SAA vs. SQQQ

Last updated Jun 4, 2026

SAA (ProShares Ultra SmallCap600) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - SAA tracks the S&P SmallCap 600 Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SAA returned 11.43%/yr vs -56.01%/yr for SQQQ. At a correlation of -0.64, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SAA vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAA achieves a 28.22% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, SAA has outperformed SQQQ with an annualized return of 11.43%, while SQQQ has yielded a comparatively lower -56.01% annualized return.

SAA

• 1D: -1.69%
• 1M: 3.02%
• YTD: 28.22%
• 6M: 25.09%
• 1Y: 58.28%
• 3Y*: 17.67%
• 5Y*: 1.22%
• 10Y*: 11.43%

SQQQ

• 1D: 0.76%
• 1M: -26.37%
• YTD: -45.27%
• 6M: -42.79%
• 1Y: -65.16%
• 3Y*: -56.19%
• 5Y*: -49.17%
• 10Y*: -56.01%

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

SAA vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAA ProShares Ultra SmallCap600	28.22%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%
SQQQ ProShares UltraPro Short QQQ	-45.27%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between SAA and SQQQ is -0.59, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.59
Correlation (3Y) Calculated over the trailing 3-year period	-0.58
Correlation (5Y) Calculated over the trailing 5-year period	-0.65
Correlation (10Y) Calculated over the trailing 10-year period	-0.58
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	-0.64

The correlation between SAA and SQQQ has been stable across timeframes, ranging from -0.65 to -0.58 - a consistent structural relationship.

SAA vs. SQQQ - Sectors Allocation Comparison

Sectors	SAA	SQQQ
Financial Services	16.9%	97.1%
Industrials	15.5%	-
Technology	15.5%	-
Consumer Cyclical	13.4%	-
Healthcare	11.0%	-
Real Estate	7.7%	-
Energy	5.9%	-
Basic Materials	5.1%	-
Communication Services	3.6%	-
Consumer Defensive	3.5%	-
Utilities	2.0%	-

Return for Risk

SAA vs. SQQQ — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 52
SAA Sharpe Ratio Rank: 47
SAA Sortino Ratio Rank: 46
SAA Omega Ratio Rank: 42
SAA Calmar Ratio Rank: 65
SAA Martin Ratio Rank: 59

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
SQQQ Martin Ratio Rank: 0

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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio Return per unit of total volatility	1.64	-1.37	+3.00
Sortino ratio Return per unit of downside risk	2.31	-2.63	+4.94
Omega ratio Gain probability vs. loss probability	1.27	0.72	+0.55
Calmar ratio Return relative to maximum drawdown	3.22	-0.99	+4.21
Martin ratio Return relative to average drawdown	10.38	-1.82	+12.20
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. SQQQ - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.64, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of SAA and SQQQ, 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	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	-1.37	+3.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	-0.74	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	-0.85	+1.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	-0.88	+1.06

Drawdowns

SAA vs. SQQQ - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SAA and SQQQ.

Drawdown Indicators

	SAA	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-100.00%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-65.95%	+47.74%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-92.38%	+41.54%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-97.23%	+41.86%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	-99.98%	+25.44%
Current Drawdown Current decline from peak	-4.35%	-100.00%	+95.65%
Average Drawdown Average peak-to-trough decline	-27.42%	-92.40%	+64.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	35.73%	-30.10%

Volatility

SAA vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 8.56%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	13.75%	-5.19%
Volatility (6M) Calculated over the trailing 6-month period	23.89%	36.45%	-12.56%
Volatility (1Y) Calculated over the trailing 1-year period	35.92%	47.79%	-11.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.54%	66.64%	-23.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.13%	66.11%	-19.98%

SAA vs. SQQQ - Expense Ratio Comparison

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

Dividends

SAA vs. SQQQ - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.79%, less than SQQQ's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAA ProShares Ultra SmallCap600	0.79%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%
SQQQ ProShares UltraPro Short QQQ	12.48%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%

Frequently Asked Questions

Can I hold both SAA and SQQQ in my portfolio?

SAA and SQQQ have a correlation of -0.59, 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 SQQQ?

SQQQ has higher volatility (13.75%) compared to SAA (8.56%). In terms of maximum drawdown, SAA dropped -87.39% vs SQQQ's -100.00%.

Which ETF is better, SAA or SQQQ?

On 10-year performance, SAA leads with 11.43% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 8.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or SQQQ?

Over the 10-year period, SAA has performed better with a 11.43% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or SQQQ?

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

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

SQQQ has the higher dividend yield at 12.48%, compared with 0.79% for SAA.

What is the main difference between SAA and SQQQ?

SAA tracks S&P SmallCap 600 Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.64 vs -1.37), 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.