UXI vs. SAA

Last updated Jun 13, 2026

UXI (ProShares Ultra Industrials) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - UXI tracks the Dow Jones U.S. Industrials Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, UXI returned 19.65%/yr vs 12.47%/yr for SAA. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

UXI vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Industrials (UXI) 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, UXI achieves a 23.82% return, which is significantly lower than SAA's 37.82% return. Over the past 10 years, UXI has outperformed SAA with an annualized return of 19.65%, while SAA has yielded a comparatively lower 12.47% annualized return.

UXI

• 1D: 0.84%
• 1M: 1.14%
• YTD: 23.82%
• 6M: 21.89%
• 1Y: 44.03%
• 3Y*: 33.12%
• 5Y*: 12.39%
• 10Y*: 19.65%

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)

UXI vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UXI ProShares Ultra Industrials	23.82%	28.84%	26.48%	27.34%	-32.90%	34.64%	16.37%	67.44%	-28.13%	51.81%
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 UXI and SAA is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.80

The correlation between UXI and SAA has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

UXI vs. SAA - Sectors Allocation Comparison

Sectors	UXI	SAA
Industrials	56.8%	15.5%
Utilities	3.0%	2.0%
Technology	2.4%	15.5%
Consumer Cyclical	0.3%	13.4%
Basic Materials	-	5.1%
Communication Services	-	3.6%
Consumer Defensive	-	3.5%
Energy	-	5.9%
Financial Services	-	16.9%
Healthcare	-	11.0%
Real Estate	-	7.7%

Return for Risk

UXI vs. SAA — Risk / Return Rank

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

UXI

UXI Risk / Return Rank: 41
UXI Sharpe Ratio Rank: 41
UXI Sortino Ratio Rank: 41
UXI Omega Ratio Rank: 38
UXI Calmar Ratio Rank: 40
UXI Martin Ratio Rank: 43

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.

UXI vs. SAA - Risk-Adjusted Trends Comparison

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

	UXI	SAA	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.81	-0.53
Sortino ratio: Return per unit of downside risk	1.88	2.49	-0.61
Omega ratio: Gain probability vs. loss probability	1.22	1.29	-0.07
Calmar ratio: Return relative to maximum drawdown	1.76	3.61	-1.85
Martin ratio: Return relative to average drawdown	6.23	11.75	-5.52

UXI vs. SAA - Sharpe Ratio Comparison

The current UXI Sharpe Ratio is 1.29, which is comparable to the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of UXI 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

UXI vs. SAA - Drawdown Comparison

The maximum UXI drawdown since its inception was -89.01%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UXI and SAA.

Drawdown Indicators

	UXI	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-89.01%	-87.39%	-1.62%
Max Drawdown (1Y) Largest decline over 1 year	-23.59%	-18.21%	-5.38%
Max Drawdown (3Y) Largest decline over 3 years	-36.42%	-50.84%	+14.42%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-55.37%	+7.12%
Max Drawdown (10Y) Largest decline over 10 years	-66.48%	-74.54%	+8.06%
Current Drawdown Current decline from peak	-5.56%	0.00%	-5.56%
Average Drawdown Average peak-to-trough decline	-22.58%	-27.38%	+4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.67%	5.60%	+1.07%

Volatility

UXI vs. SAA - Volatility Comparison

ProShares Ultra Industrials (UXI) has a higher volatility of 12.20% compared to ProShares Ultra SmallCap600 (SAA) at 9.77%. This indicates that UXI'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

	UXI	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.20%	9.77%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	27.14%	24.21%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	32.32%	36.26%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.13%	43.58%	-7.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.52%	46.15%	-6.63%

UXI vs. SAA - Expense Ratio Comparison

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

Dividends

UXI vs. SAA - Dividend Comparison

UXI's dividend yield for the trailing twelve months is around 0.66%, 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%
UXI ProShares Ultra Industrials	0.66%	0.90%	0.18%	0.21%	0.24%	0.03%	0.29%	0.58%	0.37%	0.24%	0.38%	0.41%

Frequently Asked Questions

Can I hold both UXI and SAA in my portfolio?

UXI and SAA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UXI or SAA?

UXI has higher volatility (12.20%) compared to SAA (9.77%). In terms of maximum drawdown, UXI dropped -89.01% vs SAA's -87.39%.

Which ETF is better, UXI or SAA?

On 10-year performance, UXI leads with 19.65% 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, UXI or SAA?

Over the 10-year period, UXI has performed better with a 19.65% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXI or SAA?

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

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

SAA has the higher dividend yield at 0.73%, compared with 0.66% for UXI.

What is the main difference between UXI and SAA?

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

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.81 vs 1.29), 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.