SMN vs. ^GSPC

Last updated Jun 5, 2026

SMN (ProShares UltraShort Basic Materials) is Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, SMN returned -24.91%/yr vs 13.65%/yr for ^GSPC. At a correlation of -0.76, they often move in opposite directions.

Performance

SMN vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMN achieves a -23.63% return, which is significantly lower than ^GSPC's 10.79% return. Over the past 10 years, SMN has underperformed ^GSPC with an annualized return of -24.91%, while ^GSPC has yielded a comparatively higher 13.65% annualized return.

SMN

• 1D: 0.29%
• 1M: -0.39%
• YTD: -23.63%
• 6M: -28.01%
• 1Y: -28.36%
• 3Y*: -17.13%
• 5Y*: -14.30%
• 10Y*: -24.91%

^GSPC

• 1D: 0.41%
• 1M: 4.48%
• YTD: 10.79%
• 6M: 10.60%
• 1Y: 27.02%
• 3Y*: 21.07%
• 5Y*: 12.39%
• 10Y*: 13.65%

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

SMN vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMN ProShares UltraShort Basic Materials	-23.63%	-17.96%	7.37%	-20.23%	-3.03%	-45.83%	-55.75%	-33.63%	32.74%	-38.03%
^GSPC S&P 500 Index	10.79%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between SMN and ^GSPC is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.53
Correlation (3Y) Calculated over the trailing 3-year period	-0.61
Correlation (5Y) Calculated over the trailing 5-year period	-0.68
Correlation (10Y) Calculated over the trailing 10-year period	-0.71
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007	-0.76

Over the past year, the inverse relationship between SMN and ^GSPC has weakened: their correlation has moved from -0.76 to -0.53, meaning they move in opposite directions less often than they have historically.

Return for Risk

SMN vs. ^GSPC — Risk / Return Rank

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

SMN

SMN Risk / Return Rank: 3
SMN Sharpe Ratio Rank: 2
SMN Sortino Ratio Rank: 3
SMN Omega Ratio Rank: 3
SMN Calmar Ratio Rank: 3
SMN Martin Ratio Rank: 2

^GSPC

^GSPC Risk / Return Rank: 80
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 79
^GSPC Omega Ratio Rank: 79
^GSPC Calmar Ratio Rank: 76
^GSPC Martin Ratio Rank: 86

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.

SMN vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and S&P 500 Index (^GSPC). 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.

	SMN	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	2.28	-3.13
Sortino ratio: Return per unit of downside risk	-1.11	3.12	-4.24
Omega ratio: Gain probability vs. loss probability	0.88	1.41	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.74	2.98	-3.72
Martin ratio: Return relative to average drawdown	-1.33	13.78	-15.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMN vs. ^GSPC - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.84, which is lower than the ^GSPC Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SMN and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMN	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	2.28	-3.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.74	-1.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.58	0.76	-1.34
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.47	-1.01

Drawdowns

SMN vs. ^GSPC - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for SMN and ^GSPC.

Drawdown Indicators

	SMN	^GSPC	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-99.91%	-0.33%	-99.58%
Average Drawdown Average peak-to-trough decline	-90.55%	-10.72%	-79.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.36%	1.97%	+19.39%

Volatility

SMN vs. ^GSPC - Volatility Comparison

ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.03% compared to S&P 500 Index (^GSPC) at 2.88%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMN	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	2.88%	+8.15%
Volatility (6M) Calculated over the trailing 6-month period	26.56%	9.00%	+17.56%
Volatility (1Y) Calculated over the trailing 1-year period	33.82%	11.89%	+21.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.54%	16.90%	+22.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.89%	18.06%	+24.83%

Frequently Asked Questions

Can I hold both SMN and ^GSPC in my portfolio?

SMN and ^GSPC have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMN or ^GSPC?

SMN has higher volatility (11.03%) compared to ^GSPC (2.88%). In terms of maximum drawdown, SMN dropped -99.92% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.28 vs -0.84), 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.