SMN vs. TQQQ
SMN (ProShares UltraShort Basic Materials) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs 45.33%/yr for TQQQ. At a correlation of -0.61, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. TQQQ - 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 TQQQ's 64.46% return. Over the past 10 years, SMN has underperformed TQQQ with an annualized return of -25.09%, while TQQQ has yielded a comparatively higher 45.33% 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%
TQQQ
- 1D
- -0.76%
- 1M
- 33.35%
- YTD
- 64.46%
- 6M
- 55.93%
- 1Y
- 137.89%
- 3Y*
- 69.49%
- 5Y*
- 28.37%
- 10Y*
- 45.33%
SMN vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between SMN and TQQQ is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.46 |
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 inverse relationship between SMN and TQQQ has weakened: their correlation has moved from -0.61 to -0.40, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. TQQQ — Risk / Return Rank
SMN
TQQQ
SMN vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.77 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.40 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.75 | -4.50 |
| Martin ratioReturn relative to average drawdown | -1.36 | 12.27 | -13.63 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 2.92 | -3.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.43 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.69 | -1.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.74 | -1.28 |
Drawdowns
SMN vs. TQQQ - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SMN and TQQQ.
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Drawdown Indicators
| SMN | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -81.66% | -18.26% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -36.97% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -58.04% | +4.33% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -81.66% | +15.61% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -81.66% | -13.73% |
Current DrawdownCurrent decline from peak | -99.91% | -0.76% | -99.15% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -18.52% | -72.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 11.28% | +9.97% |
Volatility
SMN vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.29%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 13.29% | -1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 36.04% | -9.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 47.60% | -13.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 66.53% | -26.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 65.96% | -23.06% |
SMN vs. TQQQ - Expense Ratio Comparison
Both SMN and TQQQ have an expense ratio of 0.95%.
Dividends
SMN vs. TQQQ - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, more than TQQQ's 0.36% 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% |
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
SMN and TQQQ 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.
TQQQ has higher volatility (13.29%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.33% vs -25.09% for SMN. 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, TQQQ has performed better with a 45.33% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and TQQQ have the same expense ratio: 0.95% per year.
SMN has the higher dividend yield at 4.62%, compared with 0.36% for TQQQ.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (2.92 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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