SAA vs. QQUP

Last updated Jun 24, 2026

SAA (ProShares Ultra SmallCap600) and QQUP (ProShares Ultra Top QQQ) are both Leveraged Equities funds from ProShares - SAA tracks the S&P SmallCap 600 Index (200%) while QQUP tracks the Nasdaq-100 Mega Index (200%). Both are passively managed. Over the past year, SAA returned 66.49% vs 38.57% for QQUP. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SAA vs. QQUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and ProShares Ultra Top QQQ (QQUP). 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 QQUP's -3.91% 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%

QQUP

• 1D: -3.22%
• 1M: -16.85%
• YTD: -3.91%
• 6M: -6.57%
• 1Y: 38.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAA vs. QQUP - Yearly Performance Comparison

	2026 (YTD)	2025
SAA ProShares Ultra SmallCap600	36.86%	18.78%
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%

Correlation

The correlation between SAA and QQUP is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.40

Return for Risk

SAA vs. QQUP — 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

QQUP

QQUP Risk / Return Rank: 26
QQUP Sharpe Ratio Rank: 28
QQUP Sortino Ratio Rank: 28
QQUP Omega Ratio Rank: 27
QQUP Calmar Ratio Rank: 23
QQUP Martin Ratio Rank: 23

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. QQUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares Ultra Top QQQ (QQUP). 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	QQUP	Difference
Sharpe ratio: Return per unit of total volatility	1.85	0.97	+0.89
Sortino ratio: Return per unit of downside risk	2.55	1.46	+1.09
Omega ratio: Gain probability vs. loss probability	1.30	1.18	+0.12
Calmar ratio: Return relative to maximum drawdown	3.67	1.03	+2.64
Martin ratio: Return relative to average drawdown	11.94	2.87	+9.06

SAA vs. QQUP - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.85, which is higher than the QQUP Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of SAA and QQUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SAA vs. QQUP - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than QQUP's maximum drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for SAA and QQUP.

Drawdown Indicators

	SAA	QQUP	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-37.67%	-49.72%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-37.67%	+19.46%
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%	-21.46%	+20.77%
Average Drawdown Average peak-to-trough decline	-27.35%	-9.48%	-17.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	13.45%	-7.86%

Volatility

SAA vs. QQUP - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 9.60%, while ProShares Ultra Top QQQ (QQUP) has a volatility of 14.01%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than QQUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	QQUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	14.01%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	24.43%	30.62%	-6.19%
Volatility (1Y) Calculated over the trailing 1-year period	36.09%	40.03%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.53%	39.79%	+3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.15%	39.79%	+6.36%

SAA vs. QQUP - Expense Ratio Comparison

Both SAA and QQUP have an expense ratio of 0.95%.

Dividends

SAA vs. QQUP - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.74%, more than QQUP's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
QQUP ProShares Ultra Top QQQ	0.50%	0.29%	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 QQUP in my portfolio?

SAA and QQUP have a correlation of 0.39, 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 QQUP?

QQUP has higher volatility (14.01%) compared to SAA (9.60%). In terms of maximum drawdown, SAA dropped -87.39% vs QQUP's -37.67%.

Which ETF is better, SAA or QQUP?

On 1-year performance, SAA leads with 66.49% vs 38.57% for QQUP. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or QQUP?

Over the 1-year period, SAA has performed better with a 66.49% return vs 38.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or QQUP?

SAA and QQUP have the same expense ratio: 0.95% per year.

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

SAA has the higher dividend yield at 0.74%, compared with 0.50% for QQUP.

What is the main difference between SAA and QQUP?

SAA tracks S&P SmallCap 600 Index (200%), while QQUP tracks Nasdaq-100 Mega Index (200%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.85 vs 0.97), 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.