PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SMN vs. SOXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMN vs. SOXX

Last updated Jun 4, 2026

SMN (ProShares UltraShort Basic Materials) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs 35.79%/yr for SOXX. At a correlation of -0.61, they often move in opposite directions. SMN charges 0.95%/yr vs 0.34%/yr for SOXX.

Performance

SMN vs. SOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and iShares Semiconductor ETF (SOXX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than SOXX's 104.57% return. Over the past 10 years, SMN has underperformed SOXX with an annualized return of -25.09%, while SOXX has yielded a comparatively higher 35.79% annualized 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%

SOXX

1D
1.76%
1M
33.25%
YTD
104.57%
6M
99.43%
1Y
190.05%
3Y*
57.39%
5Y*
34.50%
10Y*
35.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMN vs. SOXX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMN
ProShares UltraShort Basic Materials		-23.85%-17.96%7.37%-20.23%-3.03%-45.83%-55.75%-33.63%32.74%-38.03%
SOXX
iShares Semiconductor ETF		104.57%40.74%12.92%67.12%-35.09%44.09%52.72%62.42%-6.49%39.79%

Correlation

The correlation between SMN and SOXX is -0.44, 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

-0.44

Correlation (3Y)
Calculated over the trailing 3-year period

-0.46

Correlation (5Y)
Calculated over the trailing 5-year period

-0.53

Correlation (10Y)
Calculated over the trailing 10-year period

-0.55

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2007

-0.61

The correlation between SMN and SOXX shifts across timeframes, from -0.61 (all time) to -0.44 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Basic Materials

iShares Semiconductor ETF

Often compared with SMN:
SMN vs. SPYSMN vs. VGTSMN vs. ^GSPCSMN vs. VTSMN vs. BITOSMN vs. AMDGSMN vs. IFED
Often compared with SOXX:
SOXX vs. SMHSOXX vs. QQQSOXX vs. SOXLSOXX vs. SOXQSOXX vs. FSELXSOXX vs. VGTSOXX vs. VOO

Return for Risk

SMN vs. SOXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMN
SMN Risk / Return Rank: 22
Overall Rank
SMN Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SMN Sortino Ratio Rank: 33
Sortino Ratio Rank
SMN Omega Ratio Rank: 33
Omega Ratio Rank
SMN Calmar Ratio Rank: 33
Calmar Ratio Rank
SMN Martin Ratio Rank: 22
Martin Ratio Rank
SOXX
SOXX Risk / Return Rank: 9797
Overall Rank
SOXX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SOXX Sortino Ratio Rank: 9595
Sortino Ratio Rank
SOXX Omega Ratio Rank: 9595
Omega Ratio Rank
SOXX Calmar Ratio Rank: 9797
Calmar Ratio Rank
SOXX Martin Ratio Rank: 9797
Martin Ratio Rank
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. SOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and iShares Semiconductor ETF (SOXX). 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.

SMNSOXXDifference
Sharpe ratioReturn per unit of total volatility
-0.86
5.61

-6.47

Sortino ratioReturn per unit of downside risk
-1.14
5.36

-6.50

Omega ratioGain probability vs. loss probability

0.87

1.74

-0.87

Calmar ratioReturn relative to maximum drawdown

-0.75

12.13

-12.89

Martin ratioReturn relative to average drawdown

-1.36

46.43

-47.80

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMN vs. SOXX - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.86, which is lower than the SOXX Sharpe Ratio of 5.61. The chart below compares the historical Sharpe Ratios of SMN and SOXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

SMNSOXXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.86

5.61

-6.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

0.96

-1.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

1.07

-1.66

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.54

0.45

-0.99

Drawdowns

SMN vs. SOXX - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than SOXX's maximum drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for SMN and SOXX.

Loading charts...

Drawdown Indicators

SMNSOXXDifference

Max Drawdown

Largest peak-to-trough decline

-99.92%

-70.21%

-29.71%

Max Drawdown (1Y)

Largest decline over 1 year

-38.52%

-15.77%

-22.75%

Max Drawdown (3Y)

Largest decline over 3 years

-53.71%

-41.36%

-12.35%

Max Drawdown (5Y)

Largest decline over 5 years

-66.05%

-45.75%

-20.30%

Max Drawdown (10Y)

Largest decline over 10 years

-95.39%

-45.75%

-49.64%

Current Drawdown

Current decline from peak

-99.91%

0.00%

-99.91%

Average Drawdown

Average peak-to-trough decline

-90.55%

-19.97%

-70.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.25%

4.11%

+17.14%

Volatility

SMN vs. SOXX - Volatility Comparison

The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while iShares Semiconductor ETF (SOXX) has a volatility of 14.03%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SMNSOXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.58%

14.03%

-2.45%

Volatility (6M)

Calculated over the trailing 6-month period

26.63%

27.35%

-0.72%

Volatility (1Y)

Calculated over the trailing 1-year period

33.89%

34.18%

-0.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.54%

36.11%

+3.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.90%

33.43%

+9.47%

SMN vs. SOXX - Expense Ratio Comparison

SMN has a 0.95% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

SMN vs. SOXX - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.62%, more than SOXX's 0.27% yield.

PositionTTM20252024202320222021202020192018201720162015
SMN
ProShares UltraShort Basic Materials		4.62%4.08%5.02%4.54%0.42%0.00%0.00%0.72%0.06%0.00%0.00%0.00%
SOXX
iShares Semiconductor ETF		0.27%0.57%0.67%0.78%1.26%0.64%0.81%1.23%1.37%0.90%1.08%1.29%

Frequently Asked Questions

SMN and SOXX have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SOXX has higher volatility (14.03%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs SOXX's -70.21%.

On 10-year performance, SOXX leads with 35.79% vs -25.09% for SMN. On fees, SOXX is cheaper at 0.34% per year. 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 10-year period, SOXX has performed better with a 35.79% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SOXX is cheaper with a 0.34% expense ratio, compared with 0.95% for SMN.

SMN has the higher dividend yield at 4.62%, compared with 0.27% for SOXX.

SMN is categorized as Leveraged Equities, while SOXX is Semiconductors. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while SOXX tracks NYSE Semiconductor Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SMN and 0.34% for SOXX.

SOXX currently has the higher Sharpe Ratio (5.61 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.

Portfolio Optimizer

Find the right allocation for SMN and SOXX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer