ProShares UltraShort Basic Materials (SMN) Performance
SMN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −23.7% since Dec 31, 2025
- 1 year
- −26.3% total return
- 5 years
- −15.0% a year
- 10 years
- −24.7% a year
- Since first price
- −27.4% a year since 2007
SMN trailing returns vs SPY, QQQ, AGG
| Period | SMN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.5% | −3.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.9% | −4.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.6% | −0.7% | +7.8% | +8.4% | −1.5% |
| YTD | −23.7% | −24.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −26.3% | −28.2% | +14.4% | +15.9% | −1.1% |
| 3 years | −49.1%−20.1%/yr | −55.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −55.7%−15.0%/yr | −62.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −94.2%−24.7%/yr | −95.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −98.3%−23.7%/yr | −98.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionFeb 1, 2007 | −99.8%−27.4%/yr | −99.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SMN vs SPY
From Feb 1, 2007: SMN grew to $18, SPY to $75,332.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMN returns by calendar year
4 of 18 full years positive. Best 2008 (+56.3%), worst 2009 (−78.2%). 2026 is year to date.
SMN annual returns table
| Year | SMN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −23.7% | −28.0% | +12.3% | +15.1% | −1.0% |
| 2025 | −18.0% | −37.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +7.4% | −28.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −20.2% | −25.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −3.0% | −40.3% | −18.2% | −32.6% | −13.0% |
| 2021 | −45.8% | −47.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −55.8% | −79.9% | +18.3% | +48.6% | +7.5% |
| 2019 | −33.6% | −35.8% | +31.2% | +39.0% | +8.5% |
| 2018 | +32.7% | −19.6% | −4.6% | −0.1% | +0.1% |
| 2017 | −38.0% | −38.3% | +21.7% | +32.7% | +3.6% |
| 2016 | −37.9% | −57.0% | +12.0% | +7.1% | +2.4% |
| 2015 | +15.8% | −30.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −13.4% | −31.3% | +13.5% | +19.2% | +6.0% |
| 2013 | −36.3% | −40.3% | +32.3% | +36.6% | −2.0% |
| 2012 | −27.8% | −31.9% | +16.0% | +18.1% | +3.8% |
| 2011 | −3.2% | −43.8% | +1.9% | +3.4% | +7.7% |
| 2010 | −54.7% | −61.1% | +15.1% | +19.9% | +6.4% |
| 2009 | −78.2% | −85.5% | +26.4% | +54.7% | +3.0% |
| 2008 | +56.3% | −56.4% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SMN largest drawdowns
Now 99.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 20, 2008 | −99.9% | Aug 26, 2026 | not yet | 17.8 years | 17.9 years so far |
| Mar 5, 2007 | −61.9% | Jun 18, 2008 | Oct 6, 2008 | 1.3 years | 1.6 years |
| Oct 27, 2008 | −42.9% | Nov 4, 2008 | Nov 20, 2008 | 8 days | 24 days |
| Oct 10, 2008 | −27.8% | Oct 20, 2008 | Oct 24, 2008 | 10 days | 14 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMN risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | −14.5% | −16.0% | −23.8% | −27.1% |
| Volatility (annualized) | 33.1% | 41.2% | 39.0% | 42.9% |
| Sharpe ratio | -0.44 | -0.31 | -0.55 | -0.55 |
| Sortino ratio | -0.62 | -0.44 | -0.73 | -0.73 |
| Best month | +26.4% | +36.3% | +36.3% | +52.0% |
| Worst month | −15.1% | −21.7% | −32.9% | −34.4% |
| Best 12 months | +20.0% | +20.0% | +32.7% | +104.0% |
| Worst 12 months | −34.7% | −35.7% | −77.7% | −83.0% |
| Positive months | 42% | 47% | 41% | 41% |
| Beta vs S&P 500 | -1.36 | -1.88 | -1.97 | — |
| Correlation with S&P 500 | -0.51 | -0.72 | -0.78 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SMN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 225 | −83.0% | −25.7% | +104.0% | 20% |
| 3-year (a year) | 201 | −60.7% | −24.0% | −0.7% | 0% |
| 5-year (a year) | 177 | −49.3% | −27.8% | −9.3% | 0% |
| 10-year (a year) | 117 | −34.5% | −25.6% | −18.7% | 0% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
SMN performance overview
ProShares UltraShort Basic Materials (SMN) returned −26.3% over the past year and −24.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned −27.4% a year, turning $10,000 into about $18. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.9%, from Nov 20, 2008 to Aug 26, 2026; the fund has not yet regained that high. SMN finished 4 of its 18 full calendar years with a gain; the best year was 2008 (+56.3%) and the worst 2009 (−78.2%). Volatility has been 42.9% a year.
Related: SMN chart, SMN holdings, SMN dividends. See the SMN overview for the latest quote and fund facts.
SMN performance FAQ
What is the SMN return over the past year?
SMN returned −26.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 28.2%.
What is the average annual return of SMN?
SMN has returned −15.0% a year over 5 years, −24.7% a year over 10 years, −27.4% a year since February 1, 2007 (total return, distributions reinvested).
How much would $10,000 invested in SMN be worth?
$10,000 invested in SMN at its first recorded close on February 1, 2007 would be worth about $18 on October 23, 2026 with distributions reinvested.
What was the worst year for SMN?
The worst calendar year was 2009, with a total return of −78.2%. The best was 2008 at +56.3%.
What is the biggest drawdown of SMN?
The largest peak-to-trough decline was −99.9% between November 20, 2008 and August 26, 2026. It has not yet recovered to that high; it is 99.9% below its peak.
How volatile is SMN?
Over the past 3 years SMN had an annualized volatility of 33.1% and a Sharpe ratio of -0.44 (excess return over 1–3 month T-bills per unit of risk).