ULE vs. SAA
ULE (ProShares Ultra Euro) and SAA (ProShares Ultra SmallCap600) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, ULE returned -2.46%/yr vs 12.47%/yr for SAA. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. SAA - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -3.77% return, which is significantly lower than SAA's 37.82% return. Over the past 10 years, ULE has underperformed SAA with an annualized return of -2.46%, while SAA has yielded a comparatively higher 12.47% annualized return.
ULE
- 1D
- 0.24%
- 1M
- -2.67%
- YTD
- -3.77%
- 6M
- -3.85%
- 1Y
- -2.21%
- 3Y*
- 3.78%
- 5Y*
- -3.70%
- 10Y*
- -2.46%
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%
ULE vs. SAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -3.77% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
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 ULE and SAA is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.20 |
The correlation between ULE and SAA shifts across timeframes, from 0.14 (10 years) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. SAA — Risk / Return Rank
ULE
SAA
ULE vs. SAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
| ULE | SAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.29 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 3.61 | -3.82 |
| Martin ratioReturn relative to average drawdown | -0.44 | 11.75 | -12.19 |
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Drawdowns
ULE vs. SAA - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for ULE and SAA.
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Drawdown Indicators
| ULE | SAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -87.39% | +14.65% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -18.21% | +7.81% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -50.84% | +33.40% |
Max Drawdown (5Y)Largest decline over 5 years | -40.32% | -55.37% | +15.05% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -74.54% | +23.24% |
Current DrawdownCurrent decline from peak | -62.43% | 0.00% | -62.43% |
Average DrawdownAverage peak-to-trough decline | -46.08% | -27.38% | -18.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 5.60% | -0.61% |
Volatility
ULE vs. SAA - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.37%, while ProShares Ultra SmallCap600 (SAA) has a volatility of 9.77%. This indicates that ULE 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.
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Volatility by Period
| ULE | SAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 9.77% | -7.40% |
Volatility (6M)Calculated over the trailing 6-month period | 8.83% | 24.21% | -15.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.28% | 36.26% | -22.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 43.58% | -27.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 46.15% | -30.94% |
ULE vs. SAA - Expense Ratio Comparison
Both ULE and SAA have an expense ratio of 0.95%.
Dividends
ULE vs. SAA - Dividend Comparison
ULE 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% |
ULE ProShares Ultra Euro | 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
ULE and SAA have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAA has higher volatility (9.77%) compared to ULE (2.37%). In terms of maximum drawdown, ULE dropped -72.74% vs SAA's -87.39%.
On 10-year performance, SAA leads with 12.47% vs -2.46% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.37%. 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 12.47% return vs -2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and SAA have the same expense ratio: 0.95% per year.
SAA has the higher dividend yield at 0.73%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while SAA is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while SAA tracks S&P SmallCap 600 Index (200%).
SAA currently has the higher Sharpe Ratio (1.81 vs -0.17), 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.
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