SMN vs. JPUS
SMN (ProShares UltraShort Basic Materials) and JPUS (JPMorgan Diversified Return US Equity ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while JPUS is a Large Cap Blend Equities fund tracking the JPMorgan Diversified Factor US Equity Index. Both are passively managed. Over the past 10 years, SMN returned -24.12%/yr vs 11.33%/yr for JPUS. At a correlation of -0.78, they often move in opposite directions. SMN charges 0.95%/yr vs 0.18%/yr for JPUS.
Performance
SMN vs. JPUS - 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 JPUS's 14.88% return. Over the past 10 years, SMN has underperformed JPUS with an annualized return of -24.12%, while JPUS has yielded a comparatively higher 11.33% 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%
JPUS
- 1D
- 0.53%
- 1M
- 2.26%
- 6M
- 11.42%
- YTD
- 14.88%
- 1Y
- 21.29%
- 3Y*
- 14.53%
- 5Y*
- 10.27%
- 10Y*
- 11.33%
- ALL TIME*
- 12.10%
SMN vs. JPUS - 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% |
JPUS JPMorgan Diversified Return US Equity ETF | 14.88% | 11.18% | 13.48% | 10.98% | -8.47% | 29.09% | 7.54% | 25.50% | -6.14% | 20.58% |
Correlation
The correlation between SMN and JPUS is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.82 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015 | -0.78 |
The correlation between SMN and JPUS 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. JPUS — Risk / Return Rank
SMN
JPUS
SMN vs. JPUS - 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 Equity ETF (JPUS). 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 | JPUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.63 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.36 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 3.10 | -3.62 |
| Martin ratioReturn relative to average drawdown | -0.84 | 12.47 | -13.31 |
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Drawdowns
SMN vs. JPUS - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than JPUS's maximum drawdown of -38.69%. Use the drawdown chart below to compare losses from any high point for SMN and JPUS.
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Drawdown Indicators
| SMN | JPUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -38.69% | -61.23% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -6.90% | -31.62% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -15.96% | -37.75% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -19.04% | -47.01% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | -38.69% | -56.09% |
Current DrawdownCurrent decline from peak | -99.91% | -0.40% | -99.51% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -3.78% | -86.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 1.71% | +22.34% |
Volatility
SMN vs. JPUS - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 9.80% compared to JPMorgan Diversified Return US Equity ETF (JPUS) at 2.20%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than JPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | JPUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 2.20% | +7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 7.66% | +20.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 10.38% | +24.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 14.45% | +25.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 16.71% | +26.13% |
SMN vs. JPUS - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than JPUS's 0.18% expense ratio.
Dividends
SMN vs. JPUS - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.49%, more than JPUS's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPUS JPMorgan Diversified Return US Equity ETF | 1.98% | 2.27% | 2.12% | 2.26% | 2.35% | 1.67% | 1.94% | 2.09% | 2.16% | 1.25% | 0.77% | 0.48% |
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 JPUS have a correlation of -0.79, 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 JPUS (2.20%). In terms of maximum drawdown, SMN dropped -99.92% vs JPUS's -38.69%.
On 10-year performance, JPUS leads with 11.33% vs -24.12% for SMN. On fees, JPUS is cheaper at 0.18% per year. On volatility, JPUS has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JPUS has performed better with a 11.33% return vs -24.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPUS is cheaper with a 0.18% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.49%, compared with 1.98% for JPUS.
SMN is categorized as Leveraged Equities, while JPUS is Large Cap Blend Equities. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while JPUS tracks JPMorgan Diversified Factor US Equity Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for SMN and 0.18% for JPUS.
JPUS currently has the higher Sharpe Ratio (2.06 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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