UWM vs. SAA
Compare and contrast key facts about ProShares Ultra Russell2000 (UWM) and ProShares Ultra SmallCap600 (SAA).
UWM and SAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UWM is a passively managed fund by ProShares that tracks the performance of the Russell 2000 Index (200%). It was launched on Jan 25, 2007. SAA is a passively managed fund by ProShares that tracks the performance of the S&P SmallCap 600 Index (200%). It was launched on Jan 25, 2007. Both UWM and SAA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UWM vs. SAA - Performance Comparison
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UWM vs. SAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UWM ProShares Ultra Russell2000 | -0.59% | 13.59% | 11.32% | 22.62% | -43.69% | 23.91% | 16.57% | 48.62% | -25.89% | 26.92% |
SAA ProShares Ultra SmallCap600 | 4.69% | 0.29% | 5.60% | 21.32% | -36.17% | 51.77% | -1.79% | 42.39% | -23.00% | 23.94% |
Returns By Period
In the year-to-date period, UWM achieves a -0.59% return, which is significantly lower than SAA's 4.69% return. Both investments have delivered pretty close results over the past 10 years, with UWM having a 9.88% annualized return and SAA not far ahead at 9.93%.
UWM
- 1D
- 7.02%
- 1M
- -10.65%
- YTD
- -0.59%
- 6M
- 1.22%
- 1Y
- 40.99%
- 3Y*
- 14.68%
- 5Y*
- -3.44%
- 10Y*
- 9.88%
SAA
- 1D
- 5.46%
- 1M
- -9.03%
- YTD
- 4.69%
- 6M
- 5.87%
- 1Y
- 29.42%
- 3Y*
- 9.63%
- 5Y*
- -1.64%
- 10Y*
- 9.93%
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UWM vs. SAA - Expense Ratio Comparison
Both UWM and SAA have an expense ratio of 0.95%.
Return for Risk
UWM vs. SAA — Risk / Return Rank
UWM
SAA
UWM vs. SAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.
| UWM | SAA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.89 | 0.64 | +0.25 |
Sortino ratioReturn per unit of downside risk | 1.46 | 1.19 | +0.27 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.50 | 1.09 | +0.41 |
Martin ratioReturn relative to average drawdown | 5.12 | 3.99 | +1.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UWM | SAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.89 | 0.64 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.04 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.22 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.16 | -0.05 |
Correlation
The correlation between UWM and SAA is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UWM vs. SAA - Dividend Comparison
UWM's dividend yield for the trailing twelve months is around 1.04%, more than SAA's 0.96% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UWM ProShares Ultra Russell2000 | 1.04% | 1.05% | 1.16% | 0.34% | 0.40% | 0.00% | 0.07% | 0.55% | 0.41% | 0.11% | 0.27% | 0.23% |
SAA ProShares Ultra SmallCap600 | 0.96% | 1.05% | 1.36% | 0.88% | 0.46% | 0.00% | 0.03% | 0.35% | 0.27% | 0.00% | 0.14% | 0.00% |
Drawdowns
UWM vs. SAA - Drawdown Comparison
The maximum UWM drawdown since its inception was -88.21%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UWM and SAA.
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Drawdown Indicators
| UWM | SAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.21% | -87.39% | -0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -26.48% | -28.46% | +1.98% |
Max Drawdown (5Y)Largest decline over 5 years | -61.62% | -55.37% | -6.25% |
Max Drawdown (10Y)Largest decline over 10 years | -71.46% | -74.54% | +3.08% |
Current DrawdownCurrent decline from peak | -27.29% | -21.91% | -5.38% |
Average DrawdownAverage peak-to-trough decline | -31.07% | -27.60% | -3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.76% | 7.77% | -0.01% |
Volatility
UWM vs. SAA - Volatility Comparison
ProShares Ultra Russell2000 (UWM) has a higher volatility of 14.81% compared to ProShares Ultra SmallCap600 (SAA) at 12.66%. This indicates that UWM'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
| UWM | SAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.81% | 12.66% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 28.72% | 26.90% | +1.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.23% | 46.27% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.05% | 43.74% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.00% | 46.10% | -0.10% |