SAA vs. KORU

Last updated Jun 3, 2026

SAA (ProShares Ultra SmallCap600) and KORU (Direxion Daily South Korea Bull 3X Shares) are both Leveraged Equities funds - SAA tracks the S&P SmallCap 600 Index (200%) while KORU tracks the MSCI Korea 25-50 Index. Both are passively managed. Over the past 10 years, SAA returned 11.62%/yr vs 19.90%/yr for KORU. At a 0.46 correlation, their price movements are largely independent. SAA charges 0.95%/yr vs 1.29%/yr for KORU.

Performance

SAA vs. KORU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and Direxion Daily South Korea Bull 3X Shares (KORU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAA achieves a 30.42% return, which is significantly lower than KORU's 574.61% return. Over the past 10 years, SAA has underperformed KORU with an annualized return of 11.62%, while KORU has yielded a comparatively higher 19.90% annualized return.

SAA

• 1D: 1.62%
• 1M: 2.29%
• YTD: 30.42%
• 6M: 31.77%
• 1Y: 66.46%
• 3Y*: 18.34%
• 5Y*: 1.66%
• 10Y*: 11.62%

KORU

• 1D: -3.17%
• 1M: 103.23%
• YTD: 574.61%
• 6M: 732.27%
• 1Y: 2,236.72%
• 3Y*: 134.36%
• 5Y*: 24.81%
• 10Y*: 19.90%

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

SAA vs. KORU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAA ProShares Ultra SmallCap600	30.42%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%
KORU Direxion Daily South Korea Bull 3X Shares	574.61%	432.73%	-62.18%	28.61%	-70.16%	-33.86%	48.78%	5.47%	-59.89%	167.08%

Correlation

The correlation between SAA and KORU is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 11, 2013	0.46

The correlation between SAA and KORU has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

SAA vs. KORU - Sectors Allocation Comparison

Sectors	SAA	KORU
Financial Services	16.9%	16.7%
Industrials	15.5%	20.4%
Technology	15.5%	52.3%
Consumer Cyclical	13.4%	5.8%
Healthcare	11.0%	3.5%
Real Estate	7.7%	-
Energy	5.9%	1.4%
Basic Materials	5.1%	2.0%
Communication Services	3.6%	2.9%
Consumer Defensive	3.5%	1.8%
Utilities	2.0%	0.4%

Return for Risk

SAA vs. KORU — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 57
SAA Sharpe Ratio Rank: 53
SAA Sortino Ratio Rank: 52
SAA Omega Ratio Rank: 48
SAA Calmar Ratio Rank: 70
SAA Martin Ratio Rank: 62

KORU

KORU Risk / Return Rank: 98
KORU Sharpe Ratio Rank: 100
KORU Sortino Ratio Rank: 95
KORU Omega Ratio Rank: 95
KORU Calmar Ratio Rank: 99
KORU Martin Ratio Rank: 99

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. KORU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and Direxion Daily South Korea Bull 3X Shares (KORU). 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	KORU	Difference
Sharpe ratio Return per unit of total volatility	1.86	18.26	-16.40
Sortino ratio Return per unit of downside risk	2.54	5.25	-2.71
Omega ratio Gain probability vs. loss probability	1.30	1.73	-0.43
Calmar ratio Return relative to maximum drawdown	3.54	38.64	-35.09
Martin ratio Return relative to average drawdown	11.46	122.74	-111.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAA vs. KORU - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.86, which is lower than the KORU Sharpe Ratio of 18.26. The chart below compares the historical Sharpe Ratios of SAA and KORU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SAA	KORU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	18.26	-16.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.29	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.25	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.13	+0.06

Drawdowns

SAA vs. KORU - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, smaller than the maximum KORU drawdown of -95.79%. Use the drawdown chart below to compare losses from any high point for SAA and KORU.

Drawdown Indicators

	SAA	KORU	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-95.79%	+8.40%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-61.39%	+43.18%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-73.71%	+22.87%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-93.35%	+37.98%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	-95.79%	+21.25%
Current Drawdown Current decline from peak	-2.71%	-3.17%	+0.46%
Average Drawdown Average peak-to-trough decline	-27.43%	-57.55%	+30.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	19.33%	-13.70%

Volatility

SAA vs. KORU - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 8.75%, while Direxion Daily South Korea Bull 3X Shares (KORU) has a volatility of 59.91%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than KORU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	KORU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.75%	59.91%	-51.16%
Volatility (6M) Calculated over the trailing 6-month period	23.86%	110.67%	-86.81%
Volatility (1Y) Calculated over the trailing 1-year period	35.90%	124.16%	-88.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.53%	85.10%	-41.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.13%	79.92%	-33.79%

SAA vs. KORU - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is lower than KORU's 1.29% expense ratio.

Dividends

SAA vs. KORU - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.77%, more than KORU's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KORU Direxion Daily South Korea Bull 3X Shares	0.14%	0.89%	4.10%	2.55%	0.48%	0.76%	0.01%	0.93%	1.40%	3.59%	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

Can I hold both SAA and KORU in my portfolio?

SAA and KORU have a correlation of 0.45, 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 KORU?

KORU has higher volatility (59.91%) compared to SAA (8.75%). In terms of maximum drawdown, SAA dropped -87.39% vs KORU's -95.79%.

Which ETF is better, SAA or KORU?

On 10-year performance, KORU leads with 19.90% vs 11.62% for SAA. On fees, SAA is cheaper at 0.95% per year. On volatility, SAA has been the lower-risk option at 8.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or KORU?

Over the 10-year period, KORU has performed better with a 19.90% return vs 11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or KORU?

SAA is cheaper with a 0.95% expense ratio, compared with 1.29% for KORU.

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

SAA has the higher dividend yield at 0.77%, compared with 0.14% for KORU.

What is the main difference between SAA and KORU?

SAA tracks S&P SmallCap 600 Index (200%), while KORU tracks MSCI Korea 25-50 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SAA and 1.29% for KORU.

Which has better risk-adjusted returns?

KORU currently has the higher Sharpe Ratio (18.26 vs 1.86), 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.