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UTSL vs. SAA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UTSL vs. SAA

Last updated Jun 13, 2026

UTSL (Direxion Daily Utilities Bull 3X Shares) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds - UTSL tracks the Utilities Select Sector Index (300%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 5 years, UTSL returned 8.66%/yr vs 2.36%/yr for SAA. At a 0.31 correlation, their price movements are largely independent. UTSL charges 0.99%/yr vs 0.95%/yr for SAA.

Performance

UTSL vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Utilities Bull 3X Shares (UTSL) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UTSL achieves a 6.35% return, which is significantly lower than SAA's 37.82% return.

UTSL

1D
3.20%
1M
-4.35%
YTD
6.35%
6M
6.90%
1Y
20.28%
3Y*
20.77%
5Y*
8.66%
10Y*
—

SAA

1D
2.03%
1M
10.79%
YTD
37.82%
6M
30.48%
1Y
72.96%
3Y*
18.49%
5Y*
2.36%
10Y*
12.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UTSL vs. SAA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UTSL
Direxion Daily Utilities Bull 3X Shares		6.35%29.03%54.24%-35.55%-14.06%48.16%-38.58%81.07%-2.27%11.00%
SAA
ProShares Ultra SmallCap600		37.82%0.29%5.60%21.32%-36.17%51.77%-1.79%42.39%-23.00%21.06%

Correlation

The correlation between UTSL and SAA is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.34

Correlation (5Y)
Calculated over the trailing 5-year period

0.36

Correlation (All Time)
Calculated using the full available price history since May 3, 2017

0.31

UTSL vs. SAA - Sectors Allocation Comparison

Sectors
UTSL
SAA

Utilities

100.0%
2.0%

Basic Materials

-

5.1%

Communication Services

-

3.6%

Consumer Cyclical

-

13.4%

Consumer Defensive

-

3.5%

Energy

-

5.9%

Financial Services

-

16.9%

Healthcare

-

11.0%

Industrials

-

15.5%

Real Estate

-

7.7%

Technology

-

15.5%

Utilities

UTSL
100.0%
SAA
2.0%

Basic Materials

UTSL

-

SAA
5.1%

Communication Services

UTSL

-

SAA
3.6%

Consumer Cyclical

UTSL

-

SAA
13.4%

Consumer Defensive

UTSL

-

SAA
3.5%

Energy

UTSL

-

SAA
5.9%

Financial Services

UTSL

-

SAA
16.9%

Healthcare

UTSL

-

SAA
11.0%

Industrials

UTSL

-

SAA
15.5%

Real Estate

UTSL

-

SAA
7.7%

Technology

UTSL

-

SAA
15.5%

Compare stocks, funds, or ETFs

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Direxion Daily Utilities Bull 3X Shares

ProShares Ultra SmallCap600

Often compared with UTSL:
UTSL vs. UPWUTSL vs. XLUUTSL vs. CUREUTSL vs. SOXLUTSL vs. UPROUTSL vs. TECLUTSL vs. WTIU
Often compared with SAA:
SAA vs. MVVSAA vs. TNASAA vs. URTYSAA vs. EFOSAA vs. UMDDSAA vs. ^SMLSAA vs. TMSL

Return for Risk

UTSL vs. SAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UTSL
UTSL Risk / Return Rank: 1717
Overall Rank
UTSL Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
UTSL Sortino Ratio Rank: 1818
Sortino Ratio Rank
UTSL Omega Ratio Rank: 1818
Omega Ratio Rank
UTSL Calmar Ratio Rank: 1818
Calmar Ratio Rank
UTSL Martin Ratio Rank: 1616
Martin Ratio Rank
SAA
SAA Risk / Return Rank: 6565
Overall Rank
SAA Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SAA Sortino Ratio Rank: 6060
Sortino Ratio Rank
SAA Omega Ratio Rank: 5353
Omega Ratio Rank
SAA Calmar Ratio Rank: 7979
Calmar Ratio Rank
SAA Martin Ratio Rank: 7171
Martin Ratio Rank
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.

UTSL vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Utilities Bull 3X Shares (UTSL) 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.

UTSLSAADifference
Sharpe ratioReturn per unit of total volatility
0.42
1.81

-1.40

Sortino ratioReturn per unit of downside risk
0.83
2.49

-1.65

Omega ratioGain probability vs. loss probability

1.10

1.29

-0.19

Calmar ratioReturn relative to maximum drawdown

0.64

3.61

-2.97

Martin ratioReturn relative to average drawdown

1.30

11.75

-10.45

UTSL vs. SAA - Sharpe Ratio Comparison

The current UTSL Sharpe Ratio is 0.42, which is lower than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of UTSL 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.

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Drawdowns

UTSL vs. SAA - Drawdown Comparison

The maximum UTSL drawdown since its inception was -79.55%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UTSL and SAA.

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Drawdown Indicators

UTSLSAADifference

Max Drawdown

Largest peak-to-trough decline

-79.55%

-87.39%

+7.84%

Max Drawdown (1Y)

Largest decline over 1 year

-28.45%

-18.21%

-10.24%

Max Drawdown (3Y)

Largest decline over 3 years

-46.22%

-50.84%

+4.62%

Max Drawdown (5Y)

Largest decline over 5 years

-68.01%

-55.37%

-12.64%

Max Drawdown (10Y)

Largest decline over 10 years

—

-74.54%

—

Current Drawdown

Current decline from peak

-21.69%

0.00%

-21.69%

Average Drawdown

Average peak-to-trough decline

-33.19%

-27.38%

-5.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.87%

5.60%

+8.27%

Volatility

UTSL vs. SAA - Volatility Comparison

Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 17.03% compared to ProShares Ultra SmallCap600 (SAA) at 9.77%. This indicates that UTSL'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.

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Volatility by Period

UTSLSAADifference

Volatility (1M)

Calculated over the trailing 1-month period

17.03%

9.77%

+7.26%

Volatility (6M)

Calculated over the trailing 6-month period

35.33%

24.21%

+11.12%

Volatility (1Y)

Calculated over the trailing 1-year period

43.73%

36.26%

+7.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

52.08%

43.58%

+8.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

59.23%

46.15%

+13.08%

UTSL vs. SAA - Expense Ratio Comparison

UTSL has a 0.99% expense ratio, which is higher than SAA's 0.95% expense ratio.

Dividends

UTSL vs. SAA - Dividend Comparison

UTSL's dividend yield for the trailing twelve months is around 1.71%, more than SAA's 0.73% yield.

PositionTTM2025202420232022202120202019201820172016
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%
UTSL
Direxion Daily Utilities Bull 3X Shares		1.71%1.69%1.61%3.61%1.15%1.19%1.40%5.01%1.46%0.57%0.00%

Frequently Asked Questions

UTSL and SAA have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UTSL has higher volatility (17.03%) compared to SAA (9.77%). In terms of maximum drawdown, UTSL dropped -79.55% vs SAA's -87.39%.

On 5-year performance, UTSL leads with 8.66% vs 2.36% for SAA. On fees, SAA is cheaper at 0.95% per year. 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.

Over the 5-year period, UTSL has performed better with a 8.66% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SAA is cheaper with a 0.95% expense ratio, compared with 0.99% for UTSL.

UTSL has the higher dividend yield at 1.71%, compared with 0.73% for SAA.

UTSL tracks Utilities Select Sector Index (300%), while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.99% for UTSL and 0.95% for SAA.

SAA currently has the higher Sharpe Ratio (1.81 vs 0.42), 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.

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