SAA vs SPY
ProShares Ultra SmallCap600 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SAA delivered stronger 1-year returns. SAA offers more diversification with 600 holdings.
Side-by-Side Comparison
| Metric | SAA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $29M | $789.1B | |
| Dividend Yield | 0.74% | 1.01% | |
| Holdings | 607 | 505 | |
| YTD Return | +42.91% | +13.75% | |
| 1Y Return | +68.46% | +22.91% | |
| 3Y Return (annualized) | +19.04% | +21.67% | |
| 5Y Return (annualized) | +4.69% | +13.32% | |
| Volatility (annualized) | 41.1% | 15.3% | |
| Max Drawdown | -88.1% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 23, 2007 | Jan 22, 1993 |
SAA vs SPY Performance
ProShares Ultra SmallCap600 (SAA) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SAA returned +68.46% while SPY returned +22.91%. Year to date, SAA is up 42.91% versus a gain of 13.75% for SPY.
Over three years, SAA compounded at +19.04% per year against +21.67% for SPY; over five years the annualized figures are +4.69% and +13.32% respectively. Across the full 20-year window we track, SAA has the edge at +9.08% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SAA has been the more volatile fund, with annualized monthly volatility of 41.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -88.1% for SAA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SAA charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, SAA currently yields 0.74% against 1.01% for SPY.
Holdings Overlap
Frequently Asked Questions
Which is cheaper, SAA or SPY?
SAA has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SAA or SPY?
Over the past year SAA returned +68.46% vs +22.91% for SPY, so SAA leads on 1-year performance. Over the longest common window we track (20 years), SAA annualized +9.08% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SAA or SPY?
SAA has been the more volatile fund at 41.1% annualized versus 15.3% for SPY. Worst drawdown: SAA -88.1% vs SPY -56.5%.
Should I hold both SAA and SPY?
SAA and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SAA and SPY?
SAA and SPY share 2 common holdings with a 0.1% weight overlap. Combined, they hold 1101 unique securities.
Which pays a higher dividend, SAA or SPY?
SAA yields 0.74% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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