PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SAA vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SAA vs. UVXY

Last updated Jun 4, 2026

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 11.43%/yr vs -72.67%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SAA achieves a 28.22% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SAA has outperformed UVXY with an annualized return of 11.43%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SAA vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SAA
ProShares Ultra SmallCap600		28.22%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		-19.06%-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 -0.60, 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

-0.60

Correlation (3Y)
Calculated over the trailing 3-year period

-0.58

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 5, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra SmallCap600

ProShares Ultra VIX Short-Term Futures ETF

Often compared with SAA:
SAA vs. MVVSAA vs. TNASAA vs. URTYSAA vs. EFOSAA vs. UMDDSAA vs. ^SMLSAA vs. TMSL
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

SAA vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SAA
SAA Risk / Return Rank: 5252
Overall Rank
SAA Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SAA Sortino Ratio Rank: 4646
Sortino Ratio Rank
SAA Omega Ratio Rank: 4242
Omega Ratio Rank
SAA Calmar Ratio Rank: 6565
Calmar Ratio Rank
SAA Martin Ratio Rank: 5959
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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. 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.

SAAUVXYDifference

Sharpe ratio

Return per unit of total volatility

1.64

-0.87

+2.50

Sortino ratio

Return per unit of downside risk

2.31

-1.60

+3.91

Omega ratio

Gain probability vs. loss probability

1.27

0.82

+0.46

Calmar ratio

Return relative to maximum drawdown

3.22

-0.97

+4.19

Martin ratio

Return relative to average drawdown

10.38

-1.31

+11.69

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. UVXY - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.64, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SAA and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

SAAUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.64

-0.87

+2.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.03

-0.66

+0.68

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.25

-0.64

+0.89

Sharpe Ratio (All Time)

Calculated using the full available price history

0.18

-0.68

+0.86

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.

Loading charts...

Drawdown Indicators

SAAUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-87.39%

-100.00%

+12.61%

Max Drawdown (1Y)

Largest decline over 1 year

-18.21%

-75.22%

+57.01%

Max Drawdown (3Y)

Largest decline over 3 years

-50.84%

-95.45%

+44.61%

Max Drawdown (5Y)

Largest decline over 5 years

-55.37%

-99.68%

+44.31%

Max Drawdown (10Y)

Largest decline over 10 years

-74.54%

-100.00%

+25.46%

Current Drawdown

Current decline from peak

-4.35%

-100.00%

+95.65%

Average Drawdown

Average peak-to-trough decline

-27.42%

-98.55%

+71.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.63%

55.63%

-50.00%

Volatility

SAA vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 8.56%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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.

Loading charts...

Volatility by Period

SAAUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.56%

11.77%

-3.21%

Volatility (6M)

Calculated over the trailing 6-month period

23.89%

62.64%

-38.75%

Volatility (1Y)

Calculated over the trailing 1-year period

35.92%

84.42%

-48.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

43.54%

103.85%

-60.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

46.13%

113.82%

-67.69%

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 0.79%, while UVXY has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
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%
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 -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to SAA (8.56%). In terms of maximum drawdown, SAA dropped -87.39% vs UVXY's -100.00%.

On 10-year performance, SAA leads with 11.43% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 8.56%. 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 11.43% return vs -72.67%. 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 0.79%, 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 (1.64 vs -0.87), 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.

Portfolio Optimizer

Find the right allocation for SAA and UVXY

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer