SAA vs. UVXY
SAA (ProShares Ultra SmallCap600) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SAA returned 11.52%/yr vs -72.05%/yr for UVXY. At a correlation of -0.59, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SAA vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SAA achieves a 40.25% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, SAA has outperformed UVXY with an annualized return of 11.52%, while UVXY has yielded a comparatively lower -72.05% annualized return.
SAA
- 1D
- -0.91%
- 1M
- 1.76%
- 6M
- 26.82%
- YTD
- 40.25%
- 1Y
- 55.01%
- 3Y*
- 18.02%
- 5Y*
- 5.01%
- 10Y*
- 11.52%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
SAA vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 40.25% | 0.29% | 5.60% | 21.32% | -36.17% | 51.77% | -1.79% | 42.39% | -23.00% | 23.94% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SAA and UVXY is -0.61, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.59 |
The correlation between SAA and UVXY has been stable across timeframes, ranging from -0.65 to -0.58 - a consistent structural relationship.
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Return for Risk
SAA vs. UVXY — Risk / Return Rank
SAA
UVXY
SAA vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.39 | ||
| Sortino ratioReturn per unit of downside risk | +3.74 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.83 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | -0.98 | +4.01 |
| Martin ratioReturn relative to average drawdown | 9.89 | -1.46 | +11.35 |
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Drawdowns
SAA vs. UVXY - Drawdown Comparison
The maximum SAA drawdown since its inception was -87.39%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SAA and UVXY.
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Drawdown Indicators
| SAA | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -100.00% | +12.61% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -73.42% | +55.21% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -95.32% | +44.48% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -99.74% | +44.37% |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | -100.00% | +25.46% |
Current DrawdownCurrent decline from peak | -4.84% | -100.00% | +95.16% |
Average DrawdownAverage peak-to-trough decline | -27.28% | -98.75% | +71.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.58% | 48.91% | -43.33% |
Volatility
SAA vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra SmallCap600 (SAA) is 9.01%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAA | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.01% | 21.23% | -12.22% |
Volatility (6M)Calculated over the trailing 6-month period | 24.24% | 66.69% | -42.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.77% | 85.49% | -49.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.43% | 103.84% | -60.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.01% | 112.03% | -66.02% |
SAA vs. UVXY - Expense Ratio Comparison
Both SAA and UVXY have an expense ratio of 0.95%.
Dividends
SAA vs. UVXY - Dividend Comparison
SAA's dividend yield for the trailing twelve months is around 0.77%, while UVXY has not paid dividends to shareholders.
| 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 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 UVXY have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to SAA (9.01%). In terms of maximum drawdown, SAA dropped -87.39% vs UVXY's -100.00%.
On 10-year performance, SAA leads with 11.52% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 9.01%. 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 11.52% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SAA and UVXY have the same expense ratio: 0.95% per year.
SAA has the higher dividend yield at 0.77%, compared with 0.00% for UVXY.
SAA is categorized as Leveraged Equities, while UVXY is Volatility. SAA tracks S&P SmallCap 600 Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
SAA currently has the higher Sharpe Ratio (1.55 vs -0.84), 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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