SMN vs. IFRA
SMN (ProShares UltraShort Basic Materials) and IFRA (iShares U.S. Infrastructure ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while IFRA is a Industrials Equities fund tracking the NYSE FactSet U.S. Infrastructure Index (TR). Both are passively managed. Over the past 5 years, SMN returned -16.05%/yr vs 14.23%/yr for IFRA. At a correlation of -0.79, they often move in opposite directions. SMN charges 0.95%/yr vs 0.30%/yr for IFRA.
Performance
SMN vs. IFRA - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -21.35% return, which is significantly lower than IFRA's 18.18% return.
SMN
- 1D
- 1.63%
- 1M
- 5.80%
- 6M
- -10.07%
- YTD
- -21.35%
- 1Y
- -19.91%
- 3Y*
- -12.88%
- 5Y*
- -16.05%
- 10Y*
- -24.19%
IFRA
- 1D
- -0.05%
- 1M
- -0.25%
- 6M
- 12.82%
- YTD
- 18.18%
- 1Y
- 23.94%
- 3Y*
- 18.17%
- 5Y*
- 14.23%
- 10Y*
- —
SMN vs. IFRA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -21.35% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 21.17% |
IFRA iShares U.S. Infrastructure ETF | 18.18% | 15.90% | 17.02% | 13.42% | -3.32% | 29.81% | 7.37% | 27.00% | -7.97% |
Correlation
The correlation between SMN and IFRA 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 | -0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | -0.79 |
The correlation between SMN and IFRA has been stable across timeframes, ranging from -0.80 to -0.77 - a consistent structural relationship.
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Return for Risk
SMN vs. IFRA — Risk / Return Rank
SMN
IFRA
SMN vs. IFRA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and iShares U.S. Infrastructure ETF (IFRA). 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 | IFRA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.86 | -3.38 |
| Martin ratioReturn relative to average drawdown | -0.85 | 10.09 | -10.94 |
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Drawdowns
SMN vs. IFRA - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than IFRA's maximum drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for SMN and IFRA.
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Drawdown Indicators
| SMN | IFRA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -41.06% | -58.86% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -8.40% | -30.12% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -19.93% | -33.78% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -19.93% | -46.12% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -3.68% | -96.23% |
Average DrawdownAverage peak-to-trough decline | -90.58% | -5.10% | -85.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.56% | 2.38% | +21.18% |
Volatility
SMN vs. IFRA - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 12.52% compared to iShares U.S. Infrastructure ETF (IFRA) at 4.60%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than IFRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | IFRA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.52% | 4.60% | +7.92% |
Volatility (6M)Calculated over the trailing 6-month period | 28.17% | 11.84% | +16.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.48% | 15.21% | +20.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.70% | 17.88% | +21.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.83% | 21.32% | +21.51% |
SMN vs. IFRA - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than IFRA's 0.30% expense ratio.
Dividends
SMN vs. IFRA - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.55%, more than IFRA's 1.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFRA iShares U.S. Infrastructure ETF | 1.58% | 1.84% | 1.75% | 1.98% | 1.98% | 1.63% | 2.08% | 1.68% | 2.50% |
SMN ProShares UltraShort Basic Materials | 3.55% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
Frequently Asked Questions
SMN and IFRA 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 (12.52%) compared to IFRA (4.60%). In terms of maximum drawdown, SMN dropped -99.92% vs IFRA's -41.06%.
On 5-year performance, IFRA leads with 14.23% vs -16.05% for SMN. On fees, IFRA is cheaper at 0.30% per year. On volatility, IFRA has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IFRA has performed better with a 14.23% return vs -16.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFRA is cheaper with a 0.30% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.55%, compared with 1.58% for IFRA.
SMN is categorized as Leveraged Equities, while IFRA is Industrials Equities. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while IFRA tracks NYSE FactSet U.S. Infrastructure Index (TR). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SMN and 0.30% for IFRA.
IFRA currently has the higher Sharpe Ratio (1.58 vs -0.56), 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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