SMN vs. EQL
SMN (ProShares UltraShort Basic Materials) and EQL (ALPS Equal Sector Weight ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while EQL is a Large Cap Blend Equities fund tracking the NYSE Equal Sector Weight Index. Both are passively managed. Over the past 10 years, SMN returned -24.12%/yr vs 12.22%/yr for EQL. At a correlation of -0.82, they often move in opposite directions. SMN charges 0.95%/yr vs 0.27%/yr for EQL.
Performance
SMN vs. EQL - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -19.90% return, which is significantly lower than EQL's 10.30% return. Over the past 10 years, SMN has underperformed EQL with an annualized return of -24.12%, while EQL has yielded a comparatively higher 12.22% annualized return.
SMN
- 1D
- -0.44%
- 1M
- 6.34%
- 6M
- -9.45%
- YTD
- -19.90%
- 1Y
- -20.05%
- 3Y*
- -12.05%
- 5Y*
- -16.15%
- 10Y*
- -24.12%
- ALL TIME*
- -27.55%
EQL
- 1D
- 0.32%
- 1M
- 1.29%
- 6M
- 8.38%
- YTD
- 10.30%
- 1Y
- 16.58%
- 3Y*
- 14.63%
- 5Y*
- 10.79%
- 10Y*
- 12.22%
- ALL TIME*
- 13.48%
SMN vs. EQL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -19.90% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
EQL ALPS Equal Sector Weight ETF | 10.30% | 13.09% | 16.44% | 16.87% | -10.72% | 29.32% | 10.87% | 27.87% | -6.12% | 18.37% |
Correlation
The correlation between SMN and EQL is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2009 | -0.82 |
The correlation between SMN and EQL has been stable across timeframes, ranging from -0.82 to -0.77 - a consistent structural relationship.
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Return for Risk
SMN vs. EQL — Risk / Return Rank
SMN
EQL
SMN vs. EQL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ALPS Equal Sector Weight ETF (EQL). 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 | EQL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.32 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.69 | -3.21 |
| Martin ratioReturn relative to average drawdown | -0.84 | 10.32 | -11.16 |
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Drawdowns
SMN vs. EQL - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than EQL's maximum drawdown of -35.65%. Use the drawdown chart below to compare losses from any high point for SMN and EQL.
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Drawdown Indicators
| SMN | EQL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -35.65% | -64.27% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -6.19% | -32.33% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -15.07% | -38.64% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -19.24% | -46.81% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | -35.65% | -59.13% |
Current DrawdownCurrent decline from peak | -99.91% | -0.64% | -99.27% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -3.24% | -87.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 1.61% | +22.44% |
Volatility
SMN vs. EQL - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 9.80% compared to ALPS Equal Sector Weight ETF (EQL) at 1.75%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than EQL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | EQL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 1.75% | +8.05% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 7.13% | +21.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 9.47% | +25.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 14.51% | +25.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 16.49% | +26.35% |
SMN vs. EQL - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than EQL's 0.27% expense ratio.
Dividends
SMN vs. EQL - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.49%, more than EQL's 1.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EQL ALPS Equal Sector Weight ETF | 1.36% | 1.73% | 1.78% | 1.96% | 2.14% | 1.69% | 2.29% | 1.95% | 2.39% | 1.97% | 2.89% | 2.07% |
SMN ProShares UltraShort Basic Materials | 3.49% | 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 EQL have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (9.80%) compared to EQL (1.75%). In terms of maximum drawdown, SMN dropped -99.92% vs EQL's -35.65%.
On 10-year performance, EQL leads with 12.22% vs -24.12% for SMN. On fees, EQL is cheaper at 0.27% per year. On volatility, EQL has been the lower-risk option at 1.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EQL has performed better with a 12.22% return vs -24.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EQL is cheaper with a 0.27% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.49%, compared with 1.36% for EQL.
SMN is categorized as Leveraged Equities, while EQL is Large Cap Blend Equities. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while EQL tracks NYSE Equal Sector Weight Index. They also come from different issuers: ProShares and SS&C. Their fees differ too: 0.95% for SMN and 0.27% for EQL.
EQL currently has the higher Sharpe Ratio (1.76 vs -0.57), 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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