SMN vs. QTJL

Last updated Jun 24, 2026

SMN (ProShares UltraShort Basic Materials) and QTJL (Innovator Growth Accelerated Plus ETF - July) are both Leveraged Equities funds. SMN is passively managed, while QTJL is actively managed. Over the past 3 years, SMN returned -15.70%/yr vs 19.09%/yr for QTJL. At a correlation of -0.54, they often move in opposite directions. SMN charges 0.95%/yr vs 0.79%/yr for QTJL.

Performance

SMN vs. QTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and Innovator Growth Accelerated Plus ETF - July (QTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMN achieves a -22.50% return, which is significantly lower than QTJL's 7.38% 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%

QTJL

• 1D: -0.04%
• 1M: 0.44%
• YTD: 7.38%
• 6M: 6.82%
• 1Y: 18.59%
• 3Y*: 19.09%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMN vs. QTJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMN ProShares UltraShort Basic Materials	-22.50%	-17.96%	7.37%	-20.23%	-3.03%	-21.80%
QTJL Innovator Growth Accelerated Plus ETF - July	7.38%	21.07%	16.50%	42.39%	-30.16%	9.36%

Correlation

The correlation between SMN and QTJL is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	-0.54

The correlation between SMN and QTJL shifts across timeframes, from -0.54 (all time) to -0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMN vs. QTJL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMN

SMN Risk / Return Rank: 3
SMN Sharpe Ratio Rank: 3
SMN Sortino Ratio Rank: 3
SMN Omega Ratio Rank: 3
SMN Calmar Ratio Rank: 3
SMN Martin Ratio Rank: 2

QTJL

QTJL Risk / Return Rank: 67
QTJL Sharpe Ratio Rank: 61
QTJL Sortino Ratio Rank: 63
QTJL Omega Ratio Rank: 71
QTJL Calmar Ratio Rank: 61
QTJL Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMN vs. QTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and Innovator Growth Accelerated Plus ETF - July (QTJL). 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	QTJL	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	1.89	-2.71
Sortino ratio: Return per unit of downside risk	-1.07	2.70	-3.78
Omega ratio: Gain probability vs. loss probability	0.88	1.39	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.75	2.79	-3.54
Martin ratio: Return relative to average drawdown	-1.28	14.72	-16.01

SMN vs. QTJL - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.82, which is lower than the QTJL Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SMN and QTJL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMN vs. QTJL - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than QTJL's maximum drawdown of -33.40%. Use the drawdown chart below to compare losses from any high point for SMN and QTJL.

Drawdown Indicators

	SMN	QTJL	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-33.40%	-66.52%
Max Drawdown (1Y) Largest decline over 1 year	-38.52%	-6.68%	-31.84%
Max Drawdown (3Y) Largest decline over 3 years	-53.71%	-22.43%	-31.28%
Max Drawdown (5Y) Largest decline over 5 years	-66.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.39%	—	—
Current Drawdown Current decline from peak	-99.91%	-0.04%	-99.87%
Average Drawdown Average peak-to-trough decline	-90.55%	-7.85%	-82.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.40%	1.27%	+21.13%

Volatility

SMN vs. QTJL - Volatility Comparison

ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.78% compared to Innovator Growth Accelerated Plus ETF - July (QTJL) at 0.60%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than QTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMN	QTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	0.60%	+11.18%
Volatility (6M) Calculated over the trailing 6-month period	27.91%	7.42%	+20.49%
Volatility (1Y) Calculated over the trailing 1-year period	35.15%	9.88%	+25.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.65%	20.31%	+19.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.91%	20.31%	+22.60%

SMN vs. QTJL - Expense Ratio Comparison

SMN has a 0.95% expense ratio, which is higher than QTJL's 0.79% expense ratio.

Dividends

SMN vs. QTJL - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.54%, while QTJL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QTJL Innovator Growth Accelerated Plus ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMN ProShares UltraShort Basic Materials	4.54%	4.08%	5.02%	4.54%	0.42%	0.00%	0.00%	0.72%	0.06%

Frequently Asked Questions

Can I hold both SMN and QTJL in my portfolio?

SMN and QTJL have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMN or QTJL?

SMN has higher volatility (11.78%) compared to QTJL (0.60%). In terms of maximum drawdown, SMN dropped -99.92% vs QTJL's -33.40%.

Which ETF is better, SMN or QTJL?

On 3-year performance, QTJL leads with 19.09% vs -15.70% for SMN. On fees, QTJL is cheaper at 0.79% per year. On volatility, QTJL has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMN or QTJL?

Over the 3-year period, QTJL has performed better with a 19.09% return vs -15.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMN or QTJL?

QTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for SMN.

Which ETF pays a higher dividend yield, SMN or QTJL?

SMN has the higher dividend yield at 4.54%, compared with 0.00% for QTJL.

What is the main difference between SMN and QTJL?

They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SMN and 0.79% for QTJL.

Which has better risk-adjusted returns?

QTJL currently has the higher Sharpe Ratio (1.89 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.