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SAA vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SAA vs. IJR

Last updated Jun 24, 2026

SAA (ProShares Ultra SmallCap600) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, SAA returned 12.61%/yr vs 11.30%/yr for IJR. Their correlation of 0.93 suggests significant overlap in exposure. SAA charges 0.95%/yr vs 0.06%/yr for IJR.

Performance

SAA vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SAA achieves a 36.86% return, which is significantly higher than IJR's 19.34% return. Over the past 10 years, SAA has outperformed IJR with an annualized return of 12.61%, while IJR has yielded a comparatively lower 11.30% annualized return.

SAA

1D
-0.55%
1M
8.20%
YTD
36.86%
6M
31.50%
1Y
66.49%
3Y*
21.67%
5Y*
2.49%
10Y*
12.61%

IJR

1D
-0.34%
1M
4.22%
YTD
19.34%
6M
16.86%
1Y
34.47%
3Y*
16.15%
5Y*
6.29%
10Y*
11.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SAA vs. IJR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SAA
ProShares Ultra SmallCap600		36.86%0.29%5.60%21.32%-36.17%51.77%-1.79%42.39%-23.00%23.94%
IJR
iShares Core S&P Small-Cap ETF		19.34%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%

Correlation

The correlation between SAA and IJR is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2007

0.93

The correlation between SAA and IJR has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.

SAA vs. IJR - Sectors Allocation Comparison

Sectors
SAA
IJR

Technology

17.1%
15.9%

Financial Services

16.5%
16.0%

Industrials

15.2%
16.0%

Consumer Cyclical

13.1%
12.5%

Healthcare

11.0%
11.0%

Real Estate

7.6%
7.5%

Energy

5.4%
6.8%

Basic Materials

5.0%
4.7%

Communication Services

3.7%
3.2%

Consumer Defensive

3.6%
3.2%

Utilities

1.9%
1.9%

Technology

SAA
17.1%
IJR
15.9%

Financial Services

SAA
16.5%
IJR
16.0%

Industrials

SAA
15.2%
IJR
16.0%

Consumer Cyclical

SAA
13.1%
IJR
12.5%

Healthcare

SAA
11.0%
IJR
11.0%

Real Estate

SAA
7.6%
IJR
7.5%

Energy

SAA
5.4%
IJR
6.8%

Basic Materials

SAA
5.0%
IJR
4.7%

Communication Services

SAA
3.7%
IJR
3.2%

Consumer Defensive

SAA
3.6%
IJR
3.2%

Utilities

SAA
1.9%
IJR
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra SmallCap600

iShares Core S&P Small-Cap ETF

Often compared with SAA:
SAA vs. MVVSAA vs. TNASAA vs. URTYSAA vs. EFOSAA vs. UMDDSAA vs. TMSLSAA vs. VOO
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJHIJR vs. IJSIJR vs. SCHAIJR vs. VBR

Return for Risk

SAA vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SAA
SAA Risk / Return Rank: 6363
Overall Rank
SAA Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SAA Sortino Ratio Rank: 5858
Sortino Ratio Rank
SAA Omega Ratio Rank: 5151
Omega Ratio Rank
SAA Calmar Ratio Rank: 7777
Calmar Ratio Rank
SAA Martin Ratio Rank: 6969
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 6767
Overall Rank
IJR Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 6363
Sortino Ratio Rank
IJR Omega Ratio Rank: 5656
Omega Ratio Rank
IJR Calmar Ratio Rank: 7979
Calmar Ratio Rank
IJR Martin Ratio Rank: 7474
Martin Ratio Rank
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. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and iShares Core S&P Small-Cap ETF (IJR). 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.

SAAIJRDifference
Sharpe ratioReturn per unit of total volatility
1.85
1.96

-0.10

Sortino ratioReturn per unit of downside risk
2.55
2.84

-0.28

Omega ratioGain probability vs. loss probability

1.30

1.34

-0.04

Calmar ratioReturn relative to maximum drawdown

3.67

3.99

-0.32

Martin ratioReturn relative to average drawdown

11.94

13.39

-1.45

SAA vs. IJR - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.85, which is comparable to the IJR Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SAA and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SAA vs. IJR - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than IJR's maximum drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for SAA and IJR.

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Drawdown Indicators

SAAIJRDifference

Max Drawdown

Largest peak-to-trough decline

-87.39%

-58.15%

-29.24%

Max Drawdown (1Y)

Largest decline over 1 year

-18.21%

-8.68%

-9.53%

Max Drawdown (3Y)

Largest decline over 3 years

-50.84%

-28.02%

-22.82%

Max Drawdown (5Y)

Largest decline over 5 years

-55.37%

-28.02%

-27.35%

Max Drawdown (10Y)

Largest decline over 10 years

-74.54%

-44.36%

-30.18%

Current Drawdown

Current decline from peak

-0.69%

-0.43%

-0.26%

Average Drawdown

Average peak-to-trough decline

-27.35%

-9.26%

-18.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.59%

2.58%

+3.01%

Volatility

SAA vs. IJR - Volatility Comparison

ProShares Ultra SmallCap600 (SAA) has a higher volatility of 9.60% compared to iShares Core S&P Small-Cap ETF (IJR) at 4.96%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SAAIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.60%

4.96%

+4.64%

Volatility (6M)

Calculated over the trailing 6-month period

24.43%

12.06%

+12.37%

Volatility (1Y)

Calculated over the trailing 1-year period

36.09%

17.73%

+18.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

43.53%

21.40%

+22.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

46.15%

22.90%

+23.25%

SAA vs. IJR - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

SAA vs. IJR - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.74%, less than IJR's 1.15% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.15%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
SAA
ProShares Ultra SmallCap600		0.74%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

With a correlation of 0.99, SAA and IJR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SAA has higher volatility (9.60%) compared to IJR (4.96%). In terms of maximum drawdown, SAA dropped -87.39% vs IJR's -58.15%.

On 10-year performance, SAA leads with 12.61% vs 11.30% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 4.96%. 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 12.61% return vs 11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.95% for SAA.

IJR has the higher dividend yield at 1.15%, compared with 0.74% for SAA.

SAA is categorized as Leveraged Equities, while IJR is Small Cap Blend Equities. SAA tracks S&P SmallCap 600 Index (200%), while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SAA and 0.06% for IJR.

IJR currently has the higher Sharpe Ratio (1.96 vs 1.85), 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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