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SMN vs. FXZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMN vs. FXZ

Last updated Jun 4, 2026

SMN (ProShares UltraShort Basic Materials) and FXZ (First Trust Materials AlphaDEX Fund) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while FXZ is a Materials fund tracking the StrataQuant Materials Index. Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs 11.67%/yr for FXZ. At a correlation of -0.89, they often move in opposite directions. SMN charges 0.95%/yr vs 0.67%/yr for FXZ.

Performance

SMN vs. FXZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and First Trust Materials AlphaDEX Fund (FXZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than FXZ's 29.62% return. Over the past 10 years, SMN has underperformed FXZ with an annualized return of -25.09%, while FXZ has yielded a comparatively higher 11.67% 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%

FXZ

1D
-0.40%
1M
5.70%
YTD
29.62%
6M
33.34%
1Y
53.31%
3Y*
13.07%
5Y*
7.84%
10Y*
11.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMN vs. FXZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FXZ
First Trust Materials AlphaDEX Fund		29.62%16.25%-16.31%16.27%-0.92%30.84%22.52%21.52%-22.62%23.72%

Correlation

The correlation between SMN and FXZ is -0.90, 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

-0.90

Correlation (3Y)
Calculated over the trailing 3-year period

-0.88

Correlation (5Y)
Calculated over the trailing 5-year period

-0.91

Correlation (10Y)
Calculated over the trailing 10-year period

-0.91

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

-0.89

The correlation between SMN and FXZ has been stable across timeframes, ranging from -0.91 to -0.88 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Basic Materials

First Trust Materials AlphaDEX Fund

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Return for Risk

SMN vs. FXZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMN
SMN Risk / Return Rank: 22
Overall Rank
SMN Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SMN Sortino Ratio Rank: 33
Sortino Ratio Rank
SMN Omega Ratio Rank: 33
Omega Ratio Rank
SMN Calmar Ratio Rank: 33
Calmar Ratio Rank
SMN Martin Ratio Rank: 22
Martin Ratio Rank
FXZ
FXZ Risk / Return Rank: 7474
Overall Rank
FXZ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
FXZ Sortino Ratio Rank: 7070
Sortino Ratio Rank
FXZ Omega Ratio Rank: 6666
Omega Ratio Rank
FXZ Calmar Ratio Rank: 8181
Calmar Ratio Rank
FXZ Martin Ratio Rank: 8080
Martin Ratio Rank
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. FXZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and First Trust Materials AlphaDEX Fund (FXZ). 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.

SMNFXZDifference

Sharpe ratio

Return per unit of total volatility

-0.86

2.45

-3.31

Sortino ratio

Return per unit of downside risk

-1.14

3.21

-4.36

Omega ratio

Gain probability vs. loss probability

0.87

1.40

-0.53

Calmar ratio

Return relative to maximum drawdown

-0.75

4.20

-4.95

Martin ratio

Return relative to average drawdown

-1.36

15.80

-17.16

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. FXZ - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.86, which is lower than the FXZ Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of SMN and FXZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SMNFXZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.86

2.45

-3.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

0.33

-0.69

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

0.47

-1.06

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.54

0.35

-0.89

Drawdowns

SMN vs. FXZ - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than FXZ's maximum drawdown of -65.46%. Use the drawdown chart below to compare losses from any high point for SMN and FXZ.

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Drawdown Indicators

SMNFXZDifference

Max Drawdown

Largest peak-to-trough decline

-99.92%

-65.46%

-34.46%

Max Drawdown (1Y)

Largest decline over 1 year

-38.52%

-12.75%

-25.77%

Max Drawdown (3Y)

Largest decline over 3 years

-53.71%

-33.99%

-19.72%

Max Drawdown (5Y)

Largest decline over 5 years

-66.05%

-33.99%

-32.06%

Max Drawdown (10Y)

Largest decline over 10 years

-95.39%

-49.41%

-45.98%

Current Drawdown

Current decline from peak

-99.91%

-0.40%

-99.51%

Average Drawdown

Average peak-to-trough decline

-90.55%

-11.36%

-79.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.25%

3.38%

+17.87%

Volatility

SMN vs. FXZ - Volatility Comparison

ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.58% compared to First Trust Materials AlphaDEX Fund (FXZ) at 7.04%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than FXZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMNFXZDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.58%

7.04%

+4.54%

Volatility (6M)

Calculated over the trailing 6-month period

26.63%

16.40%

+10.23%

Volatility (1Y)

Calculated over the trailing 1-year period

33.89%

21.87%

+12.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.54%

24.13%

+15.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.90%

24.87%

+18.03%

SMN vs. FXZ - Expense Ratio Comparison

SMN has a 0.95% expense ratio, which is higher than FXZ's 0.67% expense ratio.

Dividends

SMN vs. FXZ - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.62%, more than FXZ's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
FXZ
First Trust Materials AlphaDEX Fund		1.38%1.74%1.81%1.97%1.56%1.11%1.51%1.58%1.38%1.01%1.19%1.26%
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 FXZ have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMN has higher volatility (11.58%) compared to FXZ (7.04%). In terms of maximum drawdown, SMN dropped -99.92% vs FXZ's -65.46%.

On 10-year performance, FXZ leads with 11.67% vs -25.09% for SMN. On fees, FXZ is cheaper at 0.67% per year. On volatility, FXZ has been the lower-risk option at 7.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FXZ has performed better with a 11.67% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FXZ is cheaper with a 0.67% expense ratio, compared with 0.95% for SMN.

SMN has the higher dividend yield at 4.62%, compared with 1.38% for FXZ.

SMN is categorized as Leveraged Equities, while FXZ is Materials. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while FXZ tracks StrataQuant Materials Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SMN and 0.67% for FXZ.

FXZ currently has the higher Sharpe Ratio (2.45 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.

Portfolio Optimizer

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