SBB vs. DFAT
SBB (ProShares Short SmallCap600) and DFAT (Dimensional U.S. Targeted Value ETF) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while DFAT is a Small Cap Value Equities fund actively managed by Dimensional. SBB is passively managed, while DFAT is actively managed. Over the past 3 years, SBB returned -10.56%/yr vs 17.55%/yr for DFAT. At a correlation of -0.96, they often move in opposite directions. SBB charges 0.95%/yr vs 0.28%/yr for DFAT.
Performance
SBB vs. DFAT - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -13.39% return, which is significantly lower than DFAT's 14.41% return.
SBB
- 1D
- -1.22%
- 1M
- -1.20%
- YTD
- -13.39%
- 6M
- -12.19%
- 1Y
- -22.27%
- 3Y*
- -10.56%
- 5Y*
- -4.83%
- 10Y*
- -11.72%
DFAT
- 1D
- 1.01%
- 1M
- 1.12%
- YTD
- 14.41%
- 6M
- 14.52%
- 1Y
- 32.14%
- 3Y*
- 17.55%
- 5Y*
- —
- 10Y*
- —
SBB vs. DFAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -13.39% | -3.56% | -3.73% | -10.44% | 13.75% | -4.45% |
DFAT Dimensional U.S. Targeted Value ETF | 14.41% | 8.73% | 7.80% | 20.86% | -6.23% | 5.08% |
Correlation
The correlation between SBB and DFAT is -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021 | -0.96 |
The correlation between SBB and DFAT has been stable across timeframes, ranging from -0.96 to -0.94 - a consistent structural relationship.
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Return for Risk
SBB vs. DFAT — Risk / Return Rank
SBB
DFAT
SBB vs. DFAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and Dimensional U.S. Targeted Value ETF (DFAT). 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 | DFAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.19 | ||
| Sortino ratioReturn per unit of downside risk | -4.56 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.35 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.38 | -4.37 |
| Martin ratioReturn relative to average drawdown | -1.69 | 10.84 | -12.53 |
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 | DFAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 1.93 | -3.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.46 | -0.97 |
Drawdowns
SBB vs. DFAT - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than DFAT's maximum drawdown of -26.12%. Use the drawdown chart below to compare losses from any high point for SBB and DFAT.
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Drawdown Indicators
| SBB | DFAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -26.12% | -69.63% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -9.55% | -13.13% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -26.12% | -9.05% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | 0.00% | -95.75% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -6.24% | -68.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 2.97% | +10.22% |
Volatility
SBB vs. DFAT - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.55% compared to Dimensional U.S. Targeted Value ETF (DFAT) at 3.96%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than DFAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | DFAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 3.96% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 10.91% | +1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 16.70% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 21.48% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 21.48% | +1.78% |
SBB vs. DFAT - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than DFAT's 0.28% expense ratio.
Dividends
SBB vs. DFAT - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, more than DFAT's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DFAT Dimensional U.S. Targeted Value ETF | 1.43% | 1.55% | 1.31% | 1.34% | 1.34% | 1.13% | 0.00% | 0.00% | 0.00% |
SBB ProShares Short SmallCap600 | 3.63% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
SBB and DFAT have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (4.55%) compared to DFAT (3.96%). In terms of maximum drawdown, SBB dropped -95.75% vs DFAT's -26.12%.
On 3-year performance, DFAT leads with 17.55% vs -10.56% for SBB. On fees, DFAT is cheaper at 0.28% per year. On volatility, DFAT has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFAT has performed better with a 17.55% return vs -10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFAT is cheaper with a 0.28% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.63%, compared with 1.43% for DFAT.
SBB is categorized as Inverse Equities, while DFAT is Small Cap Value Equities. They also come from different issuers: ProShares and Dimensional. Their fees differ too: 0.95% for SBB and 0.28% for DFAT.
DFAT currently has the higher Sharpe Ratio (1.93 vs -1.25), 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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