SMN vs. DIG
SMN (ProShares UltraShort Basic Materials) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs 5.32%/yr for DIG. At a correlation of -0.68, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. DIG - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than DIG's 66.35% return. Over the past 10 years, SMN has underperformed DIG with an annualized return of -25.09%, while DIG has yielded a comparatively higher 5.32% annualized return.
SMN
- 1D
- -0.81%
- 1M
- -4.18%
- YTD
- -23.85%
- 6M
- -27.24%
- 1Y
- -28.88%
- 3Y*
- -17.26%
- 5Y*
- -14.35%
- 10Y*
- -25.09%
DIG
- 1D
- 2.57%
- 1M
- -3.48%
- YTD
- 66.35%
- 6M
- 59.45%
- 1Y
- 90.00%
- 3Y*
- 23.37%
- 5Y*
- 28.29%
- 10Y*
- 5.32%
SMN vs. DIG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.85% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
DIG ProShares Ultra Oil & Gas | 66.35% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
Correlation
The correlation between SMN and DIG is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007 | -0.68 |
Over the past year, the inverse relationship between SMN and DIG has weakened: their correlation has moved from -0.68 to -0.15, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. DIG — Risk / Return Rank
SMN
DIG
SMN vs. DIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares Ultra Oil & Gas (DIG). 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 | DIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.33 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.89 | -4.64 |
| Martin ratioReturn relative to average drawdown | -1.36 | 10.65 | -12.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMN | DIG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 2.22 | -3.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.55 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.09 | -0.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.00 | -0.54 |
Drawdowns
SMN vs. DIG - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, roughly equal to the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for SMN and DIG.
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Drawdown Indicators
| SMN | DIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -97.04% | -2.88% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -23.29% | -15.23% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -42.41% | -11.30% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -46.02% | -20.03% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -92.53% | -2.86% |
Current DrawdownCurrent decline from peak | -99.91% | -51.27% | -48.64% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -64.37% | -26.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 8.49% | +12.76% |
Volatility
SMN vs. DIG - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while ProShares Ultra Oil & Gas (DIG) has a volatility of 16.56%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | DIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 16.56% | -4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 33.14% | -6.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 40.88% | -6.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 51.59% | -12.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 57.81% | -14.91% |
SMN vs. DIG - Expense Ratio Comparison
Both SMN and DIG have an expense ratio of 0.95%.
Dividends
SMN vs. DIG - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, more than DIG's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.50% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
SMN ProShares UltraShort Basic Materials | 4.62% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMN and DIG have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (16.56%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs DIG's -97.04%.
On 10-year performance, DIG leads with 5.32% vs -25.09% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIG has performed better with a 5.32% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and DIG have the same expense ratio: 0.95% per year.
SMN has the higher dividend yield at 4.62%, compared with 1.50% for DIG.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%).
DIG currently has the higher Sharpe Ratio (2.22 vs -0.86), 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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