SMN vs. IFED
SMN (ProShares UltraShort Basic Materials) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SMN returned -11.39%/yr vs 18.74%/yr for IFED. Their -0.64 correlation means they have often moved in opposite directions in the past. SMN charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
SMN vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -21.02% return, which is significantly lower than IFED's 10.03% return.
SMN
- 1D
- 4.82%
- 1M
- 5.83%
- 6M
- -6.93%
- YTD
- -21.02%
- 1Y
- -27.84%
- 3Y*
- -11.39%
- 5Y*
- -15.10%
- 10Y*
- -24.33%
- ALL TIME*
- -27.57%
IFED
- 1D
- 0.00%
- 1M
- 13.92%
- 6M
- 14.63%
- YTD
- 10.03%
- 1Y
- 14.76%
- 3Y*
- 18.74%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.79K | $83.84K | $44.71K | |
| $75.76K | $77.21K | $125.63K |
SMN vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -21.02% | -17.96% | 7.37% | -20.23% | -3.03% | -21.67% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 10.03% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between SMN and IFED is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.64 |
Over the past year, the inverse relationship between SMN and IFED has weakened: their correlation has moved from -0.64 to -0.32, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. IFED — Risk / Return Rank
SMN
IFED
SMN vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.14 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 0.64 | -1.31 |
| Martin ratioReturn relative to average drawdown | -1.03 | 2.01 | -3.04 |
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Drawdowns
SMN vs. IFED - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SMN and IFED.
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Drawdown Indicators
| SMN | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -22.36% | -77.56% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -20.18% | -18.34% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -22.36% | -31.35% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -7.61% | -92.30% |
Average DrawdownAverage peak-to-trough decline | -90.61% | -5.85% | -84.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.80% | 6.43% | +18.37% |
Volatility
SMN vs. IFED - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.50%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 24.07%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.50% | 24.07% | -12.57% |
Volatility (6M)Calculated over the trailing 6-month period | 28.66% | 27.96% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.55% | 29.34% | +6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.71% | 22.56% | +17.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.89% | 22.56% | +20.33% |
SMN vs. IFED - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
SMN vs. IFED - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.54%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMN ProShares UltraShort Basic Materials | 3.54% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
Frequently Asked Questions
SMN and IFED have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (24.07%) compared to SMN (11.50%). In terms of maximum drawdown, SMN dropped -99.92% vs IFED's -22.36%.
On 3-year performance, IFED leads with 18.74% vs -11.39% for SMN. On fees, IFED is cheaper at 0.45% per year. On volatility, SMN has been the lower-risk option at 11.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 18.74% return vs -11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.54%, compared with 0.00% for IFED.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for SMN and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.44 vs -0.72), 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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