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. A 0.54 correlation means they provide meaningful diversification when combined. UPSG charges 0.75%/yr vs 0.95%/yr for SAA.
Performance
UPSG vs. SAA - Performance Comparison
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Returns By Period
In the year-to-date period, UPSG achieves a 9.06% return, which is significantly lower than SAA's 39.76% return.
UPSG
- 1D
- 0.18%
- 1M
- 8.29%
- YTD
- 9.06%
- 6M
- 6.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SAA
- 1D
- 2.12%
- 1M
- 10.49%
- YTD
- 39.76%
- 6M
- 33.10%
- 1Y
- 65.99%
- 3Y*
- 22.52%
- 5Y*
- 2.84%
- 10Y*
- 12.84%
UPSG vs. SAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UPSG Leverage Shares 2X Long UPS Daily ETF | 9.06% | -3.39% |
SAA ProShares Ultra SmallCap600 | 39.76% | -5.57% |
Correlation
The correlation between UPSG and SAA is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | 0.54 |
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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 | — | 3.64 | — |
| Martin ratioReturn relative to average drawdown | — | 11.85 | — |
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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.
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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 | -23.53% | 0.00% | -23.53% |
Average DrawdownAverage peak-to-trough decline | -17.27% | -27.35% | +10.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.59% | — |
Volatility
UPSG vs. SAA - Volatility Comparison
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Volatility by Period
| UPSG | SAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.64% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 24.50% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 60.39% | 36.09% | +24.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.39% | 43.52% | +16.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.39% | 46.15% | +14.24% |
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 0.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 0.72% | 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 0.54, 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 0.72%, 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.
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