- ISIN
- US74347X1384
- CUSIP
- 74347G614
- Issuer
- ProShares
- Inception Date
- Jan 30, 2007
- Region
- North America (U.S.)
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- Dow Jones U.S. Basic Materials Index (-200%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $3M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
SMN Performance Chart
ProShares UltraShort Basic Materials (SMN) is down 23.9% since the beginning of the year. SMN is currently trading at $20 per share. Investors who bought $1,000 worth of SMN shares 5 years ago would now be looking at an investment worth $461.
Loading charts...
Returns By Period
ProShares UltraShort Basic Materials (SMN) has returned -23.85% so far this year and -28.88% over the past 12 months. Over the last ten years, SMN has returned -25.09% per year, falling short of the S&P 500 Index benchmark, which averaged 13.66% annually.
ProShares UltraShort Basic Materials
- 1D
- -0.81%
- 1M
- -4.18%
- YTD
- -23.85%
- 6M
- -27.24%
- 1Y
- -28.88%
- 3Y*
- -17.26%
- 5Y*
- -14.35%
- 10Y*
- -25.09%
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
SMN Monthly Returns History
Based on dividend-adjusted daily data since Feb 2, 2007, SMN's average daily return is -0.08%, while the average monthly return is -1.91%.
Historically, 40% of months were positive and 60% were negative. The best month was Sep 2008 with a return of +54.6%, while the worst month was Oct 2011 at -34.4%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 8 months.
On a daily basis, SMN closed higher 46% of trading days. The best single day was Oct 15, 2008 with a return of +25.5%, while the worst single day was Oct 13, 2008 at -26.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -15.14% | -15.08% | 13.58% | -6.43% | 1.38% | -1.92% | -23.85% | ||||||
| 2025 | -9.89% | 0.50% | 5.69% | -0.19% | -6.08% | -1.31% | -1.80% | -8.59% | 5.97% | 9.57% | -7.88% | -3.51% | -17.96% |
| 2024 | 8.61% | -11.47% | -10.94% | 10.17% | -6.29% | 9.86% | -7.58% | -5.44% | -4.76% | 7.68% | -2.40% | 26.38% | 7.37% |
| 2023 | -17.73% | 5.61% | 2.43% | 0.68% | 16.33% | -18.97% | -5.97% | 6.71% | 11.30% | 7.53% | -14.71% | -7.79% | -20.23% |
| 2022 | 14.89% | -5.30% | -16.97% | 10.44% | -6.40% | 36.32% | -12.55% | 4.22% | 19.22% | -19.19% | -21.73% | 10.83% | -3.03% |
| 2021 | 2.23% | -9.28% | -16.61% | -8.66% | -12.22% | 11.72% | -4.57% | -1.52% | 13.87% | -14.64% | 1.02% | -15.26% | -45.83% |
Benchmark Metrics
ProShares UltraShort Basic Materials has an annualized alpha of 4.10%, beta of -2.21, and R2 of 0.71 versus S&P 500 Index. Calculated based on daily prices since February 05, 2007.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -363.60%), but participation in market rallies was also limited (-128.56%) - a profile typical of counter-cyclical assets.
- This ETF generated an annualized alpha of 4.10% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of -2.21 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 4.10%
- Beta
- -2.21
- R²
- 0.71
- Upside Capture
- -128.56%
- Downside Capture
- -363.60%
Expense Ratio
SMN has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SMN ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and compare them to S&P 500 Index.
| SMN | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.86 | 2.24 | -3.10 |
Sortino ratioReturn per unit of downside risk | -1.14 | 3.07 | -4.22 |
Omega ratioGain probability vs. loss probability | 0.87 | 1.41 | -0.53 |
Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.93 | -3.68 |
Martin ratioReturn relative to average drawdown | -1.36 | 13.52 | -14.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
ProShares UltraShort Basic Materials provided a 4.62% dividend yield over the last twelve months, with an annual payout of $0.92 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.92 | $1.07 | $1.67 | $1.49 | $0.18 | $0.00 | $0.00 | $1.33 | $0.17 |
Dividend yield | 4.62% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares UltraShort Basic Materials. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.00 | $0.05 | ||||||
| 2025 | $0.00 | $0.00 | $0.20 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.28 | $1.07 |
| 2024 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.34 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.63 | $1.67 |
| 2023 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.33 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.53 | $1.49 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.18 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares UltraShort Basic Materials. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares UltraShort Basic Materials was 99.92%, occurring on Feb 11, 2026. The portfolio has not yet recovered.
The current ProShares UltraShort Basic Materials drawdown is 99.91%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -99.92%Feb 2026 | 17y 2mo | — | 17y 6moNov 2008 - now |
Financial crisis2007–2009 | -61.90%Jun 2008 | 1y 3mo | 3mo 20d | 1y 7moMar 2007 - Oct 2008 |
Financial crisis2007–2009 | -42.86%Nov 2008 | 7d | 16d | 23dOct 2008 - Nov 2008 |
Financial crisis2007–2009 | -27.84%Oct 2008 | 7d | 4d | 11dOct 2008 - Oct 2008 |
2007 pullback2007 | -9.85%Feb 2007 | 14d | 4d | 18dFeb 2007 - Mar 2007 |
Drawdown Indicators
| SMN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -56.78% | -43.14% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -9.10% | -29.42% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -18.90% | -34.81% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -25.43% | -40.62% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -33.92% | -61.47% |
Current DrawdownCurrent decline from peak | -99.91% | -0.74% | -99.17% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -10.72% | -79.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 1.97% | +19.28% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with SMN
Add ProShares UltraShort Basic Materials to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with SMN