SMN vs. SOXX
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 -24.33%/yr vs 32.19%/yr for SOXX. Their -0.60 correlation means they have often moved in opposite directions in the past. SMN charges 0.95%/yr vs 0.34%/yr for SOXX.
Performance
SMN vs. SOXX - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -21.02% return, which is significantly lower than SOXX's 67.84% return. Over the past 10 years, SMN has underperformed SOXX with an annualized return of -24.33%, while SOXX has yielded a comparatively higher 32.19% annualized return.
SMN
- 1D
- 4.82%
- 1M
- 5.83%
- 6M
- -6.93%
- YTD
- -21.02%
- 1Y
- -27.84%
- 3Y*
- -11.39%
- 5Y*
- -15.10%
- 10Y*
- -24.33%
- ALL TIME*
- -27.57%
SOXX
- 1D
- 0.07%
- 1M
- -10.85%
- 6M
- 45.95%
- YTD
- 67.84%
- 1Y
- 113.81%
- 3Y*
- 42.35%
- 5Y*
- 28.10%
- 10Y*
- 32.19%
- ALL TIME*
- 13.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $75.76K | $77.21K | $125.63K | |
| $6.04B | $5.84B | $5.80B |
SMN vs. SOXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -21.02% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
SOXX iShares Semiconductor ETF | 67.84% | 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 -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.37 |
Correlation (3Y) Balances recent behavior with more history. | -0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.52 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.60 |
Over the past year, the inverse relationship between SMN and SOXX has weakened: their correlation has moved from -0.60 to -0.37, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. SOXX — Risk / Return Rank
SMN
SOXX
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.
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 | SOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.38 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 3.86 | -4.52 |
| Martin ratioReturn relative to average drawdown | -1.03 | 16.24 | -17.27 |
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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.
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Drawdown Indicators
| SMN | SOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -70.21% | -29.71% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -29.01% | -9.51% |
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 | -94.78% | -45.75% | -49.03% |
Current DrawdownCurrent decline from peak | -99.91% | -22.92% | -76.99% |
Average DrawdownAverage peak-to-trough decline | -90.61% | -19.92% | -70.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.80% | 6.88% | +17.92% |
Volatility
SMN vs. SOXX - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.50%, while iShares Semiconductor ETF (SOXX) has a volatility of 17.83%. 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.
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Volatility by Period
| SMN | SOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.50% | 17.83% | -6.33% |
Volatility (6M)Calculated over the trailing 6-month period | 28.66% | 38.92% | -10.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.55% | 44.48% | -8.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.71% | 38.24% | +1.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.89% | 34.54% | +8.35% |
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 3.54%, more than SOXX's 0.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | 3.54% | 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 | 0.29% | 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 -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXX has higher volatility (17.83%) compared to SMN (11.50%). In terms of maximum drawdown, SMN dropped -99.92% vs SOXX's -70.21%.
On 10-year performance, SOXX leads with 32.19% vs -24.33% for SMN. On fees, SOXX is cheaper at 0.34% per year. On volatility, SMN has been the lower-risk option at 11.50%. 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 32.19% return vs -24.33%. 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 3.54%, compared with 0.29% 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 (2.53 vs -0.72), 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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