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 -24.12%/yr vs -55.01%/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 -19.90% return, which is significantly higher than SQQQ's -39.73% return. Over the past 10 years, SMN has outperformed SQQQ with an annualized return of -24.12%, while SQQQ has yielded a comparatively lower -55.01% 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%
SQQQ
- 1D
- -5.55%
- 1M
- 11.44%
- 6M
- -41.66%
- YTD
- -39.73%
- 1Y
- -53.42%
- 3Y*
- -52.07%
- 5Y*
- -45.43%
- 10Y*
- -55.01%
- ALL TIME*
- -52.98%
SMN vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -39.73% | -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 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.61 |
Over the past year, the correlation between SMN and SQQQ has dropped to 0.36 - 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.
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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.84 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.88 | +0.36 |
| Martin ratioReturn relative to average drawdown | -0.84 | -1.58 | +0.74 |
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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% | -61.03% | +22.51% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -92.51% | +38.80% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -97.27% | +31.22% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | -99.97% | +5.19% |
Current DrawdownCurrent decline from peak | -99.91% | -100.00% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -92.76% | +2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 33.87% | -9.82% |
Volatility
SMN vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 9.80%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.47%. 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 | 9.80% | 21.47% | -11.67% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 46.64% | -18.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 56.29% | -21.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 67.96% | -28.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 66.62% | -23.78% |
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 3.49%, less than SQQQ's 9.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 9.91% | 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 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (21.47%) compared to SMN (9.80%). In terms of maximum drawdown, SMN dropped -99.92% vs SQQQ's -100.00%.
On 10-year performance, SMN leads with -24.12% vs -55.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 9.80%. 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 -24.12% return vs -55.01%. 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 9.91%, compared with 3.49% 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 (-0.57 vs -0.95), 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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