XPP vs. SAA

Last updated Jul 21, 2026

XPP (ProShares Ultra FTSE China 50) and SAA (ProShares Ultra SmallCap600) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, XPP returned -6.62%/yr vs 11.73%/yr for SAA. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

XPP vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -19.65% return, which is significantly lower than SAA's 40.69% return. Over the past 10 years, XPP has underperformed SAA with an annualized return of -6.62%, while SAA has yielded a comparatively higher 11.73% annualized return.

XPP

• 1D: 5.58%
• 1M: 10.65%
• 6M: -23.23%
• YTD: -19.65%
• 1Y: -20.13%
• 3Y*: 6.19%
• 5Y*: -18.36%
• 10Y*: -6.62%
• ALL TIME*: -5.11%

SAA

• 1D: -1.26%
• 1M: 2.42%
• 6M: 23.30%
• YTD: 40.69%
• 1Y: 58.53%
• 3Y*: 16.94%
• 5Y*: 4.80%
• 10Y*: 11.73%
• ALL TIME*: 9.34%

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

XPP vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-19.65%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
SAA ProShares Ultra SmallCap600	40.69%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between XPP and SAA is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	0.47

The correlation between XPP and SAA shifts across timeframes, from 0.33 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

XPP vs. SAA - Sectors Allocation Comparison

Sectors	XPP	SAA
Financial Services	44.0%	17.1%
Basic Materials	-	4.7%
Communication Services	-	3.2%
Consumer Cyclical	-	13.2%
Consumer Defensive	-	4.2%
Energy	-	4.7%
Healthcare	-	12.4%
Industrials	-	15.6%
Real Estate	-	7.6%
Technology	-	15.5%
Utilities	-	1.8%

Return for Risk

XPP vs. SAA — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 6
XPP Sharpe Ratio Rank: 5
XPP Sortino Ratio Rank: 6
XPP Omega Ratio Rank: 6
XPP Calmar Ratio Rank: 6
XPP Martin Ratio Rank: 5

SAA

SAA Risk / Return Rank: 72
SAA Sharpe Ratio Rank: 70
SAA Sortino Ratio Rank: 70
SAA Omega Ratio Rank: 61
SAA Calmar Ratio Rank: 82
SAA Martin Ratio Rank: 77

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.

XPP vs. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	SAA	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	1.66	-2.16
Sortino ratio: Return per unit of downside risk	-0.51	2.38	-2.89
Omega ratio: Gain probability vs. loss probability	0.94	1.28	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.45	3.23	-3.68
Martin ratio: Return relative to average drawdown	-0.97	10.51	-11.48

XPP vs. SAA - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.50, which is lower than the SAA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. SAA - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for XPP and SAA.

Drawdown Indicators

	XPP	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-87.39%	-2.51%
Max Drawdown (1Y) Largest decline over 1 year	-44.78%	-18.21%	-26.57%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-50.84%	-2.11%
Max Drawdown (5Y) Largest decline over 5 years	-82.87%	-55.37%	-27.50%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-74.54%	-15.36%
Current Drawdown Current decline from peak	-78.74%	-4.54%	-74.20%
Average Drawdown Average peak-to-trough decline	-48.04%	-27.26%	-20.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.77%	5.59%	+15.18%

Volatility

XPP vs. SAA - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 12.90% compared to ProShares Ultra SmallCap600 (SAA) at 7.48%. This indicates that XPP'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

	XPP	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.90%	7.48%	+5.42%
Volatility (6M) Calculated over the trailing 6-month period	29.55%	24.17%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	40.24%	35.47%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.82%	43.28%	+19.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	46.01%	+8.79%

XPP vs. SAA - Expense Ratio Comparison

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

Dividends

XPP vs. SAA - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.60%, more than SAA's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAA ProShares Ultra SmallCap600	0.77%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%
XPP ProShares Ultra FTSE China 50	2.60%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPP and SAA in my portfolio?

XPP and SAA have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or SAA?

XPP has higher volatility (12.90%) compared to SAA (7.48%). In terms of maximum drawdown, XPP dropped -89.90% vs SAA's -87.39%.

Which ETF is better, XPP or SAA?

On 10-year performance, SAA leads with 11.73% vs -6.62% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or SAA?

Over the 10-year period, SAA has performed better with a 11.73% return vs -6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or SAA?

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

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

XPP has the higher dividend yield at 2.60%, compared with 0.77% for SAA.

What is the main difference between XPP and SAA?

XPP is categorized as China Equities, while SAA is Leveraged Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while SAA tracks S&P SmallCap 600 Index (200%).

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.66 vs -0.50), 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.