SMN vs. SPY
SMN (ProShares UltraShort Basic Materials) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SMN returned -25.35%/yr vs 15.53%/yr for SPY. At a correlation of -0.76, they often move in opposite directions. SMN charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
SMN vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SMN achieves a -22.50% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, SMN has underperformed SPY with an annualized return of -25.35%, while SPY has yielded a comparatively higher 15.53% annualized return.
SMN
- 1D
- 2.68%
- 1M
- -3.51%
- YTD
- -22.50%
- 6M
- -21.16%
- 1Y
- -28.70%
- 3Y*
- -15.70%
- 5Y*
- -16.33%
- 10Y*
- -25.35%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
SMN vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -22.50% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between SMN and SPY 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 | -0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.76 |
Over the past year, the inverse relationship between SMN and SPY has weakened: their correlation has moved from -0.76 to -0.52, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMN vs. SPY — Risk / Return Rank
SMN
SPY
SMN vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.34 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.67 | -3.41 |
| Martin ratioReturn relative to average drawdown | -1.28 | 11.92 | -13.20 |
Loading charts...
Drawdowns
SMN vs. SPY - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SMN and SPY.
Loading charts...
Drawdown Indicators
| SMN | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -55.19% | -44.73% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -8.88% | -29.64% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -18.76% | -34.95% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -24.50% | -41.55% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -33.72% | -61.67% |
Current DrawdownCurrent decline from peak | -99.91% | -3.17% | -96.74% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -9.04% | -81.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.40% | 1.98% | +20.42% |
Volatility
SMN vs. SPY - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.78% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMN | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 4.87% | +6.91% |
Volatility (6M)Calculated over the trailing 6-month period | 27.91% | 9.85% | +18.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.15% | 12.50% | +22.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.65% | 17.15% | +22.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.91% | 17.95% | +24.96% |
SMN vs. SPY - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
SMN vs. SPY - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.54%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | 4.54% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SMN and SPY 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 (11.78%) compared to SPY (4.87%). In terms of maximum drawdown, SMN dropped -99.92% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -25.35% for SMN. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.53% return vs -25.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 4.54%, compared with 1.03% for SPY.
SMN is categorized as Leveraged Equities, while SPY is S&P 500. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SMN and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.90 vs -0.82), 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.
Find the right allocation for SMN and SPY
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