SMN vs. SSO
SMN (ProShares UltraShort Basic Materials) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs 24.21%/yr for SSO. At a correlation of -0.76, they often move in opposite directions. SMN charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SMN vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, SMN has underperformed SSO with an annualized return of -25.09%, while SSO has yielded a comparatively higher 24.21% 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%
SSO
- 1D
- -1.40%
- 1M
- 9.75%
- YTD
- 19.37%
- 6M
- 18.81%
- 1Y
- 52.69%
- 3Y*
- 37.56%
- 5Y*
- 19.62%
- 10Y*
- 24.21%
SMN vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 19.37% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SMN and SSO 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 | -0.69 |
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 SSO has weakened: their correlation has moved from -0.76 to -0.52, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. SSO — Risk / Return Rank
SMN
SSO
SMN vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.38 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.91 | -3.67 |
| Martin ratioReturn relative to average drawdown | -1.36 | 12.80 | -14.16 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 2.25 | -3.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.59 | -0.95 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.68 | -1.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.42 | -0.95 |
Drawdowns
SMN vs. SSO - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SMN and SSO.
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Drawdown Indicators
| SMN | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -84.67% | -15.25% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -18.17% | -20.35% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -35.21% | -18.50% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -46.73% | -19.32% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -59.34% | -36.05% |
Current DrawdownCurrent decline from peak | -99.91% | -1.40% | -98.51% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -19.57% | -70.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 4.13% | +17.12% |
Volatility
SMN vs. SSO - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.58% compared to ProShares Ultra S&P500 (SSO) at 5.66%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 5.66% | +5.92% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 17.78% | +8.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 23.60% | +10.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 33.65% | +5.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 35.89% | +7.01% |
SMN vs. SSO - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SMN vs. SSO - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, more than SSO's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SSO ProShares Ultra S&P500 | 0.62% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
SMN and SSO 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 SSO (5.66%). In terms of maximum drawdown, SMN dropped -99.92% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.21% vs -25.09% for SMN. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.21% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 4.62%, compared with 0.62% for SSO.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SMN and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (2.25 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.
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