TQQQ vs. SAA

Last updated Jun 13, 2026

TQQQ (ProShares UltraPro QQQ) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - TQQQ tracks the NASDAQ-100 Index (300%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, TQQQ returned 44.55%/yr vs 12.47%/yr for SAA. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

TQQQ vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) 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, TQQQ achieves a 47.28% return, which is significantly higher than SAA's 37.82% return. Over the past 10 years, TQQQ has outperformed SAA with an annualized return of 44.55%, while SAA has yielded a comparatively lower 12.47% annualized return.

TQQQ

• 1D: 1.99%
• 1M: 0.36%
• YTD: 47.28%
• 6M: 47.23%
• 1Y: 106.26%
• 3Y*: 59.79%
• 5Y*: 24.34%
• 10Y*: 44.55%

SAA

• 1D: 2.03%
• 1M: 11.96%
• YTD: 37.82%
• 6M: 30.48%
• 1Y: 65.40%
• 3Y*: 18.49%
• 5Y*: 2.36%
• 10Y*: 12.47%

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

TQQQ vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	47.28%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%
SAA ProShares Ultra SmallCap600	37.82%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between TQQQ and SAA is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.59
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 Feb 11, 2010	0.64

The correlation between TQQQ and SAA has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

TQQQ vs. SAA - Sectors Allocation Comparison

Sectors	TQQQ	SAA
Technology	53.8%	15.5%
Communication Services	15.8%	3.6%
Consumer Cyclical	12.3%	13.4%
Consumer Defensive	7.7%	3.5%
Healthcare	4.2%	11.0%
Industrials	2.8%	15.5%
Utilities	1.4%	2.0%
Basic Materials	1.1%	5.1%
Energy	0.6%	5.9%
Financial Services	0.2%	16.9%
Real Estate	0.1%	7.7%

Return for Risk

TQQQ vs. SAA — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 64
TQQQ Sharpe Ratio Rank: 75
TQQQ Sortino Ratio Rank: 59
TQQQ Omega Ratio Rank: 62
TQQQ Calmar Ratio Rank: 66
TQQQ Martin Ratio Rank: 59

SAA

SAA Risk / Return Rank: 65
SAA Sharpe Ratio Rank: 62
SAA Sortino Ratio Rank: 60
SAA Omega Ratio Rank: 53
SAA Calmar Ratio Rank: 79
SAA Martin Ratio Rank: 71

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.

TQQQ vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) 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.

	TQQQ	SAA	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.81	+0.27
Sortino ratio: Return per unit of downside risk	2.42	2.49	-0.07
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.89	3.61	-0.72
Martin ratio: Return relative to average drawdown	9.26	11.75	-2.49

TQQQ vs. SAA - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.09, which is comparable to the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of TQQQ 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

TQQQ vs. SAA - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for TQQQ and SAA.

Drawdown Indicators

	TQQQ	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-87.39%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-18.21%	-18.76%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-50.84%	-7.20%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-55.37%	-26.29%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-74.54%	-7.12%
Current Drawdown Current decline from peak	-11.12%	0.00%	-11.12%
Average Drawdown Average peak-to-trough decline	-18.51%	-27.38%	+8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.52%	5.60%	+5.92%

Volatility

TQQQ vs. SAA - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 22.79% compared to ProShares Ultra SmallCap600 (SAA) at 9.77%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.79%	9.77%	+13.02%
Volatility (6M) Calculated over the trailing 6-month period	41.26%	24.21%	+17.05%
Volatility (1Y) Calculated over the trailing 1-year period	51.24%	36.26%	+14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.02%	43.58%	+23.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.22%	46.15%	+20.07%

TQQQ vs. SAA - Expense Ratio Comparison

Both TQQQ and SAA have an expense ratio of 0.95%.

Dividends

TQQQ vs. SAA - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.41%, less than SAA's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
TQQQ ProShares UltraPro QQQ	0.41%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both TQQQ and SAA in my portfolio?

TQQQ and SAA have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQQQ or SAA?

TQQQ has higher volatility (22.79%) compared to SAA (9.77%). In terms of maximum drawdown, TQQQ dropped -81.66% vs SAA's -87.39%.

Which ETF is better, TQQQ or SAA?

On 10-year performance, TQQQ leads with 44.55% vs 12.47% for SAA. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 9.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or SAA?

Over the 10-year period, TQQQ has performed better with a 44.55% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or SAA?

TQQQ and SAA have the same expense ratio: 0.95% per year.

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

SAA has the higher dividend yield at 0.73%, compared with 0.41% for TQQQ.

What is the main difference between TQQQ and SAA?

TQQQ tracks NASDAQ-100 Index (300%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.09 vs 1.81), 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.