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 -11.70%/yr vs -8.29%/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 -12.32% return, which is significantly lower than EFZ's -6.98% return. Over the past 10 years, SBB has underperformed EFZ with an annualized return of -11.70%, while EFZ has yielded a comparatively higher -8.29% annualized return.
SBB
- 1D
- 0.78%
- 1M
- -1.47%
- YTD
- -12.32%
- 6M
- -11.10%
- 1Y
- -21.13%
- 3Y*
- -9.56%
- 5Y*
- -4.60%
- 10Y*
- -11.70%
EFZ
- 1D
- 0.88%
- 1M
- -3.23%
- YTD
- -6.98%
- 6M
- -8.53%
- 1Y
- -14.24%
- 3Y*
- -9.77%
- 5Y*
- -5.38%
- 10Y*
- -8.29%
SBB vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -12.32% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
EFZ ProShares Short MSCI EAFE | -6.98% | -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 0.63, 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 | 0.63 |
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 26, 2007 | 0.68 |
The correlation between SBB and EFZ has been stable across timeframes, ranging from 0.63 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.
| SBB | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.86 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.82 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.47 | -0.15 |
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 | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | -0.88 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | -0.32 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | -0.48 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.34 | -0.16 |
Drawdowns
SBB vs. EFZ - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than EFZ's maximum drawdown of -88.08%. 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 | -95.75% | -88.08% | -7.67% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -17.36% | -5.26% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -35.42% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | -43.77% | +8.64% |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | -61.88% | -10.94% |
Current DrawdownCurrent decline from peak | -95.70% | -87.82% | -7.88% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -67.08% | -7.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 9.71% | +3.40% |
Volatility
SBB vs. EFZ - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.63%, while ProShares Short MSCI EAFE (EFZ) has a volatility of 5.19%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than EFZ based on this measure. 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 | 4.63% | 5.19% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 13.49% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 16.35% | +1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 16.72% | +4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 17.38% | +5.88% |
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 3.58%, less than EFZ's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
SBB ProShares Short SmallCap600 | 3.58% | 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 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.19%) compared to SBB (4.63%). In terms of maximum drawdown, SBB dropped -95.75% vs EFZ's -88.08%.
On 10-year performance, EFZ leads with -8.29% vs -11.70% for SBB. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 4.63%. 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 -8.29% return vs -11.70%. 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 4.04%, compared with 3.58% for SBB.
SBB tracks S&P SmallCap 600 Index (-100%), while EFZ tracks MSCI EAFE Index (-100%).
EFZ currently has the higher Sharpe Ratio (-0.88 vs -1.19), 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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