SAA vs. ULE
SAA (ProShares Ultra SmallCap600) and ULE (ProShares Ultra Euro) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SAA returned 12.47%/yr vs -2.46%/yr for ULE. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SAA vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, SAA achieves a 37.82% return, which is significantly higher than ULE's -3.77% return. Over the past 10 years, SAA has outperformed ULE with an annualized return of 12.47%, while ULE has yielded a comparatively lower -2.46% annualized return.
SAA
- 1D
- 2.03%
- 1M
- 11.96%
- YTD
- 37.82%
- 6M
- 30.48%
- 1Y
- 65.40%
- 3Y*
- 18.49%
- 5Y*
- 2.36%
- 10Y*
- 12.47%
ULE
- 1D
- 0.24%
- 1M
- -2.67%
- YTD
- -3.77%
- 6M
- -3.85%
- 1Y
- -2.21%
- 3Y*
- 3.78%
- 5Y*
- -3.70%
- 10Y*
- -2.46%
SAA vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 37.82% | 0.29% | 5.60% | 21.32% | -36.17% | 51.77% | -1.79% | 42.39% | -23.00% | 23.94% |
ULE ProShares Ultra Euro | -3.77% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between SAA and ULE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.20 |
The correlation between SAA and ULE shifts across timeframes, from 0.14 (10 years) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SAA vs. ULE — Risk / Return Rank
SAA
ULE
SAA vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares Ultra Euro (ULE). 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 | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.98 | ||
| Sortino ratioReturn per unit of downside risk | +2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.98 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | -0.21 | +3.82 |
| Martin ratioReturn relative to average drawdown | 11.75 | -0.44 | +12.19 |
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Drawdowns
SAA vs. ULE - Drawdown Comparison
The maximum SAA drawdown since its inception was -87.39%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for SAA and ULE.
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Drawdown Indicators
| SAA | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -72.74% | -14.65% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -10.40% | -7.81% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -17.44% | -33.40% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -40.32% | -15.05% |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | -51.30% | -23.24% |
Current DrawdownCurrent decline from peak | 0.00% | -62.43% | +62.43% |
Average DrawdownAverage peak-to-trough decline | -27.38% | -46.08% | +18.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 4.99% | +0.61% |
Volatility
SAA vs. ULE - Volatility Comparison
ProShares Ultra SmallCap600 (SAA) has a higher volatility of 9.77% compared to ProShares Ultra Euro (ULE) at 2.37%. This indicates that SAA's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAA | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.77% | 2.37% | +7.40% |
Volatility (6M)Calculated over the trailing 6-month period | 24.21% | 8.83% | +15.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.26% | 13.28% | +22.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.58% | 16.12% | +27.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.15% | 15.21% | +30.94% |
SAA vs. ULE - Expense Ratio Comparison
Both SAA and ULE have an expense ratio of 0.95%.
Dividends
SAA vs. ULE - Dividend Comparison
SAA's dividend yield for the trailing twelve months is around 0.73%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 0.73% | 1.05% | 1.36% | 0.88% | 0.46% | 0.00% | 0.03% | 0.35% | 0.27% | 0.00% | 0.14% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SAA and ULE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAA has higher volatility (9.77%) compared to ULE (2.37%). In terms of maximum drawdown, SAA dropped -87.39% vs ULE's -72.74%.
On 10-year performance, SAA leads with 12.47% vs -2.46% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SAA has performed better with a 12.47% return vs -2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SAA and ULE have the same expense ratio: 0.95% per year.
SAA has the higher dividend yield at 0.73%, compared with 0.00% for ULE.
SAA is categorized as Leveraged Equities, while ULE is Leveraged Currency. SAA tracks S&P SmallCap 600 Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).
SAA currently has the higher Sharpe Ratio (1.81 vs -0.17), 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.
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