SMN vs. JPME
SMN (ProShares UltraShort Basic Materials) and JPME (JPMorgan Diversified Return US Mid Cap Equity ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while JPME is a Mid Cap Blend Equities fund tracking the JPMorgan Diversified Factor US Mid Cap Equity Index. Both are passively managed. Over the past 10 years, SMN returned -25.35%/yr vs 11.17%/yr for JPME. At a correlation of -0.81, they often move in opposite directions. SMN charges 0.95%/yr vs 0.24%/yr for JPME.
Performance
SMN vs. JPME - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -22.50% return, which is significantly lower than JPME's 13.31% return. Over the past 10 years, SMN has underperformed JPME with an annualized return of -25.35%, while JPME has yielded a comparatively higher 11.17% annualized return.
SMN
- 1D
- 2.68%
- 1M
- -3.51%
- YTD
- -22.50%
- 6M
- -21.16%
- 1Y
- -28.70%
- 3Y*
- -15.70%
- 5Y*
- -16.33%
- 10Y*
- -25.35%
JPME
- 1D
- -0.50%
- 1M
- 0.96%
- YTD
- 13.31%
- 6M
- 12.30%
- 1Y
- 21.44%
- 3Y*
- 15.07%
- 5Y*
- 8.96%
- 10Y*
- 11.17%
SMN vs. JPME - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -22.50% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
JPME JPMorgan Diversified Return US Mid Cap Equity ETF | 13.31% | 8.26% | 13.55% | 11.28% | -10.12% | 28.90% | 8.46% | 25.87% | -8.92% | 19.09% |
Correlation
The correlation between SMN and JPME is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since May 18, 2016 | -0.81 |
The correlation between SMN and JPME has been stable across timeframes, ranging from -0.84 to -0.80 - a consistent structural relationship.
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Return for Risk
SMN vs. JPME — Risk / Return Rank
SMN
JPME
SMN vs. JPME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and JPMorgan Diversified Return US Mid Cap Equity ETF (JPME). 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 | JPME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.30 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.15 | -3.90 |
| Martin ratioReturn relative to average drawdown | -1.28 | 11.64 | -12.92 |
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Drawdowns
SMN vs. JPME - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than JPME's maximum drawdown of -41.01%. Use the drawdown chart below to compare losses from any high point for SMN and JPME.
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Drawdown Indicators
| SMN | JPME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -41.01% | -58.91% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -6.84% | -31.68% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -18.70% | -35.01% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -19.30% | -46.75% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -41.01% | -54.38% |
Current DrawdownCurrent decline from peak | -99.91% | -1.71% | -98.20% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -4.37% | -86.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.40% | 1.85% | +20.55% |
Volatility
SMN vs. JPME - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.78% compared to JPMorgan Diversified Return US Mid Cap Equity ETF (JPME) at 3.37%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than JPME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | JPME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 3.37% | +8.41% |
Volatility (6M)Calculated over the trailing 6-month period | 27.91% | 8.67% | +19.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.15% | 12.19% | +22.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.65% | 16.14% | +23.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.91% | 17.70% | +25.21% |
SMN vs. JPME - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than JPME's 0.24% expense ratio.
Dividends
SMN vs. JPME - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.54%, more than JPME's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
JPME JPMorgan Diversified Return US Mid Cap Equity ETF | 1.82% | 2.03% | 1.77% | 1.84% | 1.84% | 1.44% | 1.51% | 1.68% | 1.80% | 1.17% | 0.91% |
SMN ProShares UltraShort Basic Materials | 4.54% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
SMN and JPME have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (11.78%) compared to JPME (3.37%). In terms of maximum drawdown, SMN dropped -99.92% vs JPME's -41.01%.
On 10-year performance, JPME leads with 11.17% vs -25.35% for SMN. On fees, JPME is cheaper at 0.24% per year. On volatility, JPME has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JPME has performed better with a 11.17% return vs -25.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPME is cheaper with a 0.24% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 4.54%, compared with 1.82% for JPME.
SMN is categorized as Leveraged Equities, while JPME is Mid Cap Blend Equities. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while JPME tracks JPMorgan Diversified Factor US Mid Cap Equity Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for SMN and 0.24% for JPME.
JPME currently has the higher Sharpe Ratio (1.77 vs -0.82), 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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