SBB vs. AFSM
SBB (ProShares Short SmallCap600) and AFSM (First Trust Active Factor Small Cap ETF) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while AFSM is a Small Cap Blend Equities fund actively managed by First Trust. SBB is passively managed, while AFSM is actively managed. Over the past 5 years, SBB returned -6.51%/yr vs 10.56%/yr for AFSM. Their -0.94 correlation means they have often moved in opposite directions in the past. SBB charges 0.95%/yr vs 0.77%/yr for AFSM.
Performance
SBB vs. AFSM - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -18.99% return, which is significantly lower than AFSM's 26.32% return.
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%
AFSM
- 1D
- 1.87%
- 1M
- 3.01%
- 6M
- 19.77%
- YTD
- 26.32%
- 1Y
- 37.92%
- 3Y*
- 18.04%
- 5Y*
- 10.56%
- 10Y*
- —
- ALL TIME*
- 12.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $794.37K | $778.51K | $678.40K | |
| $22.82K | $20.79K | $47.74K |
SBB vs. AFSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -18.99% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -4.43% |
AFSM First Trust Active Factor Small Cap ETF | 26.32% | 9.99% | 10.55% | 22.23% | -17.50% | 26.03% | 8.44% | 2.39% |
Correlation
The correlation between SBB and AFSM is -0.92, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.92 |
Correlation (3Y) Balances recent behavior with more history. | -0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2019 | -0.94 |
The correlation between SBB and AFSM has been stable across timeframes, ranging from -0.96 to -0.92 - a consistent structural relationship.
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Return for Risk
SBB vs. AFSM — Risk / Return Rank
SBB
AFSM
SBB vs. AFSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and First Trust Active Factor Small Cap ETF (AFSM). 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.
| SBB | AFSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.52 | ||
| Sortino ratioReturn per unit of downside risk | -4.96 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.36 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 3.98 | -5.00 |
| Martin ratioReturn relative to average drawdown | -1.85 | 12.86 | -14.70 |
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Drawdowns
SBB vs. AFSM - Drawdown Comparison
The maximum SBB drawdown since its inception was -96.03%, which is greater than AFSM's maximum drawdown of -43.54%. Use the drawdown chart below to compare losses from any high point for SBB and AFSM.
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Drawdown Indicators
| SBB | AFSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.03% | -43.54% | -52.49% |
Max Drawdown (1Y)Largest decline over 1 year | -24.84% | -9.56% | -15.28% |
Max Drawdown (3Y)Largest decline over 3 years | -39.36% | -25.07% | -14.29% |
Max Drawdown (5Y)Largest decline over 5 years | -39.36% | -28.27% | -11.09% |
Max Drawdown (10Y)Largest decline over 10 years | -73.51% | — | — |
Current DrawdownCurrent decline from peak | -96.03% | 0.00% | -96.03% |
Average DrawdownAverage peak-to-trough decline | -74.70% | -9.28% | -65.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.87% | 2.96% | +10.91% |
Volatility
SBB vs. AFSM - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.17%, while First Trust Active Factor Small Cap ETF (AFSM) has a volatility of 4.47%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than AFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | AFSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 4.47% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 12.15% | 14.06% | -1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 18.32% | -0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 20.82% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 25.22% | -1.97% |
SBB vs. AFSM - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than AFSM's 0.77% expense ratio.
Dividends
SBB vs. AFSM - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.84%, more than AFSM's 0.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AFSM First Trust Active Factor Small Cap ETF | 0.49% | 0.58% | 0.58% | 0.92% | 1.28% | 0.35% | 0.53% | 0.32% | 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
SBB and AFSM have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AFSM has higher volatility (4.47%) compared to SBB (4.17%). In terms of maximum drawdown, SBB dropped -96.03% vs AFSM's -43.54%.
On 5-year performance, AFSM leads with 10.56% vs -6.51% for SBB. On fees, AFSM is cheaper at 0.77% per year. 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 5-year period, AFSM has performed better with a 10.56% return vs -6.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AFSM is cheaper with a 0.77% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.84%, compared with 0.49% for AFSM.
SBB is categorized as Inverse Equities, while AFSM is Small Cap Blend Equities. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SBB and 0.77% for AFSM.
AFSM currently has the higher Sharpe Ratio (2.09 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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