ProShares Ultra SmallCap600 (SAA) Performance
SAA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +26.0% since Dec 31, 2025
- 1 year
- +25.6% total return
- 5 years
- +1.1% a year
- 10 years
- +10.6% a year
- Since first price
- +8.6% a year since 2007
SAA trailing returns vs SPY, QQQ, AGG
| Period | SAA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.6% | −0.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −9.7% | −9.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.6% | +1.4% | +7.8% | +8.4% | −1.5% |
| YTD | +26.0% | +25.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +25.6% | +24.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +94.8%+24.9%/yr | +88.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +5.8%+1.1%/yr | +1.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +173.5%+10.6%/yr | +160.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +790.1%+15.7%/yr | +741.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 25, 2007 | +411.5%+8.6%/yr | +355.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SAA vs SPY
From Jan 25, 2007: SAA grew to $51,154, SPY to $76,577.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SAA returns by calendar year
12 of 18 full years positive. Best 2013 (+94.1%), worst 2008 (−62.2%). 2026 is year to date.
SAA annual returns table
| Year | SAA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +26.0% | −19.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +0.3% | −44.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.6% | −18.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +21.3% | −37.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −36.2% | −46.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +51.8% | −19.4% | +28.7% | +27.4% | −1.8% |
| 2020 | −1.8% | −70.1% | +18.3% | +48.6% | +7.5% |
| 2019 | +42.4% | −19.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −23.0% | −48.4% | −4.6% | −0.1% | +0.1% |
| 2017 | +23.9% | −13.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +51.7% | −19.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −5.6% | −25.9% | +1.2% | +9.4% | +0.5% |
| 2014 | +7.7% | −22.8% | +13.5% | +19.2% | +6.0% |
| 2013 | +94.1% | −10.5% | +32.3% | +36.6% | −2.0% |
| 2012 | +30.1% | −22.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −9.4% | −48.9% | +1.9% | +3.4% | +7.7% |
| 2010 | +50.0% | −36.5% | +15.1% | +19.9% | +6.4% |
| 2009 | +37.2% | −57.7% | +26.4% | +54.7% | +3.0% |
| 2008 | −62.2% | −76.4% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SAA largest drawdowns
Now 16.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 4, 2007 | −87.4% | Mar 9, 2009 | Jul 9, 2013 | 1.8 years | 6.1 years |
| Aug 31, 2018 | −74.5% | Mar 23, 2020 | Feb 5, 2021 | 1.6 years | 2.4 years |
| Nov 5, 2021 | −55.4% | Apr 8, 2025 | Jun 11, 2026 | 3.4 years | 4.6 years |
| Jun 22, 2015 | −37.5% | Feb 11, 2016 | Aug 15, 2016 | 8 months | 1.1 years |
| Jul 1, 2014 | −22.8% | Oct 13, 2014 | Dec 24, 2014 | 3 months | 6 months |
| Aug 4, 2026 | −19.9% | Oct 14, 2026 | not yet | 2 months | 3 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SAA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +18.8% | +2.0% | +9.6% | +8.4% |
| Volatility (annualized) | 38.9% | 41.0% | 42.8% | 41.1% |
| Sharpe ratio | 0.52 | 0.16 | 0.38 | 0.37 |
| Sortino ratio | 0.92 | 0.25 | 0.58 | 0.56 |
| Best month | +26.2% | +26.2% | +38.9% | +38.9% |
| Worst month | −16.1% | −19.4% | −45.6% | −45.6% |
| Best 12 months | +75.5% | +75.5% | +236.6% | +236.6% |
| Worst 12 months | −20.5% | −39.2% | −53.6% | −74.2% |
| Positive months | 56% | 50% | 59% | 60% |
| Beta vs S&P 500 | 2.15 | 2.06 | 2.26 | — |
| Correlation with S&P 500 | 0.69 | 0.79 | 0.81 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SAA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 226 | −74.2% | +8.9% | +236.6% | 62% |
| 3-year (a year) | 202 | −26.9% | +15.2% | +56.5% | 78% |
| 5-year (a year) | 178 | −10.7% | +13.0% | +52.4% | 87% |
| 10-year (a year) | 118 | +5.4% | +13.3% | +32.0% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
SAA performance overview
ProShares Ultra SmallCap600 (SAA) returned +25.6% over the past year and +10.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +8.6% a year, turning $10,000 into about $51,154. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −87.4%, from Jun 4, 2007 to Mar 9, 2009, and it took 4.3 years to get back to the old high. SAA finished 12 of its 18 full calendar years with a gain; the best year was 2013 (+94.1%) and the worst 2008 (−62.2%). Volatility has been 41.1% a year.
Related: SAA chart, SAA holdings, SAA dividends, SAA valuation. See the SAA overview for the latest quote and fund facts.
SAA performance FAQ
What is the SAA return over the past year?
SAA returned +25.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 24.5%.
What is the average annual return of SAA?
SAA has returned +1.1% a year over 5 years, +10.6% a year over 10 years, +8.6% a year since January 25, 2007 (total return, distributions reinvested).
How much would $10,000 invested in SAA be worth?
$10,000 invested in SAA at its first recorded close on January 25, 2007 would be worth about $51,154 on October 23, 2026 with distributions reinvested.
What was the worst year for SAA?
The worst calendar year was 2008, with a total return of −62.2%. The best was 2013 at +94.1%.
What is the biggest drawdown of SAA?
The largest peak-to-trough decline was −87.4% between June 4, 2007 and March 9, 2009. It recovered to the old high on July 9, 2013, 4.3 years after the bottom.
How volatile is SAA?
Over the past 3 years SAA had an annualized volatility of 38.9% and a Sharpe ratio of 0.52 (excess return over 1–3 month T-bills per unit of risk).