FLYD vs. SBB
FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and SBB (ProShares Short SmallCap600) are both Inverse Equities funds - FLYD tracks the MerQube MicroSectors U.S. Travel Index while SBB tracks the S&P SmallCap 600 Index (-100%). Both are passively managed. Over the past 3 years, FLYD returned -55.10%/yr vs -10.24%/yr for SBB. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
FLYD vs. SBB - Performance Comparison
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Returns By Period
In the year-to-date period, FLYD achieves a -35.79% return, which is significantly lower than SBB's -18.99% return.
FLYD
- 1D
- -4.90%
- 1M
- -5.05%
- 6M
- -41.66%
- YTD
- -35.79%
- 1Y
- -50.80%
- 3Y*
- -55.10%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -63.67%
SBB
- 1D
- -1.63%
- 1M
- -2.40%
- 6M
- -13.87%
- YTD
- -18.99%
- 1Y
- -25.10%
- 3Y*
- -10.24%
- 5Y*
- -6.51%
- 10Y*
- -11.90%
- ALL TIME*
- -12.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $99.59K | $120.72K | $126.93K | |
| $22.82K | $20.79K | $47.74K |
FLYD vs. SBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -35.79% | -60.42% | -54.13% | -75.14% | -46.63% |
SBB ProShares Short SmallCap600 | -18.99% | -3.56% | -3.73% | -10.44% | -6.20% |
Correlation
The correlation between FLYD and SBB is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.72 |
The correlation between FLYD and SBB has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.
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Return for Risk
FLYD vs. SBB — Risk / Return Rank
FLYD
SBB
FLYD vs. SBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) 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.
| FLYD | SBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.77 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -1.01 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.66 | -1.85 | +0.18 |
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Drawdowns
FLYD vs. SBB - Drawdown Comparison
The maximum FLYD drawdown since its inception was -98.52%, roughly equal to the maximum SBB drawdown of -96.03%. Use the drawdown chart below to compare losses from any high point for FLYD and SBB.
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Drawdown Indicators
| FLYD | SBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.52% | -96.03% | -2.49% |
Max Drawdown (1Y)Largest decline over 1 year | -57.09% | -24.84% | -32.25% |
Max Drawdown (3Y)Largest decline over 3 years | -94.84% | -39.36% | -55.48% |
Max Drawdown (5Y)Largest decline over 5 years | — | -39.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.51% | — |
Current DrawdownCurrent decline from peak | -98.52% | -96.03% | -2.49% |
Average DrawdownAverage peak-to-trough decline | -83.66% | -74.70% | -8.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.58% | 13.87% | +16.71% |
Volatility
FLYD vs. SBB - Volatility Comparison
MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 22.74% compared to ProShares Short SmallCap600 (SBB) at 4.17%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than SBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLYD | SBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.74% | 4.17% | +18.57% |
Volatility (6M)Calculated over the trailing 6-month period | 64.36% | 12.15% | +52.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.85% | 17.68% | +59.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.52% | 21.55% | +61.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.52% | 23.25% | +60.27% |
FLYD vs. SBB - Expense Ratio Comparison
Both FLYD and SBB have an expense ratio of 0.95%.
Dividends
FLYD vs. SBB - Dividend Comparison
FLYD has not paid dividends to shareholders, while SBB's dividend yield for the trailing twelve months is around 3.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SBB ProShares Short SmallCap600 | 3.84% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
FLYD and SBB have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (22.74%) compared to SBB (4.17%). In terms of maximum drawdown, FLYD dropped -98.52% vs SBB's -96.03%.
On 3-year performance, SBB leads with -10.24% vs -55.10% for FLYD. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SBB has performed better with a -10.24% return vs -55.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLYD and SBB have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.84%, compared with 0.00% for FLYD.
FLYD tracks MerQube MicroSectors U.S. Travel Index, while SBB tracks S&P SmallCap 600 Index (-100%). They also come from different issuers: REX and ProShares.
FLYD currently has the higher Sharpe Ratio (-0.66 vs -1.43), 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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