SMN vs. QTJL
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 5 years, SMN returned -16.15%/yr vs 9.59%/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
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Returns By Period
In the year-to-date period, SMN achieves a -19.90% return, which is significantly lower than QTJL's 4.88% 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%
QTJL
- 1D
- 1.71%
- 1M
- -2.29%
- 6M
- 5.46%
- YTD
- 4.88%
- 1Y
- 13.28%
- 3Y*
- 17.35%
- 5Y*
- 9.59%
- 10Y*
- —
- ALL TIME*
- 9.86%
SMN vs. QTJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -19.90% | -17.96% | 7.37% | -20.23% | -3.03% | -21.80% |
QTJL Innovator Growth Accelerated Plus ETF - July | 4.88% | 21.07% | 16.50% | 42.39% | -30.16% | 9.36% |
Correlation
The correlation between SMN and QTJL is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | -0.54 |
Over the past year, the inverse relationship between SMN and QTJL has weakened: their correlation has moved from -0.54 to -0.34, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. QTJL — Risk / Return Rank
SMN
QTJL
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 ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.25 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.00 | -2.52 |
| Martin ratioReturn relative to average drawdown | -0.84 | 9.51 | -10.35 |
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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.
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Drawdown Indicators
| SMN | QTJL | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -33.40% | -32.65% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -2.47% | -97.44% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -7.76% | -82.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 1.40% | +22.65% |
Volatility
SMN vs. QTJL - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 9.80% compared to Innovator Growth Accelerated Plus ETF - July (QTJL) at 4.66%. 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.
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Volatility by Period
| SMN | QTJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 4.66% | +5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 8.62% | +19.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 10.79% | +24.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 20.35% | +19.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 20.26% | +22.58% |
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 3.49%, 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 | 3.49% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
Frequently Asked Questions
SMN and QTJL have a correlation of -0.34, 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 QTJL (4.66%). In terms of maximum drawdown, SMN dropped -99.92% vs QTJL's -33.40%.
On 5-year performance, QTJL leads with 9.59% vs -16.15% for SMN. On fees, QTJL is cheaper at 0.79% per year. On volatility, QTJL has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTJL has performed better with a 9.59% return vs -16.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.49%, compared with 0.00% for QTJL.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SMN and 0.79% for QTJL.
QTJL currently has the higher Sharpe Ratio (1.24 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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