USGG vs. SAA

Last updated Jun 4, 2026

USGG (Leverage Shares 2X Long USAR Daily ETF) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds - USGG tracks the USA Rare Earth, Inc. (USAR) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. At a 0.36 correlation, their price movements are largely independent. USGG charges 0.75%/yr vs 0.95%/yr for SAA.

Performance

USGG vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long USAR Daily ETF (USGG) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USGG

• 1D: -17.96%
• 1M: 7.54%
• YTD: —
• 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)

USGG vs. SAA - Yearly Performance Comparison

	2026 (YTD)
USGG Leverage Shares 2X Long USAR Daily ETF	64.11%
SAA ProShares Ultra SmallCap600	16.35%

Correlation

The correlation between USGG and SAA is 0.36, 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 Jan 14, 2026	0.36

Return for Risk

USGG 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.

USGG vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long USAR Daily ETF (USGG) 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

	USGG	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	1.17	0.18	+0.99

Drawdowns

USGG vs. SAA - Drawdown Comparison

The maximum USGG drawdown since its inception was -77.74%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for USGG and SAA.

Drawdown Indicators

	USGG	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-77.74%	-87.39%	+9.65%
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	-32.40%	-4.35%	-28.05%
Average Drawdown Average peak-to-trough decline	-46.06%	-27.42%	-18.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.63%	—

Volatility

Volatility by Period

	USGG	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	225.33%	35.92%	+189.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	225.33%	43.54%	+181.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	225.33%	46.13%	+179.20%

USGG vs. SAA - Expense Ratio Comparison

USGG has a 0.75% expense ratio, which is lower than SAA's 0.95% expense ratio.

Dividends

USGG vs. SAA - Dividend Comparison

USGG 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%
USGG Leverage Shares 2X Long USAR 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 USGG and SAA in my portfolio?

USGG and SAA have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USGG or SAA?

On fees, USGG 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, USGG or SAA?

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

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

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

What is the main difference between USGG and SAA?

USGG tracks USA Rare Earth, Inc. (USAR), while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for USGG and 0.95% for SAA.