VIOG vs. SAA

Last updated Jun 4, 2026

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and SAA (ProShares Ultra SmallCap600) are both exchange-traded funds - VIOG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index, while SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, VIOG returned 10.83%/yr vs 11.43%/yr for SAA. Their correlation of 0.88 suggests significant overlap in exposure. VIOG charges 0.15%/yr vs 0.95%/yr for SAA.

Performance

VIOG vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Growth ETF (VIOG) 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, VIOG achieves a 15.37% return, which is significantly lower than SAA's 28.22% return. Over the past 10 years, VIOG has underperformed SAA with an annualized return of 10.83%, while SAA has yielded a comparatively higher 11.43% annualized return.

VIOG

• 1D: -0.65%
• 1M: 0.86%
• YTD: 15.37%
• 6M: 13.49%
• 1Y: 26.34%
• 3Y*: 14.40%
• 5Y*: 5.47%
• 10Y*: 10.83%

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)

VIOG vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOG Vanguard S&P Small-Cap 600 Growth ETF	15.37%	5.40%	9.23%	16.92%	-21.14%	22.49%	19.68%	21.16%	-4.57%	14.70%
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 VIOG and SAA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.88

The correlation between VIOG and SAA has been stable across timeframes, ranging from 0.88 to 0.97 - a consistent structural relationship.

VIOG vs. SAA - Sectors Allocation Comparison

Sectors	VIOG	SAA
Technology	19.7%	15.5%
Industrials	19.5%	15.5%
Healthcare	14.6%	11.0%
Financial Services	13.7%	16.9%
Consumer Cyclical	10.9%	13.4%
Real Estate	6.6%	7.7%
Energy	4.1%	5.9%
Consumer Defensive	3.3%	3.5%
Basic Materials	3.1%	5.1%
Communication Services	2.7%	3.6%
Utilities	1.7%	2.0%

Return for Risk

VIOG vs. SAA — Risk / Return Rank

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

VIOG

VIOG Risk / Return Rank: 49
VIOG Sharpe Ratio Rank: 42
VIOG Sortino Ratio Rank: 45
VIOG Omega Ratio Rank: 40
VIOG Calmar Ratio Rank: 58
VIOG Martin Ratio Rank: 57

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.

VIOG vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) 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.

	VIOG	SAA	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.64	-0.12
Sortino ratio: Return per unit of downside risk	2.27	2.31	-0.04
Omega ratio: Gain probability vs. loss probability	1.27	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	2.93	3.22	-0.29
Martin ratio: Return relative to average drawdown	10.01	10.38	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOG vs. SAA - Sharpe Ratio Comparison

The current VIOG Sharpe Ratio is 1.52, which is comparable to the SAA Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of VIOG 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

	VIOG	SAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.64	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.03	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.25	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.18	+0.41

Drawdowns

VIOG vs. SAA - Drawdown Comparison

The maximum VIOG drawdown since its inception was -41.73%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for VIOG and SAA.

Drawdown Indicators

	VIOG	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-87.39%	+45.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-18.21%	+9.18%
Max Drawdown (3Y) Largest decline over 3 years	-27.35%	-50.84%	+23.49%
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	-55.37%	+26.22%
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	-74.54%	+32.81%
Current Drawdown Current decline from peak	-1.47%	-4.35%	+2.88%
Average Drawdown Average peak-to-trough decline	-7.62%	-27.42%	+19.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	5.63%	-2.99%

Volatility

VIOG vs. SAA - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) is 4.61%, while ProShares Ultra SmallCap600 (SAA) has a volatility of 8.56%. This indicates that VIOG 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

	VIOG	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	8.56%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	23.89%	-11.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	35.92%	-18.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.47%	43.54%	-22.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	46.13%	-23.29%

VIOG vs. SAA - Expense Ratio Comparison

VIOG has a 0.15% expense ratio, which is lower than SAA's 0.95% expense ratio.

Dividends

VIOG vs. SAA - Dividend Comparison

VIOG's dividend yield for the trailing twelve months is around 0.84%, 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%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.84%	1.04%	1.03%	1.15%	1.17%	0.69%	0.68%	1.09%	0.76%	0.87%	0.92%	1.04%

Frequently Asked Questions

Can I hold both VIOG and SAA in my portfolio?

With a correlation of 0.96, VIOG 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, VIOG or SAA?

SAA has higher volatility (8.56%) compared to VIOG (4.61%). In terms of maximum drawdown, VIOG dropped -41.73% vs SAA's -87.39%.

Which ETF is better, VIOG or SAA?

On 10-year performance, SAA leads with 11.43% vs 10.83% for VIOG. On fees, VIOG is cheaper at 0.15% per year. On volatility, VIOG has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOG or SAA?

Over the 10-year period, SAA has performed better with a 11.43% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOG or SAA?

VIOG is cheaper with a 0.15% expense ratio, compared with 0.95% for SAA.

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

VIOG has the higher dividend yield at 0.84%, compared with 0.79% for SAA.

What is the main difference between VIOG and SAA?

VIOG is categorized as Small Cap Growth Equities, while SAA is Leveraged Equities. VIOG tracks S&P SmallCap 600 Growth Index, while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.15% for VIOG and 0.95% for SAA.

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.64 vs 1.52), 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.