SMN vs. XTJL
SMN (ProShares UltraShort Basic Materials) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. SMN is passively managed, while XTJL is actively managed. Over the past 5 years, SMN returned -16.15%/yr vs 9.64%/yr for XTJL. At a correlation of -0.66, they often move in opposite directions. SMN charges 0.95%/yr vs 0.79%/yr for XTJL.
Performance
SMN vs. XTJL - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -19.90% return, which is significantly lower than XTJL's 6.04% return.
SMN
- 1D
- -0.44%
- 1M
- 6.34%
- 6M
- -9.45%
- YTD
- -19.90%
- 1Y
- -20.05%
- 3Y*
- -12.05%
- 5Y*
- -16.15%
- 10Y*
- -24.12%
- ALL TIME*
- -27.55%
XTJL
- 1D
- 0.70%
- 1M
- 0.43%
- 6M
- 6.37%
- YTD
- 6.04%
- 1Y
- 13.18%
- 3Y*
- 14.06%
- 5Y*
- 9.64%
- 10Y*
- —
- ALL TIME*
- 9.76%
SMN vs. XTJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -19.90% | -17.96% | 7.37% | -20.23% | -3.03% | -21.80% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 6.04% | 15.42% | 14.43% | 25.72% | -15.66% | 7.81% |
Correlation
The correlation between SMN and XTJL is -0.43, 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 | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | -0.66 |
Over the past year, the inverse relationship between SMN and XTJL has weakened: their correlation has moved from -0.66 to -0.43, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. XTJL — Risk / Return Rank
SMN
XTJL
SMN vs. XTJL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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 | XTJL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.30 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.38 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.59 | -3.11 |
| Martin ratioReturn relative to average drawdown | -0.84 | 14.54 | -15.38 |
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Drawdowns
SMN vs. XTJL - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for SMN and XTJL.
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Drawdown Indicators
| SMN | XTJL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -23.24% | -76.68% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -5.12% | -33.40% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -16.70% | -37.01% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -23.24% | -42.81% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -0.35% | -99.56% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -3.94% | -86.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 0.91% | +23.14% |
Volatility
SMN vs. XTJL - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 9.80% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 1.65%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | XTJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 1.65% | +8.15% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 5.80% | +22.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 7.45% | +27.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 15.08% | +24.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 15.04% | +27.80% |
SMN vs. XTJL - Expense Ratio Comparison
SMN has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.
Dividends
SMN vs. XTJL - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.49%, while XTJL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | 3.49% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMN and XTJL have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (9.80%) compared to XTJL (1.65%). In terms of maximum drawdown, SMN dropped -99.92% vs XTJL's -23.24%.
On 5-year performance, XTJL leads with 9.64% vs -16.15% for SMN. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XTJL has performed better with a 9.64% return vs -16.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for SMN.
SMN has the higher dividend yield at 3.49%, compared with 0.00% for XTJL.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SMN and 0.79% for XTJL.
XTJL currently has the higher Sharpe Ratio (1.78 vs -0.57), 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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