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SMN vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMN vs. SPY

Last updated Jun 4, 2026

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 -25.09%/yr vs 15.49%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return. Over the past 10 years, SMN has underperformed SPY with an annualized return of -25.09%, while SPY has yielded a comparatively higher 15.49% 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%

SPY

1D
-0.70%
1M
5.05%
YTD
10.91%
6M
10.91%
1Y
27.98%
3Y*
22.35%
5Y*
13.83%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMN vs. SPY - 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%
SPY
State Street SPDR S&P 500 ETF		10.91%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 5, 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.

ProShares UltraShort Basic Materials

State Street SPDR S&P 500 ETF

Often compared with SMN:
SMN vs. SOXXSMN vs. VGTSMN vs. ^GSPCSMN vs. VTSMN vs. BITOSMN vs. AMDGSMN vs. IFED
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

SMN vs. SPY — 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
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
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. 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.

SMNSPYDifference
Sharpe ratioReturn per unit of total volatility
-0.86
2.38

-3.23

Sortino ratioReturn per unit of downside risk
-1.14
3.24

-4.38

Omega ratioGain probability vs. loss probability

0.87

1.43

-0.56

Calmar ratioReturn relative to maximum drawdown

-0.75

3.16

-3.92

Martin ratioReturn relative to average drawdown

-1.36

14.72

-16.08

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. SPY - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.86, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SMN and SPY, 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

SMNSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.86

2.38

-3.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

0.82

-1.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

0.87

-1.45

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.54

0.59

-1.12

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.

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Drawdown Indicators

SMNSPYDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-99.91%

-0.70%

-99.21%

Average Drawdown

Average peak-to-trough decline

-90.55%

-9.05%

-81.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.25%

1.91%

+19.34%

Volatility

SMN vs. SPY - Volatility Comparison

ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.58% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. 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.

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Volatility by Period

SMNSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.58%

2.84%

+8.74%

Volatility (6M)

Calculated over the trailing 6-month period

26.63%

8.90%

+17.73%

Volatility (1Y)

Calculated over the trailing 1-year period

33.89%

11.83%

+22.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.54%

17.05%

+22.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.90%

17.94%

+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 4.62%, more than SPY's 0.98% 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%
SPY
State Street SPDR S&P 500 ETF		0.98%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 (11.58%) compared to SPY (2.84%). In terms of maximum drawdown, SMN dropped -99.92% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.49% vs -25.09% for SMN. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. 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 15.49% return vs -25.09%. 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 4.62%, compared with 0.98% 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 (2.38 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

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