Data as of .
SAA vs SDD: which held to its multiple?
Over three months against its own daily promise, SAA finished 1.4 points short and SDD 2.6 points over.
ETFIQ Decay Resistance Score: SAA scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SAA | SDD | SAA | SDD | SAA | SDD | |
| 1 month | −9.6% | +10.7% | −9.2% | +9.2% | −0.4 pts | +1.5 pts |
| 3 months | −3.3% | +2.8% | −1.5% | +1.5% | −1.8 pts | +1.4 pts |
| 6 months | +31.8% | −26.1% | +34.1% | −34.1% | −2.2 pts | +8.0 pts |
| 1 year | +32.4% | −29.4% | +39.9% | −39.9% | −7.5 pts | +10.5 pts |
| 3 years | +71.8% | −58.1% | +106.1% | −106.1% | −34.4 pts | +48.1 pts |
| Since launch | +1017.4% | −99.7% | not meaningful | not meaningful | not meaningful | not meaningful |
| SAA ProShares Ultra SmallCap600 Aims to return twice the daily move of ISHARES CORE S&P SMALL-CAP ETF (IJR) | SDD ProShares UltraShort SmallCap600 Aims to return twice the opposite of the daily move of ISHARES CORE S&P SMALL-CAP ETF (IJR) | |
|---|---|---|
| Issuer | ProShares | ProShares |
| Sets out to return | +2x | -2x |
| On | IJR | IJR |
| Segment | us small cap | us small cap |
| Fund returned, 3 months | −3.3% | +2.8% |
| Underlying returned, 3 months | −0.7% | −0.7% |
| What the stated multiple implies, 3 months | −1.5% | +1.5% |
| Difference from stated, 3 months | −1.8 pts | +1.4 pts |
| Fund returned, 1 year or since launch | +32.4% | −29.4% |
| Difference from stated, over that window | −7.5 pts | +10.5 pts |
| Underlying volatility | 13% | 13% |
| Expense ratio | 0.95% | 0.95% |
| Launched | Jan 4, 2010 | Jan 4, 2010 |
SAA in plain words
Three months to Sep 11, 2026: SAA returned −3.3% where its own daily promise gave −1.9%, 1.4 points short. Read the multiple against the whole window instead and +2 times IJR's −0.7% implies −1.5%, which makes SAA look 1.8 points short. 0.4 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. SAA aims to return +2 times IJR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IJR moved at 13% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SDD in plain words
Three months to Sep 11, 2026: SDD returned +2.8% where its own daily promise gave +0.3%, 2.6 points over. Read the multiple against the whole window instead and −2 times IJR's −0.7% implies +1.5%, which makes SDD look 1.4 points over. 1.2 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SDD aims to return -2 times IJR's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SAA or SDD?
- Over the window to Sep 11, 2026, SAA finished 1.8 points from what its multiple implies and SDD finished 1.4 points from its own, so SDD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SAA and SDD levered on the same thing?
- Yes. Both are levered on ISHARES CORE S&P SMALL-CAP ETF, SAA at +2 times and SDD at -2 times the daily move.
- Which one decays faster, SAA or SDD?
- Decay follows how much the underlying moves about. Over this window SAA’s moved at 13% annualized and SDD’s at 13%, so SAA has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SAA or SDD for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, SAA or SDD?
- SAA charges 0.95% a year and SDD charges 0.95%, so SAA is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SAA against SDD, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SAA-SDD Free to use with attribution; the underlying files are at Open data.