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SMN vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMN vs. UVXY

Last updated Jun 4, 2026

SMN (ProShares UltraShort Basic Materials) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs -72.67%/yr for UVXY. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SMN vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Basic Materials (SMN) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, SMN has outperformed UVXY with an annualized return of -25.09%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMN vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between SMN and UVXY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.48

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

0.61

The correlation between SMN and UVXY shifts across timeframes, from 0.42 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Basic Materials

ProShares Ultra VIX Short-Term Futures ETF

Often compared with SMN:
SMN vs. SOXXSMN vs. SPYSMN vs. VGTSMN vs. ^GSPCSMN vs. VTSMN vs. BITOSMN vs. AMDG
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

SMN vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMN
SMN Risk / Return Rank: 22
Overall Rank
SMN Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SMN Sortino Ratio Rank: 33
Sortino Ratio Rank
SMN Omega Ratio Rank: 33
Omega Ratio Rank
SMN Calmar Ratio Rank: 33
Calmar Ratio Rank
SMN Martin Ratio Rank: 22
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMN vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.

SMNUVXYDifference
Sharpe ratioReturn per unit of total volatility
-0.86
-0.87

+0.01

Sortino ratioReturn per unit of downside risk
-1.14
-1.60

+0.46

Omega ratioGain probability vs. loss probability

0.87

0.82

+0.06

Calmar ratioReturn relative to maximum drawdown

-0.75

-0.97

+0.22

Martin ratioReturn relative to average drawdown

-1.36

-1.31

-0.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMN vs. UVXY - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.86, which is comparable to the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SMN and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SMNUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.86

-0.87

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

-0.66

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

-0.64

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.54

-0.68

+0.14

Drawdowns

SMN vs. UVXY - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMN and UVXY.

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Drawdown Indicators

SMNUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-99.92%

-100.00%

+0.08%

Max Drawdown (1Y)

Largest decline over 1 year

-38.52%

-75.22%

+36.70%

Max Drawdown (3Y)

Largest decline over 3 years

-53.71%

-95.45%

+41.74%

Max Drawdown (5Y)

Largest decline over 5 years

-66.05%

-99.68%

+33.63%

Max Drawdown (10Y)

Largest decline over 10 years

-95.39%

-100.00%

+4.61%

Current Drawdown

Current decline from peak

-99.91%

-100.00%

+0.09%

Average Drawdown

Average peak-to-trough decline

-90.55%

-98.55%

+8.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.25%

55.63%

-34.38%

Volatility

SMN vs. UVXY - Volatility Comparison

ProShares UltraShort Basic Materials (SMN) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 11.58% and 11.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMNUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.58%

11.77%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

26.63%

62.64%

-36.01%

Volatility (1Y)

Calculated over the trailing 1-year period

33.89%

84.42%

-50.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.54%

103.85%

-64.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.90%

113.82%

-70.92%

SMN vs. UVXY - Expense Ratio Comparison

Both SMN and UVXY have an expense ratio of 0.95%.

Dividends

SMN vs. UVXY - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.62%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
SMN
ProShares UltraShort Basic Materials		4.62%4.08%5.02%4.54%0.42%0.00%0.00%0.72%0.06%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SMN and UVXY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs UVXY's -100.00%.

On 10-year performance, SMN leads with -25.09% vs -72.67% for UVXY. 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, SMN has performed better with a -25.09% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMN and UVXY have the same expense ratio: 0.95% per year.

SMN has the higher dividend yield at 4.62%, compared with 0.00% for UVXY.

SMN is categorized as Leveraged Equities, while UVXY is Volatility. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

SMN currently has the higher Sharpe Ratio (-0.86 vs -0.87), 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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