SMN vs. NRGU
SMN (ProShares UltraShort Basic Materials) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both Leveraged Equities funds - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while NRGU tracks the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, SMN returned -28.88% vs 156.99% for NRGU. At a correlation of -0.25, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. NRGU - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than NRGU's 129.31% return.
SMN
- 1D
- -0.81%
- 1M
- -4.18%
- YTD
- -23.85%
- 6M
- -27.24%
- 1Y
- -28.88%
- 3Y*
- -17.26%
- 5Y*
- -14.35%
- 10Y*
- -25.09%
NRGU
- 1D
- 2.53%
- 1M
- -6.67%
- YTD
- 129.31%
- 6M
- 97.01%
- 1Y
- 156.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMN vs. NRGU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.85% | -7.37% |
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN | 129.31% | -33.00% |
Correlation
The correlation between SMN and NRGU is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025 | -0.25 |
The correlation between SMN and NRGU shifts across timeframes, from -0.25 (all time) to -0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMN vs. NRGU — Risk / Return Rank
SMN
NRGU
SMN vs. NRGU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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.
| SMN | NRGU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -3.57 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.95 | -4.71 |
| Martin ratioReturn relative to average drawdown | -1.36 | 9.88 | -11.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMN | NRGU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 2.11 | -2.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.45 | -0.99 |
Drawdowns
SMN vs. NRGU - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than NRGU's maximum drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for SMN and NRGU.
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Drawdown Indicators
| SMN | NRGU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -57.50% | -42.42% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -39.95% | +1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -20.91% | -79.00% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -25.42% | -65.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 15.96% | +5.29% |
Volatility
SMN vs. NRGU - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 31.63%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | NRGU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 31.63% | -20.05% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 61.27% | -34.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 75.15% | -41.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 89.15% | -49.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 89.15% | -46.25% |
SMN vs. NRGU - Expense Ratio Comparison
Both SMN and NRGU have an expense ratio of 0.95%.
Dividends
SMN vs. NRGU - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, while NRGU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMN ProShares UltraShort Basic Materials | 4.62% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
Frequently Asked Questions
SMN and NRGU have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRGU has higher volatility (31.63%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs NRGU's -57.50%.
On 1-year performance, NRGU leads with 156.99% vs -28.88% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NRGU has performed better with a 156.99% return vs -28.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and NRGU have the same expense ratio: 0.95% per year.
SMN has the higher dividend yield at 4.62%, compared with 0.00% for NRGU.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: ProShares and BMO.
NRGU currently has the higher Sharpe Ratio (2.11 vs -0.86), 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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