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 5 years, SBB returned -6.51%/yr vs 12.14%/yr for DFAT. Their -0.96 correlation means they have often moved in opposite directions in the past. 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 -18.99% return, which is significantly lower than DFAT's 22.80% 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%
DFAT
- 1D
- 1.34%
- 1M
- 4.37%
- 6M
- 13.25%
- YTD
- 22.80%
- 1Y
- 36.35%
- 3Y*
- 15.58%
- 5Y*
- 12.14%
- 10Y*
- —
- ALL TIME*
- 10.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.66M | $25.16M | $23.02M | |
| $22.82K | $20.79K | $47.74K |
SBB vs. DFAT - 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% |
DFAT Dimensional U.S. Targeted Value ETF | 22.80% | 8.73% | 7.80% | 20.86% | -6.23% | 3.66% |
Correlation
The correlation between SBB and DFAT 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. | -0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021 | -0.96 |
The correlation between SBB and DFAT 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. 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.
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 | DFAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.72 | ||
| Sortino ratioReturn per unit of downside risk | -5.36 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.41 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 3.82 | -4.84 |
| Martin ratioReturn relative to average drawdown | -1.85 | 12.88 | -14.73 |
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Drawdowns
SBB vs. DFAT - Drawdown Comparison
The maximum SBB drawdown since its inception was -96.03%, 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 | -96.03% | -26.12% | -69.91% |
Max Drawdown (1Y)Largest decline over 1 year | -24.84% | -9.55% | -15.29% |
Max Drawdown (3Y)Largest decline over 3 years | -39.36% | -26.12% | -13.24% |
Max Drawdown (5Y)Largest decline over 5 years | -39.36% | -26.12% | -13.24% |
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% | -6.11% | -68.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.87% | 2.83% | +11.04% |
Volatility
SBB vs. DFAT - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.17% compared to Dimensional U.S. Targeted Value ETF (DFAT) at 3.82%. 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 | 4.17% | 3.82% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 12.15% | 10.41% | +1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 16.00% | +1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 21.20% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 21.26% | +1.99% |
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 3.84%, more than DFAT's 1.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DFAT Dimensional U.S. Targeted Value ETF | 1.32% | 1.55% | 1.31% | 1.34% | 1.34% | 1.13% | 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 DFAT 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.
SBB has higher volatility (4.17%) compared to DFAT (3.82%). In terms of maximum drawdown, SBB dropped -96.03% vs DFAT's -26.12%.
On 5-year performance, DFAT leads with 12.14% vs -6.51% for SBB. On fees, DFAT is cheaper at 0.28% per year. On volatility, DFAT has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DFAT has performed better with a 12.14% return vs -6.51%. 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 3.84%, compared with 1.32% 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 (2.29 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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