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SMN vs. SPUU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMN vs. SPUU

Last updated Jun 4, 2026

SMN (ProShares UltraShort Basic Materials) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs 24.77%/yr for SPUU. At a correlation of -0.71, they often move in opposite directions. SMN charges 0.95%/yr vs 0.64%/yr for SPUU.

Performance

SMN vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than SPUU's 19.82% return. Over the past 10 years, SMN has underperformed SPUU with an annualized return of -25.09%, while SPUU has yielded a comparatively higher 24.77% 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%

SPUU

1D
-1.27%
1M
10.01%
YTD
19.82%
6M
19.11%
1Y
53.61%
3Y*
38.21%
5Y*
20.19%
10Y*
24.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMN vs. SPUU - 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%
SPUU
Direxion Daily S&P 500 Bull 2x Shares		19.82%26.55%44.25%47.28%-38.72%61.27%21.85%66.84%-14.59%44.33%

Correlation

The correlation between SMN and SPUU is -0.52, 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

-0.52

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

-0.61

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

-0.68

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

-0.70

Correlation (All Time)
Calculated using the full available price history since Jun 9, 2014

-0.71

The correlation between SMN and SPUU shifts across timeframes, from -0.71 (all time) to -0.52 (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

Direxion Daily S&P 500 Bull 2x Shares

Often compared with SMN:
SMN vs. SOXXSMN vs. SPYSMN vs. VGTSMN vs. ^GSPCSMN vs. VTSMN vs. BITOSMN vs. AMDG
Often compared with SPUU:
SPUU vs. SSOSPUU vs. SPYSPUU vs. SPXLSPUU vs. VOOSPUU vs. QLDSPUU vs. DDMSPUU vs. QQQ

Return for Risk

SMN vs. SPUU — 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
SPUU
SPUU Risk / Return Rank: 6363
Overall Rank
SPUU Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 6060
Sortino Ratio Rank
SPUU Omega Ratio Rank: 6060
Omega Ratio Rank
SPUU Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPUU Martin Ratio Rank: 6969
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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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.

SMNSPUUDifference
Sharpe ratioReturn per unit of total volatility
-0.86
2.26

-3.11

Sortino ratioReturn per unit of downside risk
-1.14
2.87

-4.01

Omega ratioGain probability vs. loss probability

0.87

1.38

-0.50

Calmar ratioReturn relative to maximum drawdown

-0.75

2.96

-3.71

Martin ratioReturn relative to average drawdown

-1.36

13.06

-14.42

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. SPUU - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.86, which is lower than the SPUU Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SMN and SPUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SMNSPUUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.86

2.26

-3.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

0.61

-0.97

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

0.69

-1.28

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.54

0.63

-1.17

Drawdowns

SMN vs. SPUU - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SMN and SPUU.

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Drawdown Indicators

SMNSPUUDifference

Max Drawdown

Largest peak-to-trough decline

-99.92%

-59.35%

-40.57%

Max Drawdown (1Y)

Largest decline over 1 year

-38.52%

-18.19%

-20.33%

Max Drawdown (3Y)

Largest decline over 3 years

-53.71%

-35.18%

-18.53%

Max Drawdown (5Y)

Largest decline over 5 years

-66.05%

-46.59%

-19.46%

Max Drawdown (10Y)

Largest decline over 10 years

-95.39%

-59.35%

-36.04%

Current Drawdown

Current decline from peak

-99.91%

-1.27%

-98.64%

Average Drawdown

Average peak-to-trough decline

-90.55%

-9.51%

-81.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.25%

4.12%

+17.13%

Volatility

SMN vs. SPUU - Volatility Comparison

ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.58% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMNSPUUDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.58%

5.71%

+5.87%

Volatility (6M)

Calculated over the trailing 6-month period

26.63%

18.09%

+8.54%

Volatility (1Y)

Calculated over the trailing 1-year period

33.89%

23.90%

+9.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.54%

33.46%

+6.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.90%

35.77%

+7.13%

SMN vs. SPUU - Expense Ratio Comparison

SMN has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

SMN vs. SPUU - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.62%, more than SPUU's 1.34% 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%
SPUU
Direxion Daily S&P 500 Bull 2x Shares		1.34%1.63%0.55%0.83%0.88%3.04%8.03%1.80%5.50%6.96%8.08%4.42%

Frequently Asked Questions

SMN and SPUU have a correlation of -0.52, 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 SPUU (5.71%). In terms of maximum drawdown, SMN dropped -99.92% vs SPUU's -59.35%.

On 10-year performance, SPUU leads with 24.77% vs -25.09% for SMN. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPUU has performed better with a 24.77% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPUU is cheaper with a 0.64% expense ratio, compared with 0.95% for SMN.

SMN has the higher dividend yield at 4.62%, compared with 1.34% for SPUU.

SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while SPUU tracks S&P 500 Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMN and 0.64% for SPUU.

SPUU currently has the higher Sharpe Ratio (2.26 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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