MAKX vs. TIME

Last updated Jun 23, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and TIME (Clockwise Core Equity & Innovation ETF) are both Technology Equities funds. MAKX is passively managed, while TIME is actively managed. Over the past year, MAKX returned 72.14% vs 20.63% for TIME. A 0.70 correlation means they provide meaningful diversification when combined. MAKX charges 0.58%/yr vs 1.00%/yr for TIME.

Performance

MAKX vs. TIME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) and Clockwise Core Equity & Innovation ETF (TIME). 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 TIME's 7.82% return.

MAKX

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

TIME

• 1D: -0.64%
• 1M: -0.92%
• YTD: 7.82%
• 6M: 7.67%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAKX vs. TIME - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAKX ProShares S&P Kensho Smart Factories ETF	46.30%	21.63%	11.01%
TIME Clockwise Core Equity & Innovation ETF	7.82%	10.17%	5.94%

Correlation

The correlation between MAKX and TIME is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jun 24, 2024	0.70

The correlation between MAKX and TIME has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

MAKX vs. TIME - Sectors Allocation Comparison

Sectors	MAKX	TIME
Technology	69.2%	41.1%
Industrials	20.0%	5.3%
Communication Services	8.4%	15.4%
Basic Materials	2.4%	5.3%
Consumer Cyclical	-	8.7%
Consumer Defensive	-	3.0%
Energy	-	8.3%
Financial Services	-	8.9%
Healthcare	-	0.5%
Real Estate	-	-
Utilities	-	4.1%

Return for Risk

MAKX vs. TIME — 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

TIME

TIME Risk / Return Rank: 39
TIME Sharpe Ratio Rank: 44
TIME Sortino Ratio Rank: 41
TIME Omega Ratio Rank: 41
TIME Calmar Ratio Rank: 32
TIME Martin Ratio Rank: 38

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. TIME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) and Clockwise Core Equity & Innovation ETF (TIME). 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	TIME	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.49	+0.91
Sortino ratio: Return per unit of downside risk	3.00	2.03	+0.97
Omega ratio: Gain probability vs. loss probability	1.38	1.26	+0.11
Calmar ratio: Return relative to maximum drawdown	4.52	1.58	+2.94
Martin ratio: Return relative to average drawdown	13.26	5.71	+7.55

MAKX vs. TIME - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 2.40, which is higher than the TIME Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of MAKX and TIME, 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. TIME - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, which is greater than TIME's maximum drawdown of -24.26%. Use the drawdown chart below to compare losses from any high point for MAKX and TIME.

Drawdown Indicators

	MAKX	TIME	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-24.26%	-16.01%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-13.09%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	—	—
Current Drawdown Current decline from peak	-2.27%	-2.54%	+0.27%
Average Drawdown Average peak-to-trough decline	-16.48%	-5.53%	-10.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	3.62%	+1.84%

Volatility

MAKX vs. TIME - Volatility Comparison

ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 13.06% compared to Clockwise Core Equity & Innovation ETF (TIME) at 5.05%. This indicates that MAKX's price experiences larger fluctuations and is considered to be riskier than TIME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAKX	TIME	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.06%	5.05%	+8.01%
Volatility (6M) Calculated over the trailing 6-month period	22.13%	10.99%	+11.14%
Volatility (1Y) Calculated over the trailing 1-year period	30.31%	13.92%	+16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.45%	17.72%	+10.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.45%	17.72%	+10.73%

MAKX vs. TIME - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is lower than TIME's 1.00% expense ratio.

Dividends

MAKX vs. TIME - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.10%, less than TIME's 9.29% 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%
TIME Clockwise Core Equity & Innovation ETF	9.29%	10.02%	15.84%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAKX and TIME in my portfolio?

MAKX and TIME have a correlation of 0.67, 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 TIME?

MAKX has higher volatility (13.06%) compared to TIME (5.05%). In terms of maximum drawdown, MAKX dropped -40.27% vs TIME's -24.26%.

Which ETF is better, MAKX or TIME?

On 1-year performance, MAKX leads with 72.14% vs 20.63% for TIME. On fees, MAKX is cheaper at 0.58% per year. On volatility, TIME has been the lower-risk option at 5.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or TIME?

Over the 1-year period, MAKX has performed better with a 72.14% return vs 20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or TIME?

MAKX is cheaper with a 0.58% expense ratio, compared with 1.00% for TIME.

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

TIME has the higher dividend yield at 9.29%, compared with 0.10% for MAKX.

What is the main difference between MAKX and TIME?

They also come from different issuers: ProShares and Clockwise Capital. Their fees differ too: 0.58% for MAKX and 1.00% for TIME.

Which has better risk-adjusted returns?

MAKX currently has the higher Sharpe Ratio (2.40 vs 1.49), 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.