 5.98%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than IAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	IAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.77%	5.98%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	24.21%	15.34%	+8.87%
Volatility (1Y) Calculated over the trailing 1-year period	36.26%	19.44%	+16.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.58%	21.48%	+22.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.15%	22.85%	+23.30%

SAA vs. IAI - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is higher than IAI's 0.41% expense ratio.

Dividends

SAA vs. IAI - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.73%, less than IAI's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	1.05%	0.95%	1.05%	1.80%	2.14%	1.31%	1.55%	1.52%	1.58%	1.37%	1.49%	1.31%
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

Can I hold both SAA and IAI in my portfolio?

SAA and IAI have a correlation of 0.61, 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 IAI?

SAA has higher volatility (9.77%) compared to IAI (5.98%). In terms of maximum drawdown, SAA dropped -87.39% vs IAI's -75.46%.

Which ETF is better, SAA or IAI?

On 10-year performance, IAI leads with 19.37% vs 12.47% for SAA. On fees, IAI is cheaper at 0.41% per year. On volatility, IAI has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or IAI?

Over the 10-year period, IAI has performed better with a 19.37% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or IAI?

IAI is cheaper with a 0.41% expense ratio, compared with 0.95% for SAA.

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

IAI has the higher dividend yield at 1.05%, compared with 0.73% for SAA.

What is the main difference between SAA and IAI?

SAA is categorized as Leveraged Equities, while IAI is Financials Equities. SAA tracks S&P SmallCap 600 Index (200%), while IAI tracks DJ US Select / Investment Services. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SAA and 0.41% for IAI.

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.81 vs 1.00), 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.