UGE vs. SAA

Last updated Jun 13, 2026

UGE (ProShares Ultra Consumer Goods) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - UGE tracks the Dow Jones U.S. Consumer Goods Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, UGE returned 8.80%/yr vs 12.47%/yr for SAA. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UGE vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) 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, UGE achieves a 18.88% return, which is significantly lower than SAA's 37.82% return. Over the past 10 years, UGE has underperformed SAA with an annualized return of 8.80%, while SAA has yielded a comparatively higher 12.47% annualized return.

UGE

• 1D: 1.08%
• 1M: 1.97%
• YTD: 18.88%
• 6M: 15.24%
• 1Y: 7.12%
• 3Y*: 7.90%
• 5Y*: -1.08%
• 10Y*: 8.80%

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)

UGE vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGE ProShares Ultra Consumer Goods	18.88%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%
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 UGE and SAA is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.57

Over the past year, the correlation between UGE and SAA has dropped to 0.22 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

UGE vs. SAA - Sectors Allocation Comparison

Sectors	UGE	SAA
Consumer Defensive	99.0%	3.5%
Consumer Cyclical	1.0%	13.4%
Basic Materials	-	5.1%
Communication Services	-	3.6%
Energy	-	5.9%
Financial Services	-	16.9%
Healthcare	-	11.0%
Industrials	-	15.5%
Real Estate	-	7.7%
Technology	-	15.5%
Utilities	-	2.0%

Return for Risk

UGE vs. SAA — Risk / Return Rank

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

UGE

UGE Risk / Return Rank: 14
UGE Sharpe Ratio Rank: 14
UGE Sortino Ratio Rank: 14
UGE Omega Ratio Rank: 14
UGE Calmar Ratio Rank: 14
UGE Martin Ratio Rank: 13

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.

UGE vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) 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.

	UGE	SAA	Difference
Sharpe ratio: Return per unit of total volatility	0.28	1.81	-1.53
Sortino ratio: Return per unit of downside risk	0.58	2.49	-1.91
Omega ratio: Gain probability vs. loss probability	1.07	1.29	-0.23
Calmar ratio: Return relative to maximum drawdown	0.38	3.61	-3.23
Martin ratio: Return relative to average drawdown	0.67	11.75	-11.08

UGE vs. SAA - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is 0.28, which is lower than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of UGE 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

UGE vs. SAA - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UGE and SAA.

Drawdown Indicators

	UGE	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-87.39%	+16.03%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-18.21%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-50.84%	+26.04%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-55.37%	-1.18%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-74.54%	+17.40%
Current Drawdown Current decline from peak	-32.84%	0.00%	-32.84%
Average Drawdown Average peak-to-trough decline	-18.75%	-27.38%	+8.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.64%	5.60%	+5.04%

Volatility

UGE vs. SAA - Volatility Comparison

The current volatility for ProShares Ultra Consumer Goods (UGE) is 8.67%, while ProShares Ultra SmallCap600 (SAA) has a volatility of 9.77%. This indicates that UGE 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

	UGE	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.67%	9.77%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	20.01%	24.21%	-4.20%
Volatility (1Y) Calculated over the trailing 1-year period	25.39%	36.26%	-10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.37%	43.58%	-12.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.11%	46.15%	-13.04%

UGE vs. SAA - Expense Ratio Comparison

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

Dividends

UGE vs. SAA - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.05%, more 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%
UGE ProShares Ultra Consumer Goods	2.05%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both UGE and SAA in my portfolio?

UGE and SAA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGE or SAA?

SAA has higher volatility (9.77%) compared to UGE (8.67%). In terms of maximum drawdown, UGE dropped -71.36% vs SAA's -87.39%.

Which ETF is better, UGE or SAA?

On 10-year performance, SAA leads with 12.47% vs 8.80% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, UGE has been the lower-risk option at 8.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGE or SAA?

Over the 10-year period, SAA has performed better with a 12.47% return vs 8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or SAA?

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

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

UGE has the higher dividend yield at 2.05%, compared with 0.73% for SAA.

What is the main difference between UGE and SAA?

UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.81 vs 0.28), 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.