UMDD vs. SAA

Last updated Jun 24, 2026

UMDD (ProShares UltraPro MidCap400) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - UMDD tracks the S&P MidCap 400 Index (300%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, UMDD returned 13.11%/yr vs 12.61%/yr for SAA. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

UMDD vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UMDD having a 38.16% return and SAA slightly lower at 36.86%. Both investments have delivered pretty close results over the past 10 years, with UMDD having a 13.11% annualized return and SAA not far behind at 12.61%.

UMDD

• 1D: -2.96%
• 1M: 7.10%
• YTD: 38.16%
• 6M: 30.23%
• 1Y: 64.17%
• 3Y*: 25.89%
• 5Y*: 3.07%
• 10Y*: 13.11%

SAA

• 1D: -0.55%
• 1M: 8.20%
• YTD: 36.86%
• 6M: 31.50%
• 1Y: 66.49%
• 3Y*: 21.67%
• 5Y*: 2.49%
• 10Y*: 12.61%

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

UMDD vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMDD ProShares UltraPro MidCap400	38.16%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%
SAA ProShares Ultra SmallCap600	36.86%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between UMDD and SAA is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.89

The correlation between UMDD and SAA has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

UMDD vs. SAA - Sectors Allocation Comparison

Sectors	UMDD	SAA
Industrials	24.8%	15.2%
Technology	17.9%	17.1%
Financial Services	13.6%	16.5%
Consumer Cyclical	10.5%	13.1%
Healthcare	9.1%	11.0%
Real Estate	7.3%	7.6%
Energy	4.9%	5.4%
Basic Materials	4.8%	5.0%
Consumer Defensive	3.3%	3.6%
Utilities	2.9%	1.9%
Communication Services	1.0%	3.7%

Return for Risk

UMDD vs. SAA — Risk / Return Rank

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

UMDD

UMDD Risk / Return Rank: 45
UMDD Sharpe Ratio Rank: 41
UMDD Sortino Ratio Rank: 41
UMDD Omega Ratio Rank: 38
UMDD Calmar Ratio Rank: 54
UMDD Martin Ratio Rank: 51

SAA

SAA Risk / Return Rank: 63
SAA Sharpe Ratio Rank: 60
SAA Sortino Ratio Rank: 58
SAA Omega Ratio Rank: 51
SAA Calmar Ratio Rank: 77
SAA Martin Ratio Rank: 69

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.

UMDD vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) 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.

	UMDD	SAA	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.85	-0.50
Sortino ratio: Return per unit of downside risk	1.98	2.55	-0.57
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	2.48	3.67	-1.19
Martin ratio: Return relative to average drawdown	8.28	11.94	-3.66

UMDD vs. SAA - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.36, which is comparable to the SAA Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of UMDD 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

UMDD vs. SAA - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UMDD and SAA.

Drawdown Indicators

	UMDD	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-87.39%	+1.15%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-18.21%	-7.83%
Max Drawdown (3Y) Largest decline over 3 years	-60.33%	-50.84%	-9.49%
Max Drawdown (5Y) Largest decline over 5 years	-64.61%	-55.37%	-9.24%
Max Drawdown (10Y) Largest decline over 10 years	-86.24%	-74.54%	-11.70%
Current Drawdown Current decline from peak	-5.38%	-0.69%	-4.69%
Average Drawdown Average peak-to-trough decline	-23.55%	-27.35%	+3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.77%	5.59%	+2.18%

Volatility

UMDD vs. SAA - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 13.54% compared to ProShares Ultra SmallCap600 (SAA) at 9.60%. This indicates that UMDD'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

	UMDD	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.54%	9.60%	+3.94%
Volatility (6M) Calculated over the trailing 6-month period	35.31%	24.43%	+10.88%
Volatility (1Y) Calculated over the trailing 1-year period	47.51%	36.09%	+11.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.96%	43.53%	+15.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.23%	46.15%	+16.08%

UMDD vs. SAA - Expense Ratio Comparison

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

Dividends

UMDD vs. SAA - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.76%, more than SAA's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAA ProShares Ultra SmallCap600	0.74%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%	0.00%
UMDD ProShares UltraPro MidCap400	0.76%	1.00%	0.76%	0.19%	0.49%	0.06%	0.08%	0.64%	0.32%	0.00%	0.03%	0.06%

Frequently Asked Questions

Can I hold both UMDD and SAA in my portfolio?

With a correlation of 0.93, UMDD and SAA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UMDD or SAA?

UMDD has higher volatility (13.54%) compared to SAA (9.60%). In terms of maximum drawdown, UMDD dropped -86.24% vs SAA's -87.39%.

Which ETF is better, UMDD or SAA?

On 10-year performance, UMDD leads with 13.11% vs 12.61% for SAA. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMDD or SAA?

Over the 10-year period, UMDD has performed better with a 13.11% return vs 12.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or SAA?

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

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

UMDD has the higher dividend yield at 0.76%, compared with 0.74% for SAA.

What is the main difference between UMDD and SAA?

UMDD tracks S&P MidCap 400 Index (300%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.85 vs 1.36), 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.