SMN vs. GGLL
SMN (ProShares UltraShort Basic Materials) and GGLL (Direxion Daily GOOGL Bull 2X Shares) are both Leveraged Equities funds - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while GGLL tracks the Alphabet Inc. Class A (200%). Both are passively managed. Over the past 3 years, SMN returned -17.26%/yr vs 65.97%/yr for GGLL. At a correlation of -0.29, they often move in opposite directions. SMN charges 0.95%/yr vs 1.05%/yr for GGLL.
Performance
SMN vs. GGLL - 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 GGLL's 22.24% 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%
GGLL
- 1D
- -1.40%
- 1M
- -13.22%
- YTD
- 22.24%
- 6M
- 15.91%
- 1Y
- 293.20%
- 3Y*
- 65.97%
- 5Y*
- —
- 10Y*
- —
SMN vs. GGLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.85% | -17.96% | 7.37% | -20.23% | -15.04% |
GGLL Direxion Daily GOOGL Bull 2X Shares | 22.24% | 123.07% | 48.88% | 81.20% | -30.35% |
Correlation
The correlation between SMN and GGLL is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | -0.29 |
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Return for Risk
SMN vs. GGLL — Risk / Return Rank
SMN
GGLL
SMN vs. GGLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and Direxion Daily GOOGL Bull 2X Shares (GGLL). 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 | GGLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.93 | ||
| Sortino ratioReturn per unit of downside risk | -6.10 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.60 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 7.69 | -8.45 |
| Martin ratioReturn relative to average drawdown | -1.36 | 26.53 | -27.89 |
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 | GGLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 5.07 | -5.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.99 | -1.52 |
Drawdowns
SMN vs. GGLL - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than GGLL's maximum drawdown of -52.81%. Use the drawdown chart below to compare losses from any high point for SMN and GGLL.
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Drawdown Indicators
| SMN | GGLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -52.81% | -47.11% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -38.39% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -52.81% | -0.90% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -21.02% | -78.89% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -15.17% | -75.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 11.11% | +10.14% |
Volatility
SMN vs. GGLL - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while Direxion Daily GOOGL Bull 2X Shares (GGLL) has a volatility of 16.60%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than GGLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | GGLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 16.60% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 40.70% | -14.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 58.40% | -24.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 56.03% | -16.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 56.03% | -13.13% |
SMN vs. GGLL - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is lower than GGLL's 1.05% expense ratio.
Dividends
SMN vs. GGLL - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, more than GGLL's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GGLL Direxion Daily GOOGL Bull 2X Shares | 3.73% | 4.16% | 3.29% | 2.05% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% |
SMN ProShares UltraShort Basic Materials | 4.62% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
Frequently Asked Questions
SMN and GGLL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGLL has higher volatility (16.60%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs GGLL's -52.81%.
On 3-year performance, GGLL leads with 65.97% vs -17.26% for SMN. On fees, SMN is cheaper at 0.95% per year. 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 3-year period, GGLL has performed better with a 65.97% return vs -17.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN is cheaper with a 0.95% expense ratio, compared with 1.05% for GGLL.
SMN has the higher dividend yield at 4.62%, compared with 3.73% for GGLL.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while GGLL tracks Alphabet Inc. Class A (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMN and 1.05% for GGLL.
GGLL currently has the higher Sharpe Ratio (5.07 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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