SMN vs. ^GSPC
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 -24.19%/yr vs 13.27%/yr for ^GSPC. At a correlation of -0.76, they often move in opposite directions.
Performance
SMN vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -21.35% return, which is significantly lower than ^GSPC's 9.79% return. Over the past 10 years, SMN has underperformed ^GSPC with an annualized return of -24.19%, while ^GSPC has yielded a comparatively higher 13.27% annualized return.
SMN
- 1D
- 1.63%
- 1M
- 5.80%
- 6M
- -10.07%
- YTD
- -21.35%
- 1Y
- -19.91%
- 3Y*
- -12.88%
- 5Y*
- -16.05%
- 10Y*
- -24.19%
^GSPC
- 1D
- -0.79%
- 1M
- 1.13%
- 6M
- 7.71%
- YTD
- 9.79%
- 1Y
- 20.06%
- 3Y*
- 18.60%
- 5Y*
- 11.43%
- 10Y*
- 13.27%
SMN vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -21.35% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
^GSPC S&P 500 Index | 9.79% | 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 -0.50, 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 | -0.50 |
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 2, 2007 | -0.76 |
Over the past year, the inverse relationship between SMN and ^GSPC has weakened: their correlation has moved from -0.76 to -0.50, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. ^GSPC — Risk / Return Rank
SMN
^GSPC
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.
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.
| SMN | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.85 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.29 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.21 | -2.73 |
| Martin ratioReturn relative to average drawdown | -0.85 | 9.61 | -10.46 |
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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.
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Drawdown Indicators
| SMN | ^GSPC | 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 | -94.78% | -33.92% | -60.86% |
Current DrawdownCurrent decline from peak | -99.91% | -1.24% | -98.67% |
Average DrawdownAverage peak-to-trough decline | -90.58% | -10.71% | -79.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.56% | 2.09% | +21.47% |
Volatility
SMN vs. ^GSPC - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 12.52% compared to S&P 500 Index (^GSPC) at 3.96%. 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.
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Volatility by Period
| SMN | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.52% | 3.96% | +8.56% |
Volatility (6M)Calculated over the trailing 6-month period | 28.17% | 9.99% | +18.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.48% | 12.57% | +22.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.70% | 17.01% | +22.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.83% | 18.05% | +24.78% |
Frequently Asked Questions
SMN and ^GSPC have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (12.52%) compared to ^GSPC (3.96%). In terms of maximum drawdown, SMN dropped -99.92% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.61 vs -0.56), 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.
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