SAA vs. TQQQ

Last updated Jun 30, 2026

SAA (ProShares Ultra SmallCap600) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - SAA tracks the S&P SmallCap 600 Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SAA returned 13.07%/yr vs 44.54%/yr for TQQQ. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SAA vs. TQQQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SAA having a 45.06% return and TQQQ slightly higher at 46.66%. Over the past 10 years, SAA has underperformed TQQQ with an annualized return of 13.07%, while TQQQ has yielded a comparatively higher 44.54% annualized return.

SAA

• 1D: -0.47%
• 1M: 12.84%
• YTD: 45.06%
• 6M: 39.80%
• 1Y: 70.01%
• 3Y*: 20.47%
• 5Y*: 3.99%
• 10Y*: 13.07%

TQQQ

• 1D: 7.46%
• 1M: -8.72%
• YTD: 46.66%
• 6M: 41.89%
• 1Y: 90.40%
• 3Y*: 57.23%
• 5Y*: 21.42%
• 10Y*: 44.54%

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

SAA vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAA ProShares Ultra SmallCap600	45.06%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%
TQQQ ProShares UltraPro QQQ	46.66%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between SAA and TQQQ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.64

The correlation between SAA and TQQQ has been stable across timeframes, ranging from 0.56 to 0.66 - a consistent structural relationship.

SAA vs. TQQQ - Sectors Allocation Comparison

Sectors	SAA	TQQQ
Technology	17.1%	53.8%
Financial Services	16.5%	0.2%
Industrials	15.2%	2.8%
Consumer Cyclical	13.1%	12.3%
Healthcare	11.0%	4.2%
Real Estate	7.6%	0.1%
Energy	5.4%	0.6%
Basic Materials	5.0%	1.1%
Communication Services	3.7%	15.8%
Consumer Defensive	3.6%	7.7%
Utilities	1.9%	1.4%

Return for Risk

SAA vs. TQQQ — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 72
SAA Sharpe Ratio Rank: 71
SAA Sortino Ratio Rank: 68
SAA Omega Ratio Rank: 59
SAA Calmar Ratio Rank: 83
SAA Martin Ratio Rank: 77

TQQQ

TQQQ Risk / Return Rank: 54
TQQQ Sharpe Ratio Rank: 59
TQQQ Sortino Ratio Rank: 49
TQQQ Omega Ratio Rank: 51
TQQQ Calmar Ratio Rank: 58
TQQQ Martin Ratio Rank: 52

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.69	+0.27
Sortino ratio: Return per unit of downside risk	2.65	2.12	+0.53
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	3.87	2.46	+1.41
Martin ratio: Return relative to average drawdown	12.58	7.72	+4.85

SAA vs. TQQQ - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.96, which is comparable to the TQQQ Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of SAA and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SAA and TQQQ.

Drawdown Indicators

	SAA	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-81.66%	-5.73%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-36.97%	+18.76%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-58.04%	+7.20%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-81.66%	+26.29%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	-81.66%	+7.12%
Current Drawdown Current decline from peak	-0.47%	-11.50%	+11.03%
Average Drawdown Average peak-to-trough decline	-27.33%	-18.49%	-8.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	11.74%	-6.16%

Volatility

SAA vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 9.60%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 28.04%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	28.04%	-18.44%
Volatility (6M) Calculated over the trailing 6-month period	24.58%	44.04%	-19.46%
Volatility (1Y) Calculated over the trailing 1-year period	36.03%	53.93%	-17.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.53%	67.51%	-23.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.05%	66.30%	-20.25%

SAA vs. TQQQ - Expense Ratio Comparison

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

Dividends

SAA vs. TQQQ - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.75%, more than TQQQ's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAA ProShares Ultra SmallCap600	0.75%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%	0.00%
TQQQ ProShares UltraPro QQQ	0.27%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both SAA and TQQQ in my portfolio?

SAA and TQQQ have a correlation of 0.56, 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 TQQQ?

TQQQ has higher volatility (28.04%) compared to SAA (9.60%). In terms of maximum drawdown, SAA dropped -87.39% vs TQQQ's -81.66%.

Which ETF is better, SAA or TQQQ?

On 10-year performance, TQQQ leads with 44.54% vs 13.07% for SAA. 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 TQQQ?

Over the 10-year period, TQQQ has performed better with a 44.54% return vs 13.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or TQQQ?

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

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

SAA has the higher dividend yield at 0.75%, compared with 0.27% for TQQQ.

What is the main difference between SAA and TQQQ?

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

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.96 vs 1.69), 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.