SMN vs. UPRO
SMN (ProShares UltraShort Basic Materials) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, SMN returned -25.35%/yr vs 30.18%/yr for UPRO. At a correlation of -0.77, they often move in opposite directions. SMN charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SMN vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -22.50% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, SMN has underperformed UPRO with an annualized return of -25.35%, while UPRO has yielded a comparatively higher 30.18% annualized return.
SMN
- 1D
- 2.68%
- 1M
- -3.51%
- YTD
- -22.50%
- 6M
- -21.16%
- 1Y
- -28.70%
- 3Y*
- -15.70%
- 5Y*
- -16.33%
- 10Y*
- -25.35%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
SMN vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -22.50% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SMN and UPRO is -0.51, 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 | -0.51 |
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 Jun 25, 2009 | -0.77 |
Over the past year, the inverse relationship between SMN and UPRO has weakened: their correlation has moved from -0.77 to -0.51, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. UPRO — Risk / Return Rank
SMN
UPRO
SMN vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.28 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.34 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.28 | 9.52 | -10.80 |
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Drawdowns
SMN vs. UPRO - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SMN and UPRO.
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Drawdown Indicators
| SMN | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -76.82% | -23.10% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -26.78% | -11.74% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -48.87% | -4.84% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -63.94% | -2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -76.82% | -18.57% |
Current DrawdownCurrent decline from peak | -99.91% | -10.27% | -89.64% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -14.39% | -76.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.40% | 6.57% | +15.83% |
Volatility
SMN vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.78%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 14.68% | -2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 27.91% | 29.49% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.15% | 37.35% | -2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.65% | 50.62% | -10.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.91% | 53.79% | -10.88% |
SMN vs. UPRO - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SMN vs. UPRO - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.54%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | 4.54% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
SMN and UPRO have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to SMN (11.78%). In terms of maximum drawdown, SMN dropped -99.92% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -25.35% for SMN. On fees, UPRO is cheaper at 0.89% per year. On volatility, SMN has been the lower-risk option at 11.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.18% return vs -25.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 4.54%, compared with 0.74% for UPRO.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SMN and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 vs -0.82), 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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