TMSL vs. SAA

Last updated Jun 26, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and SAA (ProShares Ultra SmallCap600) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%). TMSL is actively managed, while SAA is passively managed. Over the past 3 years, TMSL returned 21.23%/yr vs 22.93%/yr for SAA. Their correlation of 0.91 suggests significant overlap in exposure. TMSL charges 0.55%/yr vs 0.95%/yr for SAA.

Performance

TMSL vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) 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, TMSL achieves a 21.09% return, which is significantly lower than SAA's 43.01% return.

TMSL

• 1D: 1.78%
• 1M: 3.43%
• YTD: 21.09%
• 6M: 18.87%
• 1Y: 35.16%
• 3Y*: 21.23%
• 5Y*: —
• 10Y*: —

SAA

• 1D: 2.23%
• 1M: 9.63%
• YTD: 43.01%
• 6M: 36.20%
• 1Y: 73.34%
• 3Y*: 22.93%
• 5Y*: 3.32%
• 10Y*: 13.91%

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

TMSL vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	21.09%	11.95%	15.81%	11.79%
SAA ProShares Ultra SmallCap600	43.01%	0.29%	5.60%	17.17%

Correlation

The correlation between TMSL and SAA is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.91

The correlation between TMSL and SAA has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

TMSL vs. SAA - Sectors Allocation Comparison

Sectors	TMSL	SAA
Technology	25.8%	17.1%
Industrials	19.3%	15.2%
Healthcare	13.8%	11.0%
Financial Services	13.6%	16.5%
Consumer Cyclical	9.0%	13.1%
Energy	5.9%	5.4%
Real Estate	4.3%	7.6%
Basic Materials	4.1%	5.0%
Consumer Defensive	1.6%	3.6%
Utilities	1.5%	1.9%
Communication Services	1.0%	3.7%

Return for Risk

TMSL vs. SAA — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 70
TMSL Sharpe Ratio Rank: 68
TMSL Sortino Ratio Rank: 69
TMSL Omega Ratio Rank: 65
TMSL Calmar Ratio Rank: 71
TMSL Martin Ratio Rank: 77

SAA

SAA Risk / Return Rank: 73
SAA Sharpe Ratio Rank: 73
SAA Sortino Ratio Rank: 70
SAA Omega Ratio Rank: 61
SAA Calmar Ratio Rank: 84
SAA Martin Ratio Rank: 78

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.

TMSL vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) 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.

	TMSL	SAA	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.05	-0.11
Sortino ratio: Return per unit of downside risk	2.74	2.74	-0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.16	4.05	-0.89
Martin ratio: Return relative to average drawdown	12.82	13.18	-0.36

TMSL vs. SAA - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.93, which is comparable to the SAA Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of TMSL and SAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TMSL vs. SAA - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for TMSL and SAA.

Drawdown Indicators

	TMSL	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-87.39%	+63.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-18.21%	+7.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	-50.84%	+26.45%
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	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-3.88%	-27.34%	+23.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	5.58%	-2.83%

Volatility

TMSL vs. SAA - Volatility Comparison

The current volatility for T. Rowe Price Small-Mid Cap ETF (TMSL) is 6.98%, while ProShares Ultra SmallCap600 (SAA) has a volatility of 9.44%. This indicates that TMSL experiences smaller price fluctuations and is considered to be less risky than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.98%	9.44%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	24.56%	-9.68%
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	36.08%	-17.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	43.54%	-24.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	46.14%	-27.54%

TMSL vs. SAA - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is lower than SAA's 0.95% expense ratio.

Dividends

TMSL vs. SAA - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.47%, less than SAA's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAA ProShares Ultra SmallCap600	0.76%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%
TMSL T. Rowe Price Small-Mid Cap ETF	0.47%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMSL and SAA in my portfolio?

TMSL and SAA have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSL or SAA?

SAA has higher volatility (9.44%) compared to TMSL (6.98%). In terms of maximum drawdown, TMSL dropped -24.39% vs SAA's -87.39%.

Which ETF is better, TMSL or SAA?

On 3-year performance, SAA leads with 22.93% vs 21.23% for TMSL. On fees, TMSL is cheaper at 0.55% per year. On volatility, TMSL has been the lower-risk option at 6.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or SAA?

Over the 3-year period, SAA has performed better with a 22.93% return vs 21.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or SAA?

TMSL is cheaper with a 0.55% expense ratio, compared with 0.95% for SAA.

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

SAA has the higher dividend yield at 0.76%, compared with 0.47% for TMSL.

What is the main difference between TMSL and SAA?

TMSL is categorized as Mid Cap Blend Equities, while SAA is Leveraged Equities. They also come from different issuers: T. Rowe Price and ProShares. Their fees differ too: 0.55% for TMSL and 0.95% for SAA.

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (2.05 vs 1.93), 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.