UYM vs. SAA

Last updated Jun 13, 2026

UYM (ProShares Ultra Basic Materials) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds from ProShares - UYM tracks the Dow Jones U.S. Basic Materials Index (200%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, UYM returned 12.48%/yr vs 12.47%/yr for SAA. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UYM vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Basic Materials (UYM) 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, UYM achieves a 27.95% return, which is significantly lower than SAA's 37.82% return. Both investments have delivered pretty close results over the past 10 years, with UYM having a 12.48% annualized return and SAA not far behind at 12.47%.

UYM

• 1D: 3.74%
• 1M: 1.10%
• YTD: 27.95%
• 6M: 30.38%
• 1Y: 36.06%
• 3Y*: 11.85%
• 5Y*: 4.60%
• 10Y*: 12.48%

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)

UYM vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYM ProShares Ultra Basic Materials	27.95%	9.46%	-8.00%	17.47%	-23.10%	54.58%	16.56%	35.09%	-35.68%	51.51%
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 UYM and SAA is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.73

The correlation between UYM and SAA has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

UYM vs. SAA - Sectors Allocation Comparison

Sectors	UYM	SAA
Basic Materials	87.6%	5.1%
Consumer Cyclical	12.4%	13.4%
Industrials	1.1%	15.5%
Communication Services	-	3.6%
Consumer Defensive	-	3.5%
Energy	-	5.9%
Financial Services	-	16.9%
Healthcare	-	11.0%
Real Estate	-	7.7%
Technology	-	15.5%
Utilities	-	2.0%

Return for Risk

UYM vs. SAA — Risk / Return Rank

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

UYM

UYM Risk / Return Rank: 29
UYM Sharpe Ratio Rank: 29
UYM Sortino Ratio Rank: 30
UYM Omega Ratio Rank: 28
UYM Calmar Ratio Rank: 31
UYM Martin Ratio Rank: 29

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.

UYM vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Basic Materials (UYM) 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.

	UYM	SAA	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.81	-0.88
Sortino ratio: Return per unit of downside risk	1.47	2.49	-1.02
Omega ratio: Gain probability vs. loss probability	1.17	1.29	-0.12
Calmar ratio: Return relative to maximum drawdown	1.38	3.61	-2.23
Martin ratio: Return relative to average drawdown	3.67	11.75	-8.08

UYM vs. SAA - Sharpe Ratio Comparison

The current UYM Sharpe Ratio is 0.94, which is lower than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of UYM 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

UYM vs. SAA - Drawdown Comparison

The maximum UYM drawdown since its inception was -92.77%, which is greater than SAA's maximum drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for UYM and SAA.

Drawdown Indicators

	UYM	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-92.77%	-87.39%	-5.38%
Max Drawdown (1Y) Largest decline over 1 year	-23.85%	-18.21%	-5.64%
Max Drawdown (3Y) Largest decline over 3 years	-43.88%	-50.84%	+6.96%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-55.37%	+7.12%
Max Drawdown (10Y) Largest decline over 10 years	-73.31%	-74.54%	+1.23%
Current Drawdown Current decline from peak	-7.32%	0.00%	-7.32%
Average Drawdown Average peak-to-trough decline	-42.06%	-27.38%	-14.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.95%	5.60%	+3.35%

Volatility

UYM vs. SAA - Volatility Comparison

ProShares Ultra Basic Materials (UYM) has a higher volatility of 14.01% compared to ProShares Ultra SmallCap600 (SAA) at 9.77%. This indicates that UYM'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

	UYM	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	9.77%	+4.24%
Volatility (6M) Calculated over the trailing 6-month period	27.29%	24.21%	+3.08%
Volatility (1Y) Calculated over the trailing 1-year period	35.09%	36.26%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.49%	43.58%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.86%	46.15%	-3.29%

UYM vs. SAA - Expense Ratio Comparison

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

Dividends

UYM vs. SAA - Dividend Comparison

UYM's dividend yield for the trailing twelve months is around 1.19%, more 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%
UYM ProShares Ultra Basic Materials	1.19%	1.47%	0.98%	0.28%	0.88%	0.52%	0.56%	1.24%	0.94%	0.38%	0.55%	0.42%

Frequently Asked Questions

Can I hold both UYM and SAA in my portfolio?

UYM and SAA have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYM or SAA?

UYM has higher volatility (14.01%) compared to SAA (9.77%). In terms of maximum drawdown, UYM dropped -92.77% vs SAA's -87.39%.

Which ETF is better, UYM or SAA?

On 10-year performance, UYM leads with 12.48% 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, UYM or SAA?

Over the 10-year period, UYM has performed better with a 12.48% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYM or SAA?

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

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

UYM has the higher dividend yield at 1.19%, compared with 0.73% for SAA.

What is the main difference between UYM and SAA?

UYM tracks Dow Jones U.S. Basic Materials 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 0.94), 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.