SMN vs. USD
SMN (ProShares UltraShort Basic Materials) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SMN returned -24.91%/yr vs 61.24%/yr for USD. At a correlation of -0.57, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -23.63% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, SMN has underperformed USD with an annualized return of -24.91%, while USD has yielded a comparatively higher 61.24% annualized return.
SMN
- 1D
- 0.29%
- 1M
- -0.39%
- YTD
- -23.63%
- 6M
- -28.01%
- 1Y
- -28.36%
- 3Y*
- -17.13%
- 5Y*
- -14.30%
- 10Y*
- -24.91%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
SMN vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.63% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SMN and USD is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007 | -0.57 |
Over the past year, the inverse relationship between SMN and USD has weakened: their correlation has moved from -0.57 to -0.26, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. USD — Risk / Return Rank
SMN
USD
SMN vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.73 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.48 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 7.94 | -8.68 |
| Martin ratioReturn relative to average drawdown | -1.33 | 22.96 | -24.29 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | 4.12 | -4.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.89 | -1.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | 0.89 | -1.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.49 | -1.02 |
Drawdowns
SMN vs. USD - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SMN and USD.
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Drawdown Indicators
| SMN | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -88.63% | -11.29% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -31.80% | -6.72% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -64.46% | +10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -77.85% | +11.80% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -77.85% | -17.54% |
Current DrawdownCurrent decline from peak | -99.91% | -6.07% | -93.84% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -32.35% | -58.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.36% | 10.98% | +10.38% |
Volatility
SMN vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.03%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 21.29% | -10.26% |
Volatility (6M)Calculated over the trailing 6-month period | 26.56% | 46.74% | -20.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.82% | 61.28% | -27.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 76.56% | -37.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.89% | 69.24% | -26.35% |
SMN vs. USD - Expense Ratio Comparison
Both SMN and USD have an expense ratio of 0.95%.
Dividends
SMN vs. USD - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.61%, more than USD's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | 4.61% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SMN and USD have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to SMN (11.03%). In terms of maximum drawdown, SMN dropped -99.92% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -24.91% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 61.24% return vs -24.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and USD have the same expense ratio: 0.95% per year.
SMN has the higher dividend yield at 4.61%, compared with 0.23% for USD.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (4.12 vs -0.84), 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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