SMN vs. SPUU
SMN (ProShares UltraShort Basic Materials) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) 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% Daily). Both are passively managed. Over the past 10 years, SMN returned -24.12%/yr vs 23.68%/yr for SPUU. At a correlation of -0.71, they often move in opposite directions. SMN charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
SMN vs. SPUU - 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 SPUU's 17.44% return. Over the past 10 years, SMN has underperformed SPUU with an annualized return of -24.12%, while SPUU has yielded a comparatively higher 23.68% annualized 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%
SPUU
- 1D
- 1.64%
- 1M
- -0.07%
- 6M
- 19.13%
- YTD
- 17.44%
- 1Y
- 35.61%
- 3Y*
- 32.32%
- 5Y*
- 18.19%
- 10Y*
- 23.68%
- ALL TIME*
- 21.48%
SMN vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -19.90% | -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 ETF | 17.44% | 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 -0.49, 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 | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
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 6, 2014 | -0.71 |
Over the past year, the inverse relationship between SMN and SPUU has weakened: their correlation has moved from -0.71 to -0.49, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. SPUU — Risk / Return Rank
SMN
SPUU
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 ETF (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.
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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.25 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 1.97 | -2.49 |
| Martin ratioReturn relative to average drawdown | -0.84 | 8.10 | -8.93 |
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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
| SMN | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -94.78% | -59.35% | -35.43% |
Current DrawdownCurrent decline from peak | -99.91% | -3.23% | -96.68% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -9.45% | -81.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 4.41% | +19.64% |
Volatility
SMN vs. SPUU - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 9.80% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 6.44%. 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
| SMN | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 6.44% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 20.28% | +7.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 25.39% | +9.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 33.65% | +5.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 35.77% | +7.07% |
SMN vs. SPUU - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
SMN vs. SPUU - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.49%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | 3.49% | 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 ETF | 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 -0.49, 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 SPUU (6.44%). In terms of maximum drawdown, SMN dropped -99.92% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 23.68% vs -24.12% for SMN. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 6.44%. 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 23.68% return vs -24.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.49%, compared with 1.34% for SPUU.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMN and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.41 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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