SBB vs. DOG
SBB (ProShares Short SmallCap600) and DOG (ProShares Short Dow30) are both Inverse Equities funds from ProShares - SBB tracks the S&P SmallCap 600 Index (-100%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, SBB returned -11.72%/yr vs -11.26%/yr for DOG. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SBB vs. DOG - 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 DOG's -5.73% return. Both investments have delivered pretty close results over the past 10 years, with SBB having a -11.72% annualized return and DOG not far ahead at -11.26%.
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%
DOG
- 1D
- -1.65%
- 1M
- -4.30%
- YTD
- -5.73%
- 6M
- -5.73%
- 1Y
- -14.39%
- 3Y*
- -8.97%
- 5Y*
- -5.63%
- 10Y*
- -11.26%
SBB vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -13.39% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
DOG ProShares Short Dow30 | -5.73% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
Correlation
The correlation between SBB and DOG is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2007 | 0.75 |
The correlation between SBB and DOG has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
SBB vs. DOG — Risk / Return Rank
SBB
DOG
SBB vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Short Dow30 (DOG). 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 | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.82 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.96 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.69 | -1.61 | -0.08 |
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 | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -1.18 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | -0.38 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | -0.65 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.57 | +0.07 |
Drawdowns
SBB vs. DOG - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, roughly equal to the maximum DOG drawdown of -92.73%. Use the drawdown chart below to compare losses from any high point for SBB and DOG.
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Drawdown Indicators
| SBB | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -92.73% | -3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -15.09% | -7.59% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -29.16% | -6.01% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -34.35% | -0.82% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | -70.95% | -1.88% |
Current DrawdownCurrent decline from peak | -95.75% | -92.73% | -3.02% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -66.40% | -8.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 8.94% | +4.25% |
Volatility
SBB vs. DOG - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.55% compared to ProShares Short Dow30 (DOG) at 3.30%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 3.30% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 9.50% | +2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 12.23% | +5.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 14.80% | +6.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 17.49% | +5.77% |
SBB vs. DOG - Expense Ratio Comparison
Both SBB and DOG have an expense ratio of 0.95%.
Dividends
SBB vs. DOG - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, more than DOG's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.55% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
SBB ProShares Short SmallCap600 | 3.63% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% |
Frequently Asked Questions
SBB and DOG have a correlation of 0.79, 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 DOG (3.30%). In terms of maximum drawdown, SBB dropped -95.75% vs DOG's -92.73%.
On 10-year performance, DOG leads with -11.26% vs -11.72% for SBB. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DOG has performed better with a -11.26% return vs -11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and DOG have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.63%, compared with 3.55% for DOG.
SBB tracks S&P SmallCap 600 Index (-100%), while DOG tracks DJ Industrial Average (-100%).
DOG currently has the higher Sharpe Ratio (-1.18 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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