SMN vs. IYM
SMN (ProShares UltraShort Basic Materials) and IYM (iShares U.S. Basic Materials ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while IYM is a Materials fund tracking the Dow Jones U.S. Basic Materials Index. Both are passively managed. Over the past 10 years, SMN returned -24.12%/yr vs 10.01%/yr for IYM. At a correlation of -0.98, they often move in opposite directions. SMN charges 0.95%/yr vs 0.42%/yr for IYM.
Performance
SMN vs. IYM - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -19.90% return, which is significantly lower than IYM's 14.48% return. Over the past 10 years, SMN has underperformed IYM with an annualized return of -24.12%, while IYM has yielded a comparatively higher 10.01% annualized return.
SMN
- 1D
- -0.44%
- 1M
- 6.34%
- 6M
- -9.45%
- YTD
- -19.90%
- 1Y
- -20.05%
- 3Y*
- -12.05%
- 5Y*
- -16.15%
- 10Y*
- -24.12%
- ALL TIME*
- -27.55%
IYM
- 1D
- 1.53%
- 1M
- -5.41%
- 6M
- 3.85%
- YTD
- 14.48%
- 1Y
- 22.11%
- 3Y*
- 10.87%
- 5Y*
- 8.29%
- 10Y*
- 10.01%
- ALL TIME*
- 8.27%
SMN vs. IYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -19.90% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
IYM iShares U.S. Basic Materials ETF | 14.48% | 20.41% | -4.54% | 12.83% | -9.15% | 25.62% | 17.87% | 19.22% | -16.63% | 24.83% |
Correlation
The correlation between SMN and IYM is -0.91, 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 | -0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.98 |
The correlation between SMN and IYM has been stable across timeframes, ranging from -0.98 to -0.91 - a consistent structural relationship.
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Return for Risk
SMN vs. IYM — Risk / Return Rank
SMN
IYM
SMN vs. IYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and iShares U.S. Basic Materials ETF (IYM). 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 | IYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.19 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 1.63 | -2.15 |
| Martin ratioReturn relative to average drawdown | -0.84 | 5.57 | -6.40 |
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Drawdowns
SMN vs. IYM - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than IYM's maximum drawdown of -67.78%. Use the drawdown chart below to compare losses from any high point for SMN and IYM.
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Drawdown Indicators
| SMN | IYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -67.78% | -32.14% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -13.61% | -24.91% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -23.62% | -30.09% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -29.94% | -36.11% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | -42.76% | -52.02% |
Current DrawdownCurrent decline from peak | -99.91% | -7.25% | -92.66% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -11.42% | -79.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 3.98% | +20.07% |
Volatility
SMN vs. IYM - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 9.80% compared to iShares U.S. Basic Materials ETF (IYM) at 5.19%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than IYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | IYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 5.19% | +4.61% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 15.87% | +12.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 19.86% | +15.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 20.48% | +19.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 21.70% | +21.14% |
SMN vs. IYM - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than IYM's 0.42% expense ratio.
Dividends
SMN vs. IYM - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.49%, more than IYM's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYM iShares U.S. Basic Materials ETF | 1.33% | 1.51% | 1.65% | 1.77% | 2.14% | 1.48% | 1.39% | 2.08% | 1.68% | 1.43% | 1.47% | 2.04% |
SMN ProShares UltraShort Basic Materials | 3.49% | 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 IYM have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (9.80%) compared to IYM (5.19%). In terms of maximum drawdown, SMN dropped -99.92% vs IYM's -67.78%.
On 10-year performance, IYM leads with 10.01% vs -24.12% for SMN. On fees, IYM is cheaper at 0.42% per year. On volatility, IYM has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYM has performed better with a 10.01% return vs -24.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYM is cheaper with a 0.42% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.49%, compared with 1.33% for IYM.
SMN is categorized as Leveraged Equities, while IYM is Materials. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while IYM tracks Dow Jones U.S. Basic Materials Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SMN and 0.42% for IYM.
IYM currently has the higher Sharpe Ratio (1.12 vs -0.57), 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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