SAA vs. URE
SAA (ProShares Ultra SmallCap600) and URE (ProShares Ultra Real Estate) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%). Both are passively managed. Over the past 10 years, SAA returned 11.73%/yr vs 2.00%/yr for URE. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SAA vs. URE - Performance Comparison
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Returns By Period
In the year-to-date period, SAA achieves a 40.69% return, which is significantly higher than URE's 24.02% return. Over the past 10 years, SAA has outperformed URE with an annualized return of 11.73%, while URE has yielded a comparatively lower 2.00% annualized return.
SAA
- 1D
- -1.26%
- 1M
- 2.42%
- 6M
- 23.30%
- YTD
- 40.69%
- 1Y
- 58.53%
- 3Y*
- 16.94%
- 5Y*
- 4.80%
- 10Y*
- 11.73%
- ALL TIME*
- 9.34%
URE
- 1D
- -0.76%
- 1M
- 7.97%
- 6M
- 13.74%
- YTD
- 24.02%
- 1Y
- 15.74%
- 3Y*
- 8.40%
- 5Y*
- -3.79%
- 10Y*
- 2.00%
- ALL TIME*
- -3.02%
SAA vs. URE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 40.69% | 0.29% | 5.60% | 21.32% | -36.17% | 51.77% | -1.79% | 42.39% | -23.00% | 23.94% |
URE ProShares Ultra Real Estate | 24.02% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
Correlation
The correlation between SAA and URE is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | 0.63 |
The correlation between SAA and URE shifts across timeframes, from 0.47 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAA vs. URE — Risk / Return Rank
SAA
URE
SAA vs. URE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares Ultra Real Estate (URE). 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 | URE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.11 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 0.96 | +2.27 |
| Martin ratioReturn relative to average drawdown | 10.51 | 2.31 | +8.20 |
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Drawdowns
SAA vs. URE - Drawdown Comparison
The maximum SAA drawdown since its inception was -87.39%, smaller than the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for SAA and URE.
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Drawdown Indicators
| SAA | URE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -97.16% | +9.77% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -16.50% | -1.71% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -33.77% | -17.07% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -63.66% | +8.29% |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | -70.49% | -4.05% |
Current DrawdownCurrent decline from peak | -4.54% | -48.51% | +43.97% |
Average DrawdownAverage peak-to-trough decline | -27.26% | -64.41% | +37.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.59% | 6.83% | -1.24% |
Volatility
SAA vs. URE - Volatility Comparison
The current volatility for ProShares Ultra SmallCap600 (SAA) is 7.48%, while ProShares Ultra Real Estate (URE) has a volatility of 9.37%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than URE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAA | URE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.48% | 9.37% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 24.17% | 22.24% | +1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.47% | 28.49% | +6.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.28% | 37.45% | +5.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.01% | 40.67% | +5.34% |
SAA vs. URE - Expense Ratio Comparison
Both SAA and URE have an expense ratio of 0.95%.
Dividends
SAA vs. URE - Dividend Comparison
SAA's dividend yield for the trailing twelve months is around 0.77%, less than URE's 1.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
URE ProShares Ultra Real Estate | 1.97% | 2.42% | 2.09% | 1.32% | 1.26% | 0.58% | 0.94% | 1.10% | 1.53% | 0.93% | 0.96% | 0.81% |
Frequently Asked Questions
SAA and URE have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URE has higher volatility (9.37%) compared to SAA (7.48%). In terms of maximum drawdown, SAA dropped -87.39% vs URE's -97.16%.
On 10-year performance, SAA leads with 11.73% vs 2.00% for URE. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 7.48%. 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 11.73% return vs 2.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SAA and URE have the same expense ratio: 0.95% per year.
URE has the higher dividend yield at 1.97%, compared with 0.77% for SAA.
SAA is categorized as Leveraged Equities, while URE is REIT. SAA tracks S&P SmallCap 600 Index (200%), while URE tracks Dow Jones U.S. Real Estate Index (200%).
SAA currently has the higher Sharpe Ratio (1.66 vs 0.56), 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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