SAA vs. MUU

Last updated Jun 24, 2026

SAA (ProShares Ultra SmallCap600) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - SAA tracks the S&P SmallCap 600 Index (200%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. A 0.60 correlation means they provide meaningful diversification when combined. SAA charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

SAA vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAA vs. MUU - Yearly Performance Comparison

	2026 (YTD)
SAA ProShares Ultra SmallCap600	-0.54%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between SAA and MUU is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	0.60

Return for Risk

SAA vs. MUU — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 63
SAA Sharpe Ratio Rank: 60
SAA Sortino Ratio Rank: 58
SAA Omega Ratio Rank: 51
SAA Calmar Ratio Rank: 77
SAA Martin Ratio Rank: 69

MUU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and Direxion Daily MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.85	—	—
Sortino ratio: Return per unit of downside risk	2.55	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	3.67	—	—
Martin ratio: Return relative to average drawdown	11.94	—	—

Drawdowns

SAA vs. MUU - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than MUU's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for SAA and MUU.

Drawdown Indicators

	SAA	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-26.28%	-61.11%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	—	—
Current Drawdown Current decline from peak	-0.69%	-26.28%	+25.59%
Average Drawdown Average peak-to-trough decline	-27.35%	-10.19%	-17.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	—	—

Volatility

Volatility by Period

	SAA	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	36.09%	295.32%	-259.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.53%	295.32%	-251.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.15%	295.32%	-249.17%

SAA vs. MUU - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

SAA vs. MUU - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.74%, while MUU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MUU Direxion Daily MU Bull 2X Shares	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	0.74%	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 MUU in my portfolio?

SAA and MUU have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SAA or MUU?

On fees, SAA is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SAA or MUU?

SAA is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

SAA has the higher dividend yield at 0.74%, compared with 0.00% for MUU.

What is the main difference between SAA and MUU?

SAA tracks S&P SmallCap 600 Index (200%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SAA and 1.01% for MUU.