SAA vs. UPRO

Last updated Jun 4, 2026

SAA (ProShares Ultra SmallCap600) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - SAA tracks the S&P SmallCap 600 Index (200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, SAA returned 11.43%/yr vs 30.09%/yr for UPRO. A 0.76 correlation means they provide meaningful diversification when combined. SAA charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

SAA vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SAA having a 28.22% return and UPRO slightly lower at 27.90%. Over the past 10 years, SAA has underperformed UPRO with an annualized return of 11.43%, while UPRO has yielded a comparatively higher 30.09% 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%

UPRO

• 1D: -2.09%
• 1M: 14.64%
• YTD: 27.90%
• 6M: 26.67%
• 1Y: 80.84%
• 3Y*: 52.58%
• 5Y*: 23.13%
• 10Y*: 30.09%

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

SAA vs. UPRO - 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%
UPRO ProShares UltraPro S&P 500	27.90%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between SAA and UPRO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.76

The correlation between SAA and UPRO has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

SAA vs. UPRO - Sectors Allocation Comparison

Sectors	SAA	UPRO
Financial Services	16.9%	28.8%
Industrials	15.5%	3.4%
Technology	15.5%	17.8%
Consumer Cyclical	13.4%	4.5%
Healthcare	11.0%	3.8%
Real Estate	7.7%	0.8%
Energy	5.9%	1.4%
Basic Materials	5.1%	0.8%
Communication Services	3.6%	4.8%
Consumer Defensive	3.5%	2.0%
Utilities	2.0%	1.1%

Return for Risk

SAA vs. UPRO — 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

UPRO

UPRO Risk / Return Rank: 62
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 57
UPRO Omega Ratio Rank: 58
UPRO Calmar Ratio Rank: 60
UPRO Martin Ratio Rank: 68

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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares UltraPro S&P 500 (UPRO). 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	UPRO	Difference
Sharpe ratio Return per unit of total volatility	1.64	2.30	-0.66
Sortino ratio Return per unit of downside risk	2.31	2.76	-0.45
Omega ratio Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio Return relative to maximum drawdown	3.22	3.03	+0.18
Martin ratio Return relative to average drawdown	10.38	12.80	-2.43
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. UPRO - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.64, which is comparable to the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SAA and UPRO, 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	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	2.30	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.46	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.56	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.65	-0.47

Drawdowns

SAA vs. UPRO - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SAA and UPRO.

Drawdown Indicators

	SAA	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-76.82%	-10.57%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-26.78%	+8.57%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-48.87%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	-63.94%	+8.57%
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	-76.82%	+2.28%
Current Drawdown Current decline from peak	-4.35%	-2.09%	-2.26%
Average Drawdown Average peak-to-trough decline	-27.42%	-14.42%	-13.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	6.33%	-0.70%

Volatility

SAA vs. UPRO - Volatility Comparison

ProShares Ultra SmallCap600 (SAA) and ProShares UltraPro S&P 500 (UPRO) have volatilities of 8.56% and 8.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	8.45%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	23.89%	26.60%	-2.71%
Volatility (1Y) Calculated over the trailing 1-year period	35.92%	35.35%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.54%	50.32%	-6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.13%	53.74%	-7.61%

SAA vs. UPRO - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

SAA vs. UPRO - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.79%, more than UPRO's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
UPRO ProShares UltraPro S&P 500	0.68%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both SAA and UPRO in my portfolio?

SAA and UPRO have a correlation of 0.72, 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 UPRO?

SAA has higher volatility (8.56%) compared to UPRO (8.45%). In terms of maximum drawdown, SAA dropped -87.39% vs UPRO's -76.82%.

Which ETF is better, SAA or UPRO?

On 10-year performance, UPRO leads with 30.09% vs 11.43% for SAA. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or UPRO?

Over the 10-year period, UPRO has performed better with a 30.09% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SAA.

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

SAA has the higher dividend yield at 0.79%, compared with 0.68% for UPRO.

What is the main difference between SAA and UPRO?

SAA tracks S&P SmallCap 600 Index (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SAA and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.30 vs 1.64), 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.