SSG vs. SMH

Last updated Jul 12, 2026

SSG (Proshares Ultrashort Semiconductors) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SSG returned -61.68%/yr vs 36.59%/yr for SMH. At a correlation of -0.95, they often move in opposite directions. SSG charges 0.95%/yr vs 0.35%/yr for SMH.

Performance

SSG vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Semiconductors (SSG) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSG achieves a -60.52% return, which is significantly lower than SMH's 69.67% return. Over the past 10 years, SSG has underperformed SMH with an annualized return of -61.68%, while SMH has yielded a comparatively higher 36.59% annualized return.

SSG

• 1D: -2.85%
• 1M: -6.82%
• 6M: -58.34%
• YTD: -60.52%
• 1Y: -74.56%
• 3Y*: -73.78%
• 5Y*: -66.30%
• 10Y*: -61.68%

SMH

• 1D: 0.54%
• 1M: -1.44%
• 6M: 56.99%
• YTD: 69.67%
• 1Y: 113.20%
• 3Y*: 59.96%
• 5Y*: 37.42%
• 10Y*: 36.59%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SSG vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSG Proshares Ultrashort Semiconductors	-60.52%	-70.03%	-77.59%	-78.69%	37.90%	-67.46%	-76.50%	-63.33%	-0.79%	-51.60%
SMH VanEck Semiconductor ETF	69.67%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between SSG and SMH is -0.90, 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	-0.90
Correlation (3Y) Calculated over the trailing 3-year period	-0.93
Correlation (5Y) Calculated over the trailing 5-year period	-0.96
Correlation (10Y) Calculated over the trailing 10-year period	-0.95
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	-0.95

The correlation between SSG and SMH has been stable across timeframes, ranging from -0.95 to -0.90 - a consistent structural relationship.

SSG vs. SMH - Sectors Allocation Comparison

Sectors	SSG	SMH
Financial Services	93.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

SSG vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SSG

SSG Risk / Return Rank: 1
SSG Sharpe Ratio Rank: 1
SSG Sortino Ratio Rank: 0
SSG Omega Ratio Rank: 1
SSG Calmar Ratio Rank: 0
SSG Martin Ratio Rank: 0

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 95
SMH Sortino Ratio Rank: 90
SMH Omega Ratio Rank: 91
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 96

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.

SSG vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) and VanEck Semiconductor ETF (SMH). 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.

	SSG	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	3.13	-4.18
Sortino ratio: Return per unit of downside risk	-2.17	3.35	-5.52
Omega ratio: Gain probability vs. loss probability	0.77	1.47	-0.70
Calmar ratio: Return relative to maximum drawdown	-0.97	7.62	-8.60
Martin ratio: Return relative to average drawdown	-1.68	25.13	-26.81

SSG vs. SMH - Sharpe Ratio Comparison

The current SSG Sharpe Ratio is -1.05, which is lower than the SMH Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of SSG and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SSG vs. SMH - Drawdown Comparison

The maximum SSG drawdown since its inception was -100.00%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SSG and SMH.

Drawdown Indicators

	SSG	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-84.96%	-15.04%
Max Drawdown (1Y) Largest decline over 1 year	-76.63%	-14.93%	-61.70%
Max Drawdown (3Y) Largest decline over 3 years	-98.56%	-35.74%	-62.82%
Max Drawdown (5Y) Largest decline over 5 years	-99.66%	-45.30%	-54.36%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	-45.30%	-54.69%
Current Drawdown Current decline from peak	-100.00%	-8.65%	-91.35%
Average Drawdown Average peak-to-trough decline	-88.63%	-40.95%	-47.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.44%	4.52%	+39.92%

Volatility

SSG vs. SMH - Volatility Comparison

Proshares Ultrashort Semiconductors (SSG) has a higher volatility of 32.61% compared to VanEck Semiconductor ETF (SMH) at 18.27%. This indicates that SSG's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSG	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.61%	18.27%	+14.34%
Volatility (6M) Calculated over the trailing 6-month period	57.60%	31.01%	+26.59%
Volatility (1Y) Calculated over the trailing 1-year period	71.01%	36.41%	+34.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.95%	36.12%	+42.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.79%	33.10%	+36.69%

SSG vs. SMH - Expense Ratio Comparison

SSG has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

SSG vs. SMH - Dividend Comparison

SSG's dividend yield for the trailing twelve months is around 10.32%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
SSG Proshares Ultrashort Semiconductors	10.32%	9.19%	7.67%	6.73%	0.75%	0.00%	0.34%	1.81%	0.62%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SSG and SMH in my portfolio?

SSG and SMH have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSG or SMH?

SSG has higher volatility (32.61%) compared to SMH (18.27%). In terms of maximum drawdown, SSG dropped -100.00% vs SMH's -84.96%.

Which ETF is better, SSG or SMH?

On 10-year performance, SMH leads with 36.59% vs -61.68% for SSG. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 18.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSG or SMH?

Over the 10-year period, SMH has performed better with a 36.59% return vs -61.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSG or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for SSG.

Which ETF pays a higher dividend yield, SSG or SMH?

SSG has the higher dividend yield at 10.32%, compared with 0.18% for SMH.

What is the main difference between SSG and SMH?

SSG is categorized as Leveraged Equities, while SMH is Semiconductors. SSG tracks Dow Jones U.S. Semiconductors Index (-200%), while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for SSG and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.13 vs -1.05), 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.