SUPL vs. MAKX

Last updated Jun 24, 2026

SUPL (ProShares Supply Chain Logistics ETF) and MAKX (ProShares S&P Kensho Smart Factories ETF) are both exchange-traded funds - SUPL is a Industrials Equities fund tracking the FactSet Supply Chain Logistics Index - Benchmark TR Net, while MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index. Both are passively managed. Over the past 3 years, SUPL returned 10.39%/yr vs 26.34%/yr for MAKX. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.58% expense ratio.

Performance

SUPL vs. MAKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Supply Chain Logistics ETF (SUPL) and ProShares S&P Kensho Smart Factories ETF (MAKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUPL achieves a 13.92% return, which is significantly lower than MAKX's 39.76% return.

SUPL

• 1D: -0.67%
• 1M: -0.06%
• YTD: 13.92%
• 6M: 13.11%
• 1Y: 23.18%
• 3Y*: 10.39%
• 5Y*: —
• 10Y*: —

MAKX

• 1D: -4.47%
• 1M: 1.15%
• YTD: 39.76%
• 6M: 37.20%
• 1Y: 60.76%
• 3Y*: 26.34%
• 5Y*: —
• 10Y*: —

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

SUPL vs. MAKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SUPL ProShares Supply Chain Logistics ETF	13.92%	9.25%	-2.44%	23.69%	-11.01%
MAKX ProShares S&P Kensho Smart Factories ETF	39.76%	21.63%	8.27%	26.03%	-13.85%

Correlation

The correlation between SUPL and MAKX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 7, 2022	0.67

The correlation between SUPL and MAKX shifts across timeframes, from 0.52 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

SUPL vs. MAKX - Sectors Allocation Comparison

Sectors	SUPL	MAKX
Industrials	60.0%	20.0%
Energy	4.5%	-
Healthcare	3.2%	-
Utilities	3.2%	-
Technology	1.3%	69.2%
Basic Materials	-	2.4%
Communication Services	-	8.4%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Real Estate	-	-

Return for Risk

SUPL vs. MAKX — Risk / Return Rank

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

SUPL

SUPL Risk / Return Rank: 45
SUPL Sharpe Ratio Rank: 43
SUPL Sortino Ratio Rank: 41
SUPL Omega Ratio Rank: 41
SUPL Calmar Ratio Rank: 52
SUPL Martin Ratio Rank: 48

MAKX

MAKX Risk / Return Rank: 66
MAKX Sharpe Ratio Rank: 67
MAKX Sortino Ratio Rank: 59
MAKX Omega Ratio Rank: 57
MAKX Calmar Ratio Rank: 80
MAKX Martin Ratio Rank: 66

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.

SUPL vs. MAKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Supply Chain Logistics ETF (SUPL) and ProShares S&P Kensho Smart Factories ETF (MAKX). 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.

	SUPL	MAKX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.00	-0.59
Sortino ratio: Return per unit of downside risk	1.96	2.59	-0.63
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	2.39	3.80	-1.42
Martin ratio: Return relative to average drawdown	7.41	11.13	-3.72

SUPL vs. MAKX - Sharpe Ratio Comparison

The current SUPL Sharpe Ratio is 1.41, which is comparable to the MAKX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SUPL and MAKX, 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

SUPL vs. MAKX - Drawdown Comparison

The maximum SUPL drawdown since its inception was -24.42%, smaller than the maximum MAKX drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for SUPL and MAKX.

Drawdown Indicators

	SUPL	MAKX	Difference
Max Drawdown Largest peak-to-trough decline	-24.42%	-40.27%	+15.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-16.05%	+6.29%
Max Drawdown (3Y) Largest decline over 3 years	-21.71%	-29.76%	+8.05%
Current Drawdown Current decline from peak	-5.73%	-6.63%	+0.90%
Average Drawdown Average peak-to-trough decline	-5.91%	-16.47%	+10.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	5.47%	-2.33%

Volatility

SUPL vs. MAKX - Volatility Comparison

The current volatility for ProShares Supply Chain Logistics ETF (SUPL) is 5.62%, while ProShares S&P Kensho Smart Factories ETF (MAKX) has a volatility of 13.89%. This indicates that SUPL experiences smaller price fluctuations and is considered to be less risky than MAKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUPL	MAKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	13.89%	-8.27%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	22.65%	-9.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	30.62%	-14.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	28.52%	-9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	28.52%	-9.52%

SUPL vs. MAKX - Expense Ratio Comparison

Both SUPL and MAKX have an expense ratio of 0.58%.

Dividends

SUPL vs. MAKX - Dividend Comparison

SUPL's dividend yield for the trailing twelve months is around 2.75%, more than MAKX's 0.11% yield.

Position	TTM	2025	2024	2023	2022
MAKX ProShares S&P Kensho Smart Factories ETF	0.11%	0.15%	0.24%	0.52%	0.31%
SUPL ProShares Supply Chain Logistics ETF	2.75%	3.03%	4.78%	4.71%	3.00%

Frequently Asked Questions

Can I hold both SUPL and MAKX in my portfolio?

SUPL and MAKX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUPL or MAKX?

MAKX has higher volatility (13.89%) compared to SUPL (5.62%). In terms of maximum drawdown, SUPL dropped -24.42% vs MAKX's -40.27%.

Which ETF is better, SUPL or MAKX?

On 3-year performance, MAKX leads with 26.34% vs 10.39% for SUPL. Both ETFs have the same 0.58% expense ratio. On volatility, SUPL has been the lower-risk option at 5.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SUPL or MAKX?

Over the 3-year period, MAKX has performed better with a 26.34% return vs 10.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SUPL or MAKX?

SUPL and MAKX have the same expense ratio: 0.58% per year.

Which ETF pays a higher dividend yield, SUPL or MAKX?

SUPL has the higher dividend yield at 2.75%, compared with 0.11% for MAKX.

What is the main difference between SUPL and MAKX?

SUPL is categorized as Industrials Equities, while MAKX is Technology Equities. SUPL tracks FactSet Supply Chain Logistics Index - Benchmark TR Net, while MAKX tracks S&P Kensho Smart Factories Index.

Which has better risk-adjusted returns?

MAKX currently has the higher Sharpe Ratio (2.00 vs 1.41), 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.