UYG vs. SAA

Last updated Jun 9, 2026

UYG (ProShares Ultra Financials) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - UYG tracks the Dow Jones U.S. Financials Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, UYG returned 16.66%/yr vs 11.19%/yr for SAA. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UYG vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) 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, UYG achieves a -12.27% return, which is significantly lower than SAA's 28.45% return. Over the past 10 years, UYG has outperformed SAA with an annualized return of 16.66%, while SAA has yielded a comparatively lower 11.19% annualized return.

UYG

• 1D: -1.25%
• 1M: 2.35%
• YTD: -12.27%
• 6M: -7.44%
• 1Y: -2.19%
• 3Y*: 27.27%
• 5Y*: 9.44%
• 10Y*: 16.66%

SAA

• 1D: 1.21%
• 1M: -0.70%
• YTD: 28.45%
• 6M: 27.82%
• 1Y: 55.90%
• 3Y*: 16.69%
• 5Y*: 0.74%
• 10Y*: 11.19%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UYG vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-12.27%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
SAA ProShares Ultra SmallCap600	28.45%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between UYG and SAA is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.77

The correlation between UYG and SAA shifts across timeframes, from 0.64 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

UYG vs. SAA - Sectors Allocation Comparison

Sectors	UYG	SAA
Financial Services	98.0%	16.9%
Technology	1.7%	15.5%
Industrials	0.2%	15.5%
Basic Materials	-	5.1%
Communication Services	-	3.6%
Consumer Cyclical	-	13.4%
Consumer Defensive	-	3.5%
Energy	-	5.9%
Healthcare	-	11.0%
Real Estate	-	7.7%
Utilities	-	2.0%

Return for Risk

UYG vs. SAA — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 9
UYG Sharpe Ratio Rank: 9
UYG Sortino Ratio Rank: 9
UYG Omega Ratio Rank: 9
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 9

SAA

SAA Risk / Return Rank: 55
SAA Sharpe Ratio Rank: 50
SAA Sortino Ratio Rank: 50
SAA Omega Ratio Rank: 46
SAA Calmar Ratio Rank: 68
SAA Martin Ratio Rank: 61

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.

UYG vs. SAA - Risk-Adjusted Trends Comparison

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

	UYG	SAA	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	1.56	-1.64
Sortino ratio: Return per unit of downside risk	0.10	2.22	-2.13
Omega ratio: Gain probability vs. loss probability	1.01	1.26	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.08	3.09	-3.16
Martin ratio: Return relative to average drawdown	-0.18	9.94	-10.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. SAA - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is -0.08, which is lower than the SAA Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of UYG 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

	UYG	SAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	1.56	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.02	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.24	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.18	-0.19

Drawdowns

UYG vs. SAA - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than SAA's maximum drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UYG and SAA.

Drawdown Indicators

	UYG	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-87.39%	-10.51%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-18.21%	-10.70%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-50.84%	+20.49%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-55.37%	+7.60%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-74.54%	+4.56%
Current Drawdown Current decline from peak	-17.15%	-4.18%	-12.97%
Average Drawdown Average peak-to-trough decline	-63.34%	-27.41%	-35.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.01%	5.64%	+6.37%

Volatility

UYG vs. SAA - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 8.39%, while ProShares Ultra SmallCap600 (SAA) has a volatility of 9.06%. This indicates that UYG experiences smaller price fluctuations and is considered to be less risky than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UYG	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	9.06%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	22.38%	24.05%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	29.26%	36.04%	-6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.22%	43.56%	-7.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.07%	46.15%	-5.08%

UYG vs. SAA - Expense Ratio Comparison

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

Dividends

UYG vs. SAA - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.32%, more 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%
UYG ProShares Ultra Financials	13.32%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and SAA in my portfolio?

UYG and SAA have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or SAA?

SAA has higher volatility (9.06%) compared to UYG (8.39%). In terms of maximum drawdown, UYG dropped -97.90% vs SAA's -87.39%.

Which ETF is better, UYG or SAA?

On 10-year performance, UYG leads with 16.66% vs 11.19% for SAA. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or SAA?

Over the 10-year period, UYG has performed better with a 16.66% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or SAA?

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

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

UYG has the higher dividend yield at 13.32%, compared with 0.79% for SAA.

What is the main difference between UYG and SAA?

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

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.56 vs -0.08), 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.