SAA vs. TSMG

Last updated Jun 3, 2026

SAA (ProShares Ultra SmallCap600) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. SAA is passively managed, while TSMG is actively managed. Over the past year, SAA returned 66.46% vs 327.45% for TSMG. A 0.50 correlation means they provide meaningful diversification when combined. SAA charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

SAA vs. TSMG - Performance Comparison

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

Returns By Period

In the year-to-date period, SAA achieves a 30.42% return, which is significantly lower than TSMG's 94.33% return.

SAA

• 1D: 1.62%
• 1M: 2.29%
• YTD: 30.42%
• 6M: 31.77%
• 1Y: 66.46%
• 3Y*: 18.34%
• 5Y*: 1.66%
• 10Y*: 11.62%

TSMG

• 1D: 4.98%
• 1M: 23.80%
• YTD: 94.33%
• 6M: 108.01%
• 1Y: 327.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAA vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SAA ProShares Ultra SmallCap600	30.42%	0.53%
TSMG Leverage Shares 2X Long TSM Daily ETF	94.33%	76.34%

Correlation

The correlation between SAA and TSMG is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.50

The correlation between SAA and TSMG has been stable across timeframes, ranging from 0.42 to 0.50 - a consistent structural relationship.

Return for Risk

SAA vs. TSMG — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 57
SAA Sharpe Ratio Rank: 53
SAA Sortino Ratio Rank: 52
SAA Omega Ratio Rank: 48
SAA Calmar Ratio Rank: 70
SAA Martin Ratio Rank: 62

TSMG

TSMG Risk / Return Rank: 91
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 87
TSMG Omega Ratio Rank: 79
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

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. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio Return per unit of total volatility	1.86	4.61	-2.75
Sortino ratio Return per unit of downside risk	2.54	3.97	-1.42
Omega ratio Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio Return relative to maximum drawdown	3.54	9.46	-5.92
Martin ratio Return relative to average drawdown	11.46	30.96	-19.50
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. TSMG - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.86, which is lower than the TSMG Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of SAA and TSMG, 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	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	4.61	-2.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.79	-1.61

Drawdowns

SAA vs. TSMG - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SAA and TSMG.

Drawdown Indicators

	SAA	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-63.67%	-23.72%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-35.29%	+17.08%
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	-2.71%	0.00%	-2.71%
Average Drawdown Average peak-to-trough decline	-27.43%	-17.02%	-10.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	10.79%	-5.16%

Volatility

SAA vs. TSMG - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 8.75%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 22.57%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.75%	22.57%	-13.82%
Volatility (6M) Calculated over the trailing 6-month period	23.86%	54.92%	-31.06%
Volatility (1Y) Calculated over the trailing 1-year period	35.90%	71.57%	-35.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.53%	81.08%	-37.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.13%	81.08%	-34.95%

SAA vs. TSMG - Expense Ratio Comparison

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

Dividends

SAA vs. TSMG - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.77%, less than TSMG's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAA ProShares Ultra SmallCap600	0.77%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.91%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SAA and TSMG in my portfolio?

SAA and TSMG have a correlation of 0.42, 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 TSMG?

TSMG has higher volatility (22.57%) compared to SAA (8.75%). In terms of maximum drawdown, SAA dropped -87.39% vs TSMG's -63.67%.

Which ETF is better, SAA or TSMG?

On 1-year performance, TSMG leads with 327.45% vs 66.46% for SAA. On fees, TSMG is cheaper at 0.75% per year. On volatility, SAA has been the lower-risk option at 8.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or TSMG?

Over the 1-year period, TSMG has performed better with a 327.45% return vs 66.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or TSMG?

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

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

TSMG has the higher dividend yield at 5.91%, compared with 0.77% for SAA.

What is the main difference between SAA and TSMG?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.61 vs 1.86), 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.