SAA vs SBB: which held to its multiple?
Over three months against its own daily promise, SAA finished 1.2 points short and SBB 1.6 points over. ProShares Ultra SmallCap600 and ProShares Short SmallCap600.
SAA returned −15.8% while 2 times IJR's move would have been −14.9%
SBB returned +9.3% while −1 times IJR's move would have been +7.5%
SAA among the 470 leveraged ETFs, long, over three months
SBB among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. SBB is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SAA | SBB | SAA | SBB | SAA | SBB |
| 1 month | −10.9% | +6.2% | −11.1% | +5.5% | +0.1 pts | +0.7 pts |
| 3 months | −15.8% | +9.3% | −14.9% | +7.5% | −0.9 pts | +1.9 pts |
| 6 months | +15.8% | −7.2% | +19.3% | −9.6% | −3.5 pts | +2.5 pts |
| 1 year | +24.1% | −10.7% | +31.9% | −16.0% | −7.8 pts | +5.3 pts |
| 3 years | +67.5% | −27.1% | +102.2% | −51.1% | −34.6 pts | +24.0 pts |
| Since launch SAA Jan 2010 · SBB Jan 2010 | +929.1% | −90.8% | not meaningful | not meaningful | not meaningful | not meaningful |
SAA and SBB over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
SAA and SBB on the same fields, as of Sep 30, 2026. Source: ETFIQ.
SAA in plain words
Three months to Sep 30, 2026: SAA returned −15.8% where its own daily promise gave −14.7%, 1.2 points short. Read the multiple against the whole window instead and 2 times IJR's −7.5% implies −14.9%, which makes SAA look 0.9 points short. 0.3 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 12% 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.
SBB in plain words
Three months to Sep 30, 2026: SBB returned +9.3% where its own daily promise gave +7.7%, 1.6 points over. Read the multiple against the whole window instead and −1 times IJR's −7.5% implies +7.5%, which makes SBB look 1.9 points over. 0.2 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. SBB aims to return -1 times IJR's move each day, then resets. Over longer, the daily results compound, so the total is not -1 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 SBB?
- Over the window to Sep 30, 2026, SAA finished 0.9 points from what its multiple implies and SBB finished 1.9 points from its own, so SAA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SAA and SBB levered on the same thing?
- Yes. Both are levered on iShares Core S&P Small-Cap ETF, SAA at +2 times and SBB at -1 times the daily move.
- Which one decays faster, SAA or SBB?
- Decay follows how much the underlying moves about. Over this window SAA’s moved at 12% annualized and SBB’s at 12%, so SAA has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SAA or SBB 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, SAA against SBB, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/saa-vs-sbb
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, SAA against SBB, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/saa-vs-sbb Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, SAA against SBB, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/saa-vs-sbb
- APA
- ETFIQ. (Sep 30, 2026). SAA against SBB. Retrieved from https://etfiq.com/compare/leverage/saa-vs-sbb
- Markdown
- [SAA against SBB (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/saa-vs-sbb)