MAKX vs. SUPL

Last updated Jun 23, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and SUPL (ProShares Supply Chain Logistics ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while SUPL is a Industrials Equities fund tracking the FactSet Supply Chain Logistics Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, MAKX returned 28.28%/yr vs 10.64%/yr for SUPL. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.58% expense ratio.

Performance

MAKX vs. SUPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) and ProShares Supply Chain Logistics ETF (SUPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAKX achieves a 46.30% return, which is significantly higher than SUPL's 14.70% return.

MAKX

• 1D: 0.06%
• 1M: 5.88%
• YTD: 46.30%
• 6M: 43.19%
• 1Y: 72.14%
• 3Y*: 28.28%
• 5Y*: —
• 10Y*: —

SUPL

• 1D: 0.24%
• 1M: 0.62%
• YTD: 14.70%
• 6M: 14.04%
• 1Y: 25.32%
• 3Y*: 10.64%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MAKX vs. SUPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MAKX ProShares S&P Kensho Smart Factories ETF	46.30%	21.63%	8.27%	26.03%	-13.85%
SUPL ProShares Supply Chain Logistics ETF	14.70%	9.25%	-2.44%	23.69%	-11.01%

Correlation

The correlation between MAKX and SUPL is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Apr 7, 2022	0.67

The correlation between MAKX and SUPL shifts across timeframes, from 0.52 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

MAKX vs. SUPL - Sectors Allocation Comparison

Sectors	MAKX	SUPL
Technology	69.2%	1.3%
Industrials	20.0%	60.0%
Communication Services	8.4%	-
Basic Materials	2.4%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	4.5%
Financial Services	-	-
Healthcare	-	3.2%
Real Estate	-	-
Utilities	-	3.2%

Return for Risk

MAKX vs. SUPL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MAKX

MAKX Risk / Return Rank: 74
MAKX Sharpe Ratio Rank: 78
MAKX Sortino Ratio Rank: 68
MAKX Omega Ratio Rank: 65
MAKX Calmar Ratio Rank: 85
MAKX Martin Ratio Rank: 73

SUPL

SUPL Risk / Return Rank: 47
SUPL Sharpe Ratio Rank: 45
SUPL Sortino Ratio Rank: 43
SUPL Omega Ratio Rank: 43
SUPL Calmar Ratio Rank: 54
SUPL Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MAKX vs. SUPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) and ProShares Supply Chain Logistics ETF (SUPL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MAKX	SUPL	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.54	+0.86
Sortino ratio: Return per unit of downside risk	3.00	2.11	+0.89
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	4.52	2.61	+1.91
Martin ratio: Return relative to average drawdown	13.26	8.15	+5.11

MAKX vs. SUPL - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 2.40, which is higher than the SUPL Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of MAKX and SUPL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MAKX vs. SUPL - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, which is greater than SUPL's maximum drawdown of -24.42%. Use the drawdown chart below to compare losses from any high point for MAKX and SUPL.

Drawdown Indicators

	MAKX	SUPL	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-24.42%	-15.85%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-9.76%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-21.71%	-8.05%
Current Drawdown Current decline from peak	-2.27%	-5.10%	+2.83%
Average Drawdown Average peak-to-trough decline	-16.48%	-5.91%	-10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	3.11%	+2.35%

Volatility

MAKX vs. SUPL - Volatility Comparison

ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 13.06% compared to ProShares Supply Chain Logistics ETF (SUPL) at 5.58%. This indicates that MAKX's price experiences larger fluctuations and is considered to be riskier than SUPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAKX	SUPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.06%	5.58%	+7.48%
Volatility (6M) Calculated over the trailing 6-month period	22.13%	13.47%	+8.66%
Volatility (1Y) Calculated over the trailing 1-year period	30.31%	16.60%	+13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.45%	19.01%	+9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.45%	19.01%	+9.44%

MAKX vs. SUPL - Expense Ratio Comparison

Both MAKX and SUPL have an expense ratio of 0.58%.

Dividends

MAKX vs. SUPL - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.10%, less than SUPL's 2.74% yield.

Position	TTM	2025	2024	2023	2022
MAKX ProShares S&P Kensho Smart Factories ETF	0.10%	0.15%	0.24%	0.52%	0.31%
SUPL ProShares Supply Chain Logistics ETF	2.74%	3.03%	4.78%	4.71%	3.00%

Frequently Asked Questions

Can I hold both MAKX and SUPL in my portfolio?

MAKX and SUPL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or SUPL?

MAKX has higher volatility (13.06%) compared to SUPL (5.58%). In terms of maximum drawdown, MAKX dropped -40.27% vs SUPL's -24.42%.

Which ETF is better, MAKX or SUPL?

On 3-year performance, MAKX leads with 28.28% vs 10.64% for SUPL. Both ETFs have the same 0.58% expense ratio. On volatility, SUPL has been the lower-risk option at 5.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or SUPL?

Over the 3-year period, MAKX has performed better with a 28.28% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or SUPL?

MAKX and SUPL have the same expense ratio: 0.58% per year.

Which ETF pays a higher dividend yield, MAKX or SUPL?

SUPL has the higher dividend yield at 2.74%, compared with 0.10% for MAKX.

What is the main difference between MAKX and SUPL?

MAKX is categorized as Technology Equities, while SUPL is Industrials Equities. MAKX tracks S&P Kensho Smart Factories Index, while SUPL tracks FactSet Supply Chain Logistics Index - Benchmark TR Net.

Which has better risk-adjusted returns?

MAKX currently has the higher Sharpe Ratio (2.40 vs 1.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.