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 5 years, SBB returned -6.51%/yr vs 9.37%/yr for DFAS. Their -0.98 correlation means they have often moved in opposite directions in the past. SBB charges 0.95%/yr vs 0.26%/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 -18.99% return, which is significantly lower than DFAS's 20.94% 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%
DFAS
- 1D
- 1.83%
- 1M
- 2.80%
- 6M
- 13.57%
- YTD
- 20.94%
- 1Y
- 31.58%
- 3Y*
- 15.08%
- 5Y*
- 9.37%
- 10Y*
- —
- ALL TIME*
- 8.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $35.26M | $41.74M | $37.79M | |
| $22.82K | $20.79K | $47.74K |
SBB vs. DFAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -18.99% | -3.56% | -3.73% | -10.44% | 13.75% | -3.89% |
DFAS Dimensional U.S. Small Cap ETF | 20.94% | 8.17% | 10.21% | 17.83% | -13.84% | 4.52% |
Correlation
The correlation between SBB and DFAS is -0.97, 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. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 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.
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 | DFAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.34 | ||
| Sortino ratioReturn per unit of downside risk | -4.79 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.33 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 3.39 | -4.40 |
| Martin ratioReturn relative to average drawdown | -1.85 | 11.86 | -13.71 |
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Drawdowns
SBB vs. DFAS - Drawdown Comparison
The maximum SBB drawdown since its inception was -96.03%, 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 | -96.03% | -26.13% | -69.90% |
Max Drawdown (1Y)Largest decline over 1 year | -24.84% | -9.36% | -15.48% |
Max Drawdown (3Y)Largest decline over 3 years | -39.36% | -26.13% | -13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -39.36% | -26.13% | -13.23% |
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% | -8.07% | -66.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.87% | 2.67% | +11.20% |
Volatility
SBB vs. DFAS - Volatility Comparison
ProShares Short SmallCap600 (SBB) and Dimensional U.S. Small Cap ETF (DFAS) have volatilities of 4.17% and 4.07%, 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
| SBB | DFAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 4.07% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 12.15% | 11.69% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 16.67% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 20.69% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 20.67% | +2.58% |
SBB vs. DFAS - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than DFAS's 0.26% expense ratio.
Dividends
SBB vs. DFAS - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.84%, more than DFAS's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DFAS Dimensional U.S. Small Cap ETF | 0.95% | 0.99% | 0.93% | 1.00% | 1.03% | 2.87% | 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
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 (4.17%) compared to DFAS (4.07%). In terms of maximum drawdown, SBB dropped -96.03% vs DFAS's -26.13%.
On 5-year performance, DFAS leads with 9.37% vs -6.51% for SBB. On fees, DFAS is cheaper at 0.26% per year. On volatility, DFAS has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DFAS has performed better with a 9.37% return vs -6.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFAS is cheaper with a 0.26% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.84%, compared with 0.95% 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 0.26% for DFAS.
DFAS currently has the higher Sharpe Ratio (1.91 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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