SAA vs. NEMG

Last updated Jun 24, 2026

SAA (ProShares Ultra SmallCap600) and NEMG (Leverage Shares 2x Long NEM Daily ETF) are both Leveraged Equities funds. SAA is passively managed, while NEMG is actively managed. At a 0.40 correlation, their price movements are largely independent. SAA charges 0.95%/yr vs 0.75%/yr for NEMG.

Performance

SAA vs. NEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and Leverage Shares 2x Long NEM Daily ETF (NEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAA achieves a 36.86% return, which is significantly higher than NEMG's -20.44% 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%

NEMG

• 1D: -7.98%
• 1M: -20.02%
• YTD: -20.44%
• 6M: -28.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAA vs. NEMG - Yearly Performance Comparison

	2026 (YTD)	2025
SAA ProShares Ultra SmallCap600	36.86%	6.27%
NEMG Leverage Shares 2x Long NEM Daily ETF	-20.44%	22.87%

Correlation

The correlation between SAA and NEMG is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.40

Return for Risk

SAA vs. NEMG — 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

NEMG

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. NEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and Leverage Shares 2x Long NEM Daily ETF (NEMG). 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	NEMG	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. NEMG - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than NEMG's maximum drawdown of -57.56%. Use the drawdown chart below to compare losses from any high point for SAA and NEMG.

Drawdown Indicators

	SAA	NEMG	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-57.56%	-29.83%
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%	-53.44%	+52.75%
Average Drawdown Average peak-to-trough decline	-27.35%	-23.21%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	—	—

Volatility

Volatility by Period

	SAA	NEMG	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%	102.63%	-66.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.53%	102.63%	-59.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.15%	102.63%	-56.48%

SAA vs. NEMG - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is higher than NEMG's 0.75% expense ratio.

Dividends

SAA vs. NEMG - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
NEMG Leverage Shares 2x Long NEM Daily ETF	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 NEMG in my portfolio?

SAA and NEMG have a correlation of 0.40, 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 NEMG?

On fees, NEMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SAA or NEMG?

NEMG is cheaper with a 0.75% expense ratio, compared with 0.95% for SAA.

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

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

What is the main difference between SAA and NEMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for SAA and 0.75% for NEMG.