SMN vs. OOQB
SMN (ProShares UltraShort Basic Materials) and OOQB (Volatility Shares One+One Nasdaq-100® and Bitcoin ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while OOQB is a Nasdaq-100 fund actively managed by Volatility Shares. SMN is passively managed, while OOQB is actively managed. Over the past year, SMN returned -28.88% vs -27.35% for OOQB. At a correlation of -0.37, they often move in opposite directions. SMN charges 0.95%/yr vs 0.75%/yr for OOQB.
Performance
SMN vs. OOQB - 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 OOQB's -18.43% 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%
OOQB
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- -18.43%
- 6M
- -24.99%
- 1Y
- -27.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMN vs. OOQB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.85% | -6.78% |
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF | -18.43% | -13.30% |
Correlation
The correlation between SMN and OOQB is -0.31, 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 | -0.31 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | -0.37 |
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Return for Risk
SMN vs. OOQB — Risk / Return Rank
SMN
OOQB
SMN vs. OOQB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB). 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 | OOQB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.94 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.51 | -0.24 |
| Martin ratioReturn relative to average drawdown | -1.36 | -0.91 | -0.45 |
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 | OOQB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | -0.53 | -0.32 |
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 | -0.41 | -0.13 |
Drawdowns
SMN vs. OOQB - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than OOQB's maximum drawdown of -53.44%. Use the drawdown chart below to compare losses from any high point for SMN and OOQB.
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Drawdown Indicators
| SMN | OOQB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -53.44% | -46.48% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -53.44% | +14.92% |
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% | -43.69% | -56.22% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -23.26% | -67.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 30.11% | -8.86% |
Volatility
SMN vs. OOQB - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.58% compared to Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) at 0.00%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than OOQB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | OOQB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 0.00% | +11.58% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 39.39% | -12.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 51.57% | -17.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 58.12% | -18.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 58.12% | -15.22% |
SMN vs. OOQB - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than OOQB's 0.75% expense ratio.
Dividends
SMN vs. OOQB - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, less than OOQB's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF | 11.62% | 9.53% | 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 OOQB have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (11.58%) compared to OOQB (0.00%). In terms of maximum drawdown, SMN dropped -99.92% vs OOQB's -53.44%.
On 1-year performance, OOQB leads with -27.35% vs -28.88% for SMN. On fees, OOQB is cheaper at 0.75% per year. On volatility, OOQB has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OOQB has performed better with a -27.35% return vs -28.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OOQB is cheaper with a 0.75% expense ratio, compared with 0.95% for SMN.
OOQB has the higher dividend yield at 11.62%, compared with 4.62% for SMN.
SMN is categorized as Leveraged Equities, while OOQB is Nasdaq-100. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for SMN and 0.75% for OOQB.
OOQB currently has the higher Sharpe Ratio (-0.53 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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