XLE vs. SAA

Last updated Jun 13, 2026

XLE (State Street Energy Select Sector SPDR ETF) and SAA (ProShares Ultra SmallCap600) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector 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, XLE returned 9.91%/yr vs 12.47%/yr for SAA. A 0.57 correlation means they provide meaningful diversification when combined. XLE charges 0.08%/yr vs 0.95%/yr for SAA.

Performance

XLE vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) 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, XLE achieves a 29.56% return, which is significantly lower than SAA's 37.82% return. Over the past 10 years, XLE has underperformed SAA with an annualized return of 9.91%, while SAA has yielded a comparatively higher 12.47% annualized return.

XLE

• 1D: 0.75%
• 1M: -0.90%
• YTD: 29.56%
• 6M: 28.37%
• 1Y: 34.84%
• 3Y*: 16.18%
• 5Y*: 20.12%
• 10Y*: 9.91%

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)

XLE vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLE State Street Energy Select Sector SPDR ETF	29.56%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%
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 XLE and SAA is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	0.57

Over the past year, the correlation between XLE and SAA has dropped to 0.08 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

XLE vs. SAA - Sectors Allocation Comparison

Sectors	XLE	SAA
Energy	100.0%	5.9%
Basic Materials	-	5.1%
Communication Services	-	3.6%
Consumer Cyclical	-	13.4%
Consumer Defensive	-	3.5%
Financial Services	-	16.9%
Healthcare	-	11.0%
Industrials	-	15.5%
Real Estate	-	7.7%
Technology	-	15.5%
Utilities	-	2.0%

Return for Risk

XLE vs. SAA — Risk / Return Rank

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

XLE

XLE Risk / Return Rank: 61
XLE Sharpe Ratio Rank: 64
XLE Sortino Ratio Rank: 58
XLE Omega Ratio Rank: 54
XLE Calmar Ratio Rank: 71
XLE Martin Ratio Rank: 56

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.

XLE vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) 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.

	XLE	SAA	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.81	0.00
Sortino ratio: Return per unit of downside risk	2.40	2.49	-0.09
Omega ratio: Gain probability vs. loss probability	1.30	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	3.10	3.61	-0.51
Martin ratio: Return relative to average drawdown	8.63	11.75	-3.11

XLE vs. SAA - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.82, which is comparable to the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of XLE 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

XLE vs. SAA - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, smaller than the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for XLE and SAA.

Drawdown Indicators

	XLE	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-87.39%	+16.13%
Max Drawdown (1Y) Largest decline over 1 year	-12.05%	-18.21%	+6.16%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-50.84%	+30.70%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-55.37%	+29.33%
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	-74.54%	+7.73%
Current Drawdown Current decline from peak	-8.01%	0.00%	-8.01%
Average Drawdown Average peak-to-trough decline	-17.97%	-27.38%	+9.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	5.60%	-1.28%

Volatility

XLE vs. SAA - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 7.26%, while ProShares Ultra SmallCap600 (SAA) has a volatility of 9.77%. This indicates that XLE 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

	XLE	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	9.77%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	24.21%	-7.42%
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	36.26%	-15.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.05%	43.58%	-17.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.58%	46.15%	-16.57%

XLE vs. SAA - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than SAA's 0.95% expense ratio.

Dividends

XLE vs. SAA - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.59%, 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%
XLE State Street Energy Select Sector SPDR ETF	2.59%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both XLE and SAA in my portfolio?

XLE and SAA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLE or SAA?

SAA has higher volatility (9.77%) compared to XLE (7.26%). In terms of maximum drawdown, XLE dropped -71.26% vs SAA's -87.39%.

Which ETF is better, XLE or SAA?

On 10-year performance, SAA leads with 12.47% vs 9.91% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLE or SAA?

Over the 10-year period, SAA has performed better with a 12.47% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLE or SAA?

XLE is cheaper with a 0.08% expense ratio, compared with 0.95% for SAA.

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

XLE has the higher dividend yield at 2.59%, compared with 0.73% for SAA.

What is the main difference between XLE and SAA?

XLE is categorized as Energy Equities, while SAA is Leveraged Equities. XLE tracks Energy Select Sector Index, while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.08% for XLE and 0.95% for SAA.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (1.82 vs 1.81), 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.