SBB vs. EFZ
SBB (ProShares Short SmallCap600) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds from ProShares - SBB tracks the S&P SmallCap 600 Index (-100%) while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past 10 years, SBB returned -11.71%/yr vs -8.39%/yr for EFZ. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SBB vs. EFZ - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -16.36% return, which is significantly lower than EFZ's -8.32% return. Over the past 10 years, SBB has underperformed EFZ with an annualized return of -11.71%, while EFZ has yielded a comparatively higher -8.39% annualized return.
SBB
- 1D
- -0.20%
- 1M
- -0.94%
- 6M
- -12.02%
- YTD
- -16.36%
- 1Y
- -20.44%
- 3Y*
- -9.86%
- 5Y*
- -6.32%
- 10Y*
- -11.71%
EFZ
- 1D
- -0.84%
- 1M
- -0.73%
- 6M
- -5.52%
- YTD
- -8.32%
- 1Y
- -14.55%
- 3Y*
- -9.33%
- 5Y*
- -6.00%
- 10Y*
- -8.39%
SBB vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -16.36% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
EFZ ProShares Short MSCI EAFE | -8.32% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
Correlation
The correlation between SBB and EFZ is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | 0.68 |
The correlation between SBB and EFZ has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.
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Return for Risk
SBB vs. EFZ — Risk / Return Rank
SBB
EFZ
SBB vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Short MSCI EAFE (EFZ). 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 | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.87 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.83 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.35 | -0.12 |
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Drawdowns
SBB vs. EFZ - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.99%, which is greater than EFZ's maximum drawdown of -88.15%. Use the drawdown chart below to compare losses from any high point for SBB and EFZ.
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Drawdown Indicators
| SBB | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.99% | -88.15% | -7.84% |
Max Drawdown (1Y)Largest decline over 1 year | -25.50% | -17.60% | -7.90% |
Max Drawdown (3Y)Largest decline over 3 years | -38.75% | -35.82% | -2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -44.12% | +5.37% |
Max Drawdown (10Y)Largest decline over 10 years | -73.24% | -61.58% | -11.66% |
Current DrawdownCurrent decline from peak | -95.90% | -88.00% | -7.90% |
Average DrawdownAverage peak-to-trough decline | -74.64% | -67.19% | -7.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.84% | 10.76% | +3.08% |
Volatility
SBB vs. EFZ - Volatility Comparison
ProShares Short SmallCap600 (SBB) and ProShares Short MSCI EAFE (EFZ) have volatilities of 4.10% and 4.10%, 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 | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 4.10% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 12.34% | 14.26% | -1.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.79% | 16.88% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.62% | 16.84% | +4.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.23% | 17.11% | +6.12% |
SBB vs. EFZ - Expense Ratio Comparison
Both SBB and EFZ have an expense ratio of 0.95%.
Dividends
SBB vs. EFZ - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.72%, less than EFZ's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.99% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
SBB ProShares Short SmallCap600 | 3.72% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
SBB and EFZ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (4.10%) compared to SBB (4.10%). In terms of maximum drawdown, SBB dropped -95.99% vs EFZ's -88.15%.
On 10-year performance, EFZ leads with -8.39% vs -11.71% for SBB. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFZ has performed better with a -8.39% return vs -11.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and EFZ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 3.99%, compared with 3.72% for SBB.
SBB tracks S&P SmallCap 600 Index (-100%), while EFZ tracks MSCI EAFE Index (-100%).
EFZ currently has the higher Sharpe Ratio (-0.87 vs -1.15), 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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