SMN vs. IWS
SMN (ProShares UltraShort Basic Materials) and IWS (iShares Russell Mid-Cap Value ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while IWS is a Mid Cap Value Equities fund tracking the Russell Midcap Value Index. Both are passively managed. Over the past 10 years, SMN returned -24.33%/yr vs 10.30%/yr for IWS. Their -0.82 correlation means they have often moved in opposite directions in the past. SMN charges 0.95%/yr vs 0.23%/yr for IWS.
Performance
SMN vs. IWS - 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 IWS's 19.19% return. Over the past 10 years, SMN has underperformed IWS with an annualized return of -24.33%, while IWS has yielded a comparatively higher 10.30% annualized 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%
IWS
- 1D
- -0.31%
- 1M
- 0.62%
- 6M
- 14.40%
- YTD
- 19.19%
- 1Y
- 27.66%
- 3Y*
- 15.33%
- 5Y*
- 9.45%
- 10Y*
- 10.30%
- ALL TIME*
- 9.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.38M | $82.14M | $73.71M | |
| $75.76K | $77.21K | $125.63K |
SMN vs. IWS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -21.02% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
IWS iShares Russell Mid-Cap Value ETF | 19.19% | 10.82% | 12.91% | 12.52% | -12.29% | 28.10% | 4.83% | 26.73% | -12.43% | 13.14% |
Correlation
The correlation between SMN and IWS is -0.78, 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. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.82 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.82 |
The correlation between SMN and IWS has been stable across timeframes, ranging from -0.83 to -0.78 - a consistent structural relationship.
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Return for Risk
SMN vs. IWS — Risk / Return Rank
SMN
IWS
SMN vs. IWS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and iShares Russell Mid-Cap Value ETF (IWS). 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 | IWS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.71 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.34 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 3.47 | -4.13 |
| Martin ratioReturn relative to average drawdown | -1.03 | 13.35 | -14.38 |
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Drawdowns
SMN vs. IWS - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than IWS's maximum drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for SMN and IWS.
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Drawdown Indicators
| SMN | IWS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -62.40% | -37.52% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -7.53% | -30.99% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -20.57% | -33.14% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -21.23% | -44.82% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | -43.83% | -50.95% |
Current DrawdownCurrent decline from peak | -99.91% | -1.38% | -98.53% |
Average DrawdownAverage peak-to-trough decline | -90.61% | -7.97% | -82.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.80% | 1.95% | +22.85% |
Volatility
SMN vs. IWS - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.50% compared to iShares Russell Mid-Cap Value ETF (IWS) at 2.96%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | IWS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.50% | 2.96% | +8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 28.66% | 9.98% | +18.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.55% | 13.46% | +22.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.71% | 17.26% | +22.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.89% | 19.30% | +23.59% |
SMN vs. IWS - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than IWS's 0.23% expense ratio.
Dividends
SMN vs. IWS - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.54%, more than IWS's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWS iShares Russell Mid-Cap Value ETF | 1.30% | 1.53% | 1.50% | 1.76% | 1.93% | 1.39% | 1.87% | 1.97% | 2.53% | 1.96% | 2.10% | 2.14% |
SMN ProShares UltraShort Basic Materials | 3.54% | 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 IWS have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (11.50%) compared to IWS (2.96%). In terms of maximum drawdown, SMN dropped -99.92% vs IWS's -62.40%.
On 10-year performance, IWS leads with 10.30% vs -24.33% for SMN. On fees, IWS is cheaper at 0.23% per year. On volatility, IWS has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWS has performed better with a 10.30% return vs -24.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWS is cheaper with a 0.23% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.54%, compared with 1.30% for IWS.
SMN is categorized as Leveraged Equities, while IWS is Mid Cap Value Equities. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while IWS tracks Russell Midcap Value Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SMN and 0.23% for IWS.
IWS currently has the higher Sharpe Ratio (1.94 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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