URE vs. SAA

Last updated Jun 13, 2026

URE (ProShares Ultra Real Estate) and SAA (ProShares Ultra SmallCap600) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (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, URE returned 3.72%/yr vs 12.47%/yr for SAA. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

URE vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Real Estate (URE) 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, URE achieves a 23.42% return, which is significantly lower than SAA's 37.82% return. Over the past 10 years, URE has underperformed SAA with an annualized return of 3.72%, while SAA has yielded a comparatively higher 12.47% annualized return.

URE

• 1D: 1.83%
• 1M: 4.44%
• YTD: 23.42%
• 6M: 23.42%
• 1Y: 14.27%
• 3Y*: 10.96%
• 5Y*: -3.33%
• 10Y*: 3.72%

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%

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

URE vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URE ProShares Ultra Real Estate	23.42%	-3.65%	0.35%	11.58%	-49.64%	88.24%	-28.06%	57.86%	-13.80%	16.56%
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 URE and SAA is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.64

The correlation between URE and SAA shifts across timeframes, from 0.52 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

URE vs. SAA - Sectors Allocation Comparison

Sectors	URE	SAA
Real Estate	68.2%	7.7%
Financial Services	8.9%	16.9%
Basic Materials	1.3%	5.1%
Communication Services	-	3.6%
Consumer Cyclical	-	13.4%
Consumer Defensive	-	3.5%
Energy	-	5.9%
Healthcare	-	11.0%
Industrials	-	15.5%
Technology	-	15.5%
Utilities	-	2.0%

Return for Risk

URE vs. SAA — Risk / Return Rank

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

URE

URE Risk / Return Rank: 20
URE Sharpe Ratio Rank: 19
URE Sortino Ratio Rank: 18
URE Omega Ratio Rank: 19
URE Calmar Ratio Rank: 22
URE Martin Ratio Rank: 21

SAA

SAA Risk / Return Rank: 65
SAA Sharpe Ratio Rank: 62
SAA Sortino Ratio Rank: 60
SAA Omega Ratio Rank: 53
SAA Calmar Ratio Rank: 79
SAA Martin Ratio Rank: 71

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.

URE vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) 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.

	URE	SAA	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.81	-1.29
Sortino ratio: Return per unit of downside risk	0.87	2.49	-1.62
Omega ratio: Gain probability vs. loss probability	1.11	1.29	-0.18
Calmar ratio: Return relative to maximum drawdown	0.87	3.61	-2.74
Martin ratio: Return relative to average drawdown	2.09	11.75	-9.66

URE vs. SAA - Sharpe Ratio Comparison

The current URE Sharpe Ratio is 0.52, which is lower than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of URE 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

URE vs. SAA - Drawdown Comparison

The maximum URE drawdown since its inception was -97.16%, which is greater than SAA's maximum drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for URE and SAA.

Drawdown Indicators

	URE	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-97.16%	-87.39%	-9.77%
Max Drawdown (1Y) Largest decline over 1 year	-16.50%	-18.21%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	-33.77%	-50.84%	+17.07%
Max Drawdown (5Y) Largest decline over 5 years	-63.66%	-55.37%	-8.29%
Max Drawdown (10Y) Largest decline over 10 years	-70.49%	-74.54%	+4.05%
Current Drawdown Current decline from peak	-48.75%	0.00%	-48.75%
Average Drawdown Average peak-to-trough decline	-64.49%	-27.38%	-37.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	5.60%	+1.23%

Volatility

URE vs. SAA - Volatility Comparison

ProShares Ultra Real Estate (URE) and ProShares Ultra SmallCap600 (SAA) have volatilities of 9.54% and 9.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URE	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.54%	9.77%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	20.35%	24.21%	-3.86%
Volatility (1Y) Calculated over the trailing 1-year period	27.52%	36.26%	-8.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.38%	43.58%	-6.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.58%	46.15%	-5.57%

URE vs. SAA - Expense Ratio Comparison

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

Dividends

URE vs. SAA - Dividend Comparison

URE's dividend yield for the trailing twelve months is around 1.90%, more than SAA's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
URE ProShares Ultra Real Estate	1.90%	2.42%	2.09%	1.32%	1.26%	0.58%	0.94%	1.10%	1.53%	0.93%	0.96%	0.81%

Frequently Asked Questions

Can I hold both URE and SAA in my portfolio?

URE and SAA have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URE or SAA?

SAA has higher volatility (9.77%) compared to URE (9.54%). In terms of maximum drawdown, URE dropped -97.16% vs SAA's -87.39%.

Which ETF is better, URE or SAA?

On 10-year performance, SAA leads with 12.47% vs 3.72% for URE. Both ETFs have the same 0.95% expense ratio. On volatility, URE has been the lower-risk option at 9.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URE or SAA?

Over the 10-year period, SAA has performed better with a 12.47% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URE or SAA?

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

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

URE has the higher dividend yield at 1.90%, compared with 0.73% for SAA.

What is the main difference between URE and SAA?

URE is categorized as REIT, while SAA is Leveraged Equities. URE tracks Dow Jones U.S. Real Estate Index (200%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.81 vs 0.52), 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.