UPSG vs. SAA

Last updated Jun 4, 2026

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 0.56 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long UPS Daily ETF (UPSG) 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, UPSG achieves a 16.33% return, which is significantly lower than SAA's 28.22% return.

UPSG

• 1D: -0.13%
• 1M: 30.08%
• YTD: 16.33%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SAA

• 1D: -1.69%
• 1M: 3.02%
• YTD: 28.22%
• 6M: 25.09%
• 1Y: 58.28%
• 3Y*: 17.67%
• 5Y*: 1.22%
• 10Y*: 11.43%

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

UPSG vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025
UPSG Leverage Shares 2X Long UPS Daily ETF	16.33%	-2.59%
SAA ProShares Ultra SmallCap600	28.22%	-7.22%

Correlation

The correlation between UPSG and SAA is 0.56, 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 12, 2025	0.56

Return for Risk

UPSG vs. SAA — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 52
SAA Sharpe Ratio Rank: 47
SAA Sortino Ratio Rank: 46
SAA Omega Ratio Rank: 42
SAA Calmar Ratio Rank: 65
SAA Martin Ratio Rank: 59

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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	UPSG	SAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.64	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.18	+0.34

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.

Drawdown Indicators

	UPSG	SAA	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-18.43%	-4.35%	-14.08%
Average Drawdown Average peak-to-trough decline	-16.93%	-27.42%	+10.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.63%	—

Volatility

Volatility by Period

	UPSG	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	58.91%	35.92%	+22.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.91%	43.54%	+15.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.91%	46.13%	+12.78%

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 0.79%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAA ProShares Ultra SmallCap600	0.79%	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

Can I hold both UPSG and SAA in my portfolio?

UPSG and SAA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPSG or SAA?

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.

Which ETF is cheaper, UPSG or SAA?

UPSG is cheaper with a 0.75% expense ratio, compared with 0.95% for SAA.

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

SAA has the higher dividend yield at 0.79%, compared with 0.00% for UPSG.

What is the main difference between UPSG and SAA?

They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for UPSG and 0.95% for SAA.