SAA vs SPY
ProShares Ultra SmallCap600 vs State Street SPDR S&P 500 ETF Trust
Which is better, SAA or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SAA led over 1Y, SPY over 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SAA | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $28M | $804.7B |
| Dividend Yield | 0.79% | 0.98% |
| Holdings | 607 | 505 |
| YTD Return | +26.37%Best | +13.82% |
| 1Y Return | +28.21%Best | +16.96% |
| 3Y Return (annualized) | +20.72% | +22.97%Best |
| 5Y Return (annualized) | +3.81% | +13.73%Best |
| Volatility (annualized) | 41.1% | 15.4%Best |
| Max Drawdown | -88.1% | -56.5%Best |
| $10,000 over 5 years | $12,056 | $19,027Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jan 23, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 25, 2007 to Sep 21, 2026 (19.7 years).
SAA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.7 years both funds cover.
SAA vs SPY Performance
ProShares Ultra SmallCap600 (SAA) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SAA returned +28.21% while SPY returned +16.96%. Year to date, SAA is up 26.37% versus a gain of 13.82% for SPY.
Over three years, SAA compounded at +20.72% per year against +22.97% for SPY; over five years the annualized figures are +3.81% and +13.73% respectively. Across the full 20-year window we track, SPY has the edge at +9.41% annualized vs +8.34%.
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 15.4% 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 what each fund did in the worst stretch of the window measured above.
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 0.79% against 0.98% for SPY.
Holdings Overlap
At least 0.2% of SPY's money is in holdings SAA also owns.
Stated as a floor: for SAA, our book for it covers 74.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 595 positions we hold weights for in SAA and 504 in SPY, against full books of 607 and 505.
Top Shared Holdings
| Stock | Weight in SAA | Weight in SPY | Difference |
|---|---|---|---|
| NEMNewmont Corp Common | 0.03% | 0.20% | 0.17% |
You are not choosing between two funds in isolation.
Whichever of SAA and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $86 a year on a $10,000 investment.
Which performed better, SAA or SPY?
Over the past year SAA returned +28.21% vs +16.96% for SPY, so SAA leads on 1-year performance. Over the longest common window we track (20 years), SAA annualized +8.34% vs +9.41% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SAA or SPY?
SAA has been the more volatile fund at 41.1% annualized versus 15.4% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SAA or SPY?
SAA yields 0.79% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than SAA?
SPY has a lower expense ratio. SAA led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.