SBB vs. DFAS
SBB (ProShares Short SmallCap600) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. SBB is passively managed, while DFAS is actively managed. Over the past 3 years, SBB returned -9.56%/yr vs 16.22%/yr for DFAS. At a correlation of -0.98, they often move in opposite directions. SBB charges 0.95%/yr vs 0.34%/yr for DFAS.
Performance
SBB vs. DFAS - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -12.32% return, which is significantly lower than DFAS's 14.00% return.
SBB
- 1D
- 0.78%
- 1M
- -1.47%
- YTD
- -12.32%
- 6M
- -11.10%
- 1Y
- -21.13%
- 3Y*
- -9.56%
- 5Y*
- -4.60%
- 10Y*
- -11.70%
DFAS
- 1D
- 1.06%
- 1M
- 1.89%
- YTD
- 14.00%
- 6M
- 13.01%
- 1Y
- 29.38%
- 3Y*
- 16.22%
- 5Y*
- —
- 10Y*
- —
SBB vs. DFAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -12.32% | -3.56% | -3.73% | -10.44% | 13.75% | -4.45% |
DFAS Dimensional U.S. Small Cap ETF | 14.00% | 8.17% | 10.21% | 17.83% | -13.84% | 4.94% |
Correlation
The correlation between SBB and DFAS is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021 | -0.98 |
The correlation between SBB and DFAS has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
SBB vs. DFAS — Risk / Return Rank
SBB
DFAS
SBB vs. DFAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and Dimensional U.S. Small Cap ETF (DFAS). 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.
| SBB | DFAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.31 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.15 | -4.09 |
| Martin ratioReturn relative to average drawdown | -1.61 | 10.80 | -12.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SBB | DFAS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 1.76 | -2.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.37 | -0.88 |
Drawdowns
SBB vs. DFAS - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for SBB and DFAS.
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Drawdown Indicators
| SBB | DFAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -26.13% | -69.62% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -9.36% | -13.26% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -26.13% | -9.00% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | — | — |
Current DrawdownCurrent decline from peak | -95.70% | 0.00% | -95.70% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -8.30% | -66.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 2.73% | +10.38% |
Volatility
SBB vs. DFAS - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.63% compared to Dimensional U.S. Small Cap ETF (DFAS) at 4.23%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | DFAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 4.23% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 11.61% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 16.74% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 20.84% | +0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 20.84% | +2.42% |
SBB vs. DFAS - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than DFAS's 0.34% expense ratio.
Dividends
SBB vs. DFAS - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.58%, more than DFAS's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DFAS Dimensional U.S. Small Cap ETF | 0.91% | 0.99% | 0.93% | 1.00% | 1.03% | 2.87% | 0.00% | 0.00% | 0.00% |
SBB ProShares Short SmallCap600 | 3.58% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
SBB and DFAS have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (4.63%) compared to DFAS (4.23%). In terms of maximum drawdown, SBB dropped -95.75% vs DFAS's -26.13%.
On 3-year performance, DFAS leads with 16.22% vs -9.56% for SBB. On fees, DFAS is cheaper at 0.34% per year. On volatility, DFAS has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFAS has performed better with a 16.22% return vs -9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFAS is cheaper with a 0.34% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.58%, compared with 0.91% for DFAS.
SBB is categorized as Inverse Equities, while DFAS is Small Cap Blend Equities. They also come from different issuers: ProShares and Dimensional. Their fees differ too: 0.95% for SBB and 0.34% for DFAS.
DFAS currently has the higher Sharpe Ratio (1.76 vs -1.19), 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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