SNAG vs. SAA

Last updated Jun 23, 2026

SNAG (Leverage Shares 2X Long SNAP Daily ETF) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds - SNAG tracks the Snap Inc. (SNAP) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. At a 0.39 correlation, their price movements are largely independent. SNAG charges 0.75%/yr vs 0.95%/yr for SAA.

Performance

SNAG vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long SNAP Daily ETF (SNAG) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SNAG achieves a -74.25% return, which is significantly lower than SAA's 37.62% return.

SNAG

• 1D: -1.76%
• 1M: -37.19%
• YTD: -74.25%
• 6M: -73.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SAA

• 1D: 0.18%
• 1M: 8.79%
• YTD: 37.62%
• 6M: 30.86%
• 1Y: 71.00%
• 3Y*: 21.89%
• 5Y*: 3.16%
• 10Y*: 12.67%

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

SNAG vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025
SNAG Leverage Shares 2X Long SNAP Daily ETF	-74.25%	9.86%
SAA ProShares Ultra SmallCap600	37.62%	-2.73%

Correlation

The correlation between SNAG and SAA is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.39

Return for Risk

SNAG vs. SAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SNAG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SAA

SAA Risk / Return Rank: 64
SAA Sharpe Ratio Rank: 61
SAA Sortino Ratio Rank: 58
SAA Omega Ratio Rank: 52
SAA Calmar Ratio Rank: 78
SAA Martin Ratio Rank: 70

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.

SNAG vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long SNAP Daily ETF (SNAG) and ProShares Ultra SmallCap600 (SAA). 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.

	SNAG	SAA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.98	—
Sortino ratio: Return per unit of downside risk	—	2.67	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	3.92	—
Martin ratio: Return relative to average drawdown	—	12.75	—

Drawdowns

SNAG vs. SAA - Drawdown Comparison

The maximum SNAG drawdown since its inception was -81.94%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for SNAG and SAA.

Drawdown Indicators

	SNAG	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-81.94%	-87.39%	+5.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-50.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.54%	—
Current Drawdown Current decline from peak	-78.17%	-0.15%	-78.02%
Average Drawdown Average peak-to-trough decline	-55.54%	-27.36%	-28.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.59%	—

Volatility

Volatility by Period

	SNAG	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	123.04%	36.16%	+86.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.04%	43.53%	+79.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.04%	46.18%	+76.86%

SNAG vs. SAA - Expense Ratio Comparison

SNAG has a 0.75% expense ratio, which is lower than SAA's 0.95% expense ratio.

Dividends

SNAG vs. SAA - Dividend Comparison

SNAG has not paid dividends to shareholders, while SAA's dividend yield for the trailing twelve months is around 0.73%.

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%
SNAG Leverage Shares 2X Long SNAP Daily 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

Can I hold both SNAG and SAA in my portfolio?

SNAG and SAA have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SNAG or SAA?

On fees, SNAG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SNAG or SAA?

SNAG is cheaper with a 0.75% expense ratio, compared with 0.95% for SAA.

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

SAA has the higher dividend yield at 0.73%, compared with 0.00% for SNAG.

What is the main difference between SNAG and SAA?

SNAG tracks Snap Inc. (SNAP), while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for SNAG and 0.95% for SAA.