SMN vs. SQQQ
SMN (ProShares UltraShort Basic Materials) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs -56.01%/yr for SQQQ. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SMN vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -23.85% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, SMN has outperformed SQQQ with an annualized return of -25.09%, while SQQQ has yielded a comparatively lower -56.01% 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%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
SMN vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SMN and SQQQ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.61 |
Over the past year, the correlation between SMN and SQQQ has dropped to 0.40 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
SMN vs. SQQQ — Risk / Return Rank
SMN
SQQQ
SMN vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares UltraPro Short QQQ (SQQQ). 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.
| SMN | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.72 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.99 | +0.24 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.82 | +0.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMN | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | -1.37 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.74 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.85 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.88 | +0.34 |
Drawdowns
SMN vs. SQQQ - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMN and SQQQ.
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Drawdown Indicators
| SMN | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -100.00% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -65.95% | +27.43% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -92.38% | +38.67% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -97.23% | +31.18% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -99.98% | +4.59% |
Current DrawdownCurrent decline from peak | -99.91% | -100.00% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -92.40% | +1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 35.73% | -14.48% |
Volatility
SMN vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 13.75% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 36.45% | -9.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 47.79% | -13.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 66.64% | -27.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 66.11% | -23.21% |
SMN vs. SQQQ - Expense Ratio Comparison
Both SMN and SQQQ have an expense ratio of 0.95%.
Dividends
SMN vs. SQQQ - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SMN and SQQQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (13.75%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs SQQQ's -100.00%.
On 10-year performance, SMN leads with -25.09% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMN has performed better with a -25.09% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.48%, compared with 4.62% for SMN.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SMN currently has the higher Sharpe Ratio (-0.86 vs -1.37), 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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