USD vs. SAA

Last updated Jun 13, 2026

USD (ProShares Ultra Semiconductors) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, USD returned 60.21%/yr vs 12.47%/yr for SAA. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

USD vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) 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, USD achieves a 86.87% return, which is significantly higher than SAA's 37.82% return. Over the past 10 years, USD has outperformed SAA with an annualized return of 60.21%, while SAA has yielded a comparatively lower 12.47% annualized return.

USD

• 1D: 2.08%
• 1M: -1.66%
• YTD: 86.87%
• 6M: 97.77%
• 1Y: 207.86%
• 3Y*: 111.11%
• 5Y*: 65.02%
• 10Y*: 60.21%

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)

USD vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	86.87%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
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 USD and SAA is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.61

Over the past year, the correlation between USD and SAA has dropped to 0.40 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

USD vs. SAA - Sectors Allocation Comparison

Sectors	USD	SAA
Financial Services	28.0%	16.9%
Technology	26.7%	15.5%
Energy	0.0%	5.9%
Basic Materials	-	5.1%
Communication Services	-	3.6%
Consumer Cyclical	-	13.4%
Consumer Defensive	-	3.5%
Healthcare	-	11.0%
Industrials	-	15.5%
Real Estate	-	7.7%
Utilities	-	2.0%

Return for Risk

USD vs. SAA — Risk / Return Rank

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

USD

USD Risk / Return Rank: 88
USD Sharpe Ratio Rank: 94
USD Sortino Ratio Rank: 79
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 91

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.

USD vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.

	USD	SAA	Difference
Sharpe ratio: Return per unit of total volatility	3.20	1.81	+1.39
Sortino ratio: Return per unit of downside risk	3.05	2.49	+0.56
Omega ratio: Gain probability vs. loss probability	1.41	1.29	+0.12
Calmar ratio: Return relative to maximum drawdown	6.58	3.61	+2.97
Martin ratio: Return relative to average drawdown	18.43	11.75	+6.68

USD vs. SAA - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 3.20, which is higher than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of USD 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

USD vs. SAA - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for USD and SAA.

Drawdown Indicators

	USD	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-87.39%	-1.24%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-18.21%	-13.59%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-50.84%	-13.62%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-55.37%	-22.48%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-74.54%	-3.31%
Current Drawdown Current decline from peak	-13.67%	0.00%	-13.67%
Average Drawdown Average peak-to-trough decline	-32.32%	-27.38%	-4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	5.60%	+5.74%

Volatility

USD vs. SAA - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 29.56% compared to ProShares Ultra SmallCap600 (SAA) at 9.77%. This indicates that USD'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

	USD	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.56%	9.77%	+19.79%
Volatility (6M) Calculated over the trailing 6-month period	52.44%	24.21%	+28.23%
Volatility (1Y) Calculated over the trailing 1-year period	65.34%	36.26%	+29.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.19%	43.58%	+33.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.61%	46.15%	+23.46%

USD vs. SAA - Expense Ratio Comparison

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

Dividends

USD vs. SAA - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.25%, less 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%
USD ProShares Ultra Semiconductors	0.25%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both USD and SAA in my portfolio?

USD and SAA have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or SAA?

USD has higher volatility (29.56%) compared to SAA (9.77%). In terms of maximum drawdown, USD dropped -88.63% vs SAA's -87.39%.

Which ETF is better, USD or SAA?

On 10-year performance, USD leads with 60.21% vs 12.47% for SAA. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 9.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or SAA?

Over the 10-year period, USD has performed better with a 60.21% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or SAA?

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

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

SAA has the higher dividend yield at 0.73%, compared with 0.25% for USD.

What is the main difference between USD and SAA?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.20 vs 1.81), 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.