EFZ vs. SBB
EFZ (ProShares Short MSCI EAFE) and SBB (ProShares Short SmallCap600) are both Inverse Equities funds from ProShares - EFZ tracks the MSCI EAFE Index (-100%) while SBB tracks the S&P SmallCap 600 Index (-100%). Both are passively managed. Over the past 10 years, EFZ returned -8.32%/yr vs -11.78%/yr for SBB. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EFZ vs. SBB - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -7.84% return, which is significantly higher than SBB's -17.28% return. Over the past 10 years, EFZ has outperformed SBB with an annualized return of -8.32%, while SBB has yielded a comparatively lower -11.78% annualized return.
EFZ
- 1D
- 0.94%
- 1M
- 1.09%
- 6M
- -4.91%
- YTD
- -7.84%
- 1Y
- -14.64%
- 3Y*
- -9.25%
- 5Y*
- -6.05%
- 10Y*
- -8.32%
SBB
- 1D
- -0.63%
- 1M
- -2.63%
- 6M
- -11.13%
- YTD
- -17.28%
- 1Y
- -22.36%
- 3Y*
- -9.89%
- 5Y*
- -6.78%
- 10Y*
- -11.78%
EFZ vs. SBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.84% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
SBB ProShares Short SmallCap600 | -17.28% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
Correlation
The correlation between EFZ and SBB is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | 0.68 |
The correlation between EFZ and SBB has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
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Return for Risk
EFZ vs. SBB — Risk / Return Rank
EFZ
SBB
EFZ vs. SBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Short SmallCap600 (SBB). 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.
| EFZ | SBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.80 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.88 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.60 | +0.25 |
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Drawdowns
EFZ vs. SBB - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, smaller than the maximum SBB drawdown of -95.99%. Use the drawdown chart below to compare losses from any high point for EFZ and SBB.
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Drawdown Indicators
| EFZ | SBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -95.99% | +7.84% |
Max Drawdown (1Y)Largest decline over 1 year | -17.60% | -25.50% | +7.90% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -38.75% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -38.75% | -5.37% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -73.24% | +11.66% |
Current DrawdownCurrent decline from peak | -87.93% | -95.95% | +8.02% |
Average DrawdownAverage peak-to-trough decline | -67.20% | -74.65% | +7.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.86% | 14.01% | -3.15% |
Volatility
EFZ vs. SBB - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) and ProShares Short SmallCap600 (SBB) have volatilities of 4.17% and 4.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | SBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 4.03% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 14.29% | 12.36% | +1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.87% | 17.68% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 21.62% | -4.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.10% | 23.22% | -6.12% |
EFZ vs. SBB - Expense Ratio Comparison
Both EFZ and SBB have an expense ratio of 0.95%.
Dividends
EFZ vs. SBB - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 3.97%, more than SBB's 3.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.97% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
SBB ProShares Short SmallCap600 | 3.76% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
EFZ and SBB have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (4.17%) compared to SBB (4.03%). In terms of maximum drawdown, EFZ dropped -88.15% vs SBB's -95.99%.
On 10-year performance, EFZ leads with -8.32% vs -11.78% for SBB. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFZ has performed better with a -8.32% return vs -11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and SBB have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 3.97%, compared with 3.76% for SBB.
EFZ tracks MSCI EAFE Index (-100%), while SBB tracks S&P SmallCap 600 Index (-100%).
EFZ currently has the higher Sharpe Ratio (-0.87 vs -1.27), 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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