SMN vs. WTIU
SMN (ProShares UltraShort Basic Materials) and WTIU (MicroSectors Energy 3X Leveraged ETN) are both Leveraged Equities funds - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while WTIU tracks the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). Both are passively managed. Over the past 3 years, SMN returned -17.13%/yr vs 5.95%/yr for WTIU. At a correlation of -0.34, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. WTIU - 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 WTIU's 87.83% 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%
WTIU
- 1D
- -1.95%
- 1M
- -8.81%
- YTD
- 87.83%
- 6M
- 63.25%
- 1Y
- 112.38%
- 3Y*
- 5.95%
- 5Y*
- —
- 10Y*
- —
SMN vs. WTIU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.63% | -17.96% | 7.37% | -6.68% |
WTIU MicroSectors Energy 3X Leveraged ETN | 87.83% | -17.13% | -29.63% | -28.42% |
Correlation
The correlation between SMN and WTIU is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2023 | -0.35 |
Over the past year, the inverse relationship between SMN and WTIU has weakened: their correlation has moved from -0.34 to -0.10, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. WTIU — Risk / Return Rank
SMN
WTIU
SMN vs. WTIU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and MicroSectors Energy 3X Leveraged ETN (WTIU). 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 | WTIU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.26 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.89 | -3.63 |
| Martin ratioReturn relative to average drawdown | -1.33 | 7.08 | -8.41 |
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 | WTIU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | 1.68 | -2.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.10 | -0.44 |
Drawdowns
SMN vs. WTIU - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than WTIU's maximum drawdown of -75.73%. Use the drawdown chart below to compare losses from any high point for SMN and WTIU.
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Drawdown Indicators
| SMN | WTIU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -75.73% | -24.19% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -39.11% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -75.73% | +22.02% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -33.42% | -66.49% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -39.18% | -51.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.36% | 15.92% | +5.44% |
Volatility
SMN vs. WTIU - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.03%, while MicroSectors Energy 3X Leveraged ETN (WTIU) has a volatility of 27.11%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than WTIU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | WTIU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 27.11% | -16.08% |
Volatility (6M)Calculated over the trailing 6-month period | 26.56% | 54.96% | -28.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.82% | 67.43% | -33.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 70.58% | -31.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.89% | 70.58% | -27.69% |
SMN vs. WTIU - Expense Ratio Comparison
Both SMN and WTIU have an expense ratio of 0.95%.
Dividends
SMN vs. WTIU - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.61%, while WTIU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | 4.61% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
WTIU MicroSectors Energy 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMN and WTIU have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WTIU has higher volatility (27.11%) compared to SMN (11.03%). In terms of maximum drawdown, SMN dropped -99.92% vs WTIU's -75.73%.
On 3-year performance, WTIU leads with 5.95% vs -17.13% 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 3-year period, WTIU has performed better with a 5.95% return vs -17.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and WTIU have the same expense ratio: 0.95% per year.
SMN has the higher dividend yield at 4.61%, compared with 0.00% for WTIU.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while WTIU tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). They also come from different issuers: ProShares and REX.
WTIU currently has the higher Sharpe Ratio (1.68 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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