UWM vs. SAA

Last updated Jun 4, 2026

UWM (ProShares Ultra Russell2000) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - UWM tracks the Russell 2000 Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, UWM returned 12.16%/yr vs 11.43%/yr for SAA. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

UWM vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) 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, UWM achieves a 31.87% return, which is significantly higher than SAA's 28.22% return. Over the past 10 years, UWM has outperformed SAA with an annualized return of 12.16%, while SAA has yielded a comparatively lower 11.43% annualized return.

UWM

• 1D: -2.69%
• 1M: 6.41%
• YTD: 31.87%
• 6M: 28.56%
• 1Y: 76.77%
• 3Y*: 25.03%
• 5Y*: 1.71%
• 10Y*: 12.16%

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)

UWM vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWM ProShares Ultra Russell2000	31.87%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%
SAA ProShares Ultra SmallCap600	28.22%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between UWM and SAA is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 26, 2007	0.92

The correlation between UWM and SAA has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

UWM vs. SAA - Sectors Allocation Comparison

Sectors	UWM	SAA
Industrials	17.7%	15.5%
Technology	17.0%	15.5%
Healthcare	16.5%	11.0%
Financial Services	15.8%	16.9%
Consumer Cyclical	8.4%	13.4%
Real Estate	6.1%	7.7%
Energy	6.1%	5.9%
Basic Materials	4.8%	5.1%
Utilities	2.9%	2.0%
Communication Services	2.4%	3.6%
Consumer Defensive	2.4%	3.5%

Return for Risk

UWM vs. SAA — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 59
UWM Sharpe Ratio Rank: 60
UWM Sortino Ratio Rank: 54
UWM Omega Ratio Rank: 49
UWM Calmar Ratio Rank: 69
UWM Martin Ratio Rank: 65

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.

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 ratio: Return per unit of total volatility	2.03	1.64	+0.40
Sortino ratio: Return per unit of downside risk	2.63	2.31	+0.32
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	3.46	3.22	+0.25
Martin ratio: Return relative to average drawdown	11.85	10.38	+1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UWM vs. SAA - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.03, which is comparable to the SAA Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of UWM 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.

Sharpe Ratios by Period

	UWM	SAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.64	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.03	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.25	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.18	-0.04

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.

Drawdown Indicators

	UWM	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-87.39%	-0.82%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-18.21%	-4.07%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-50.84%	+1.05%
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 Drawdown Current decline from peak	-3.55%	-4.35%	+0.80%
Average Drawdown Average peak-to-trough decline	-30.88%	-27.42%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	5.63%	+0.87%

Volatility

UWM vs. SAA - Volatility Comparison

ProShares Ultra Russell2000 (UWM) has a higher volatility of 11.45% compared to ProShares Ultra SmallCap600 (SAA) at 8.56%. 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.

Volatility by Period

	UWM	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	8.56%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	26.82%	23.89%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	38.04%	35.92%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.01%	43.54%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.08%	46.13%	-0.05%

UWM vs. SAA - Expense Ratio Comparison

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

Dividends

UWM vs. SAA - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.78%, less than SAA's 0.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
UWM ProShares Ultra Russell2000	0.78%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and SAA in my portfolio?

With a correlation of 0.92, UWM and SAA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UWM or SAA?

UWM has higher volatility (11.45%) compared to SAA (8.56%). In terms of maximum drawdown, UWM dropped -88.21% vs SAA's -87.39%.

Which ETF is better, UWM or SAA?

On 10-year performance, UWM leads with 12.16% vs 11.43% for SAA. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 8.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or SAA?

Over the 10-year period, UWM has performed better with a 12.16% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or SAA?

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

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

SAA has the higher dividend yield at 0.79%, compared with 0.78% for UWM.

What is the main difference between UWM and SAA?

UWM tracks Russell 2000 Index (200%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.03 vs 1.64), 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.