UPSG vs. SAA
UPSG (Leverage Shares 2X Long UPS Daily ETF) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds. UPSG is actively managed, while SAA is passively managed. At a 0.49 correlation, their price movements are largely independent. UPSG charges 0.75%/yr vs 0.95%/yr for SAA.
Performance
UPSG vs. SAA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UPSG achieves a 31.32% return, which is significantly lower than SAA's 44.68% return.
UPSG
- 1D
- 7.54%
- 1M
- 11.26%
- 6M
- 10.47%
- YTD
- 31.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SAA
- 1D
- 1.39%
- 1M
- 6.27%
- 6M
- 25.91%
- YTD
- 44.68%
- 1Y
- 64.14%
- 3Y*
- 18.57%
- 5Y*
- 6.48%
- 10Y*
- 11.93%
UPSG vs. SAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UPSG Leverage Shares 2X Long UPS Daily ETF | 31.32% | -3.39% |
SAA ProShares Ultra SmallCap600 | 44.68% | -5.57% |
Correlation
The correlation between UPSG and SAA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | 0.49 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UPSG vs. SAA — Risk / Return Rank
UPSG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SAA
UPSG vs. SAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long UPS Daily ETF (UPSG) 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.
| UPSG | SAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.54 | — |
| Martin ratioReturn relative to average drawdown | — | 11.54 | — |
Loading charts...
Drawdowns
UPSG vs. SAA - Drawdown Comparison
The maximum UPSG drawdown since its inception was -37.29%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UPSG and SAA.
Loading charts...
Drawdown Indicators
| UPSG | SAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.29% | -87.39% | +50.10% |
Max Drawdown (1Y)Largest decline over 1 year | — | -18.21% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.84% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -55.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.54% | — |
Current DrawdownCurrent decline from peak | -7.92% | -1.83% | -6.09% |
Average DrawdownAverage peak-to-trough decline | -17.22% | -27.27% | +10.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.58% | — |
Volatility
UPSG vs. SAA - Volatility Comparison
Loading charts...
Volatility by Period
| UPSG | SAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.80% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 24.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 59.45% | 35.46% | +23.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.45% | 43.40% | +16.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.45% | 45.99% | +13.46% |
UPSG vs. SAA - Expense Ratio Comparison
UPSG has a 0.75% expense ratio, which is lower than SAA's 0.95% expense ratio.
Dividends
UPSG vs. SAA - Dividend Comparison
UPSG has not paid dividends to shareholders, while SAA's dividend yield for the trailing twelve months is around 0.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 0.75% | 1.05% | 1.36% | 0.88% | 0.46% | 0.00% | 0.03% | 0.35% | 0.27% | 0.00% | 0.14% |
UPSG Leverage Shares 2X Long UPS Daily ETF | 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
UPSG and SAA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UPSG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UPSG is cheaper with a 0.75% expense ratio, compared with 0.95% for SAA.
SAA has the higher dividend yield at 0.75%, compared with 0.00% for UPSG.
They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for UPSG and 0.95% for SAA.
Find the right allocation for UPSG and SAA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer