SAA vs. IFED
SAA (ProShares Ultra SmallCap600) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - SAA tracks the S&P SmallCap 600 Index (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SAA returned 17.67%/yr vs 16.71%/yr for IFED. A 0.77 correlation means they provide meaningful diversification when combined. SAA charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
SAA vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, SAA achieves a 28.22% return, which is significantly higher than IFED's -3.52% return.
SAA
- 1D
- -1.69%
- 1M
- 3.02%
- YTD
- 28.22%
- 6M
- 25.09%
- 1Y
- 58.28%
- 3Y*
- 17.67%
- 5Y*
- 1.22%
- 10Y*
- 11.43%
IFED
- 1D
- -1.24%
- 1M
- 4.85%
- YTD
- -3.52%
- 6M
- -3.51%
- 1Y
- 1.97%
- 3Y*
- 16.71%
- 5Y*
- —
- 10Y*
- —
SAA vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 28.22% | 0.29% | 5.60% | 21.32% | -36.17% | 9.79% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.52% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between SAA and IFED is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | 0.77 |
The correlation between SAA and IFED shifts across timeframes, from 0.59 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAA vs. IFED — Risk / Return Rank
SAA
IFED
SAA vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.51 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.04 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 0.14 | +3.08 |
| Martin ratioReturn relative to average drawdown | 10.38 | 0.34 | +10.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SAA | IFED | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 0.12 | +1.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.65 | -0.46 |
Drawdowns
SAA vs. IFED - Drawdown Comparison
The maximum SAA drawdown since its inception was -87.39%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SAA and IFED.
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Drawdown Indicators
| SAA | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -22.36% | -65.03% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -14.65% | -3.56% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -22.36% | -28.48% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | — | — |
Current DrawdownCurrent decline from peak | -4.35% | -5.50% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -27.42% | -5.84% | -21.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 5.75% | -0.12% |
Volatility
SAA vs. IFED - Volatility Comparison
ProShares Ultra SmallCap600 (SAA) has a higher volatility of 8.56% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.50%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAA | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.56% | 4.50% | +4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 23.89% | 12.86% | +11.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.92% | 16.21% | +19.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.54% | 19.88% | +23.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.13% | 19.88% | +26.25% |
SAA vs. IFED - Expense Ratio Comparison
SAA has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
SAA vs. IFED - Dividend Comparison
SAA's dividend yield for the trailing twelve months is around 0.79%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SAA ProShares Ultra SmallCap600 | 0.79% | 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 IFED have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAA has higher volatility (8.56%) compared to IFED (4.50%). In terms of maximum drawdown, SAA dropped -87.39% vs IFED's -22.36%.
On 3-year performance, SAA leads with 17.67% vs 16.71% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SAA has performed better with a 17.67% return vs 16.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for SAA.
SAA has the higher dividend yield at 0.79%, compared with 0.00% for IFED.
SAA tracks S&P SmallCap 600 Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for SAA and 0.45% for IFED.
SAA currently has the higher Sharpe Ratio (1.64 vs 0.12), 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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