SBB vs. FIAT
SBB (ProShares Short SmallCap600) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while FIAT is a Derivative Income fund actively managed by YieldMax. SBB is passively managed, while FIAT is actively managed. Over the past year, SBB returned -22.27% vs -1.90% for FIAT. A 0.51 correlation means they provide meaningful diversification when combined. SBB charges 0.95%/yr vs 0.99%/yr for FIAT.
Performance
SBB vs. FIAT - 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 FIAT's 13.21% 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%
FIAT
- 1D
- -0.56%
- 1M
- 13.73%
- YTD
- 13.21%
- 6M
- 31.80%
- 1Y
- -1.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBB vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SBB ProShares Short SmallCap600 | -13.39% | -3.56% | -6.98% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 13.21% | -24.17% | -28.61% |
Correlation
The correlation between SBB and FIAT is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024 | 0.51 |
The correlation between SBB and FIAT has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.
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Return for Risk
SBB vs. FIAT — Risk / Return Rank
SBB
FIAT
SBB vs. FIAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.04 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.05 | -0.94 |
| Martin ratioReturn relative to average drawdown | -1.69 | -0.07 | -1.62 |
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 | FIAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -0.03 | -1.22 |
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 | -0.38 | -0.13 |
Drawdowns
SBB vs. FIAT - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SBB and FIAT.
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Drawdown Indicators
| SBB | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -70.50% | -25.25% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -42.26% | +19.58% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | — | — |
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% | -51.21% | -44.54% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -45.36% | -29.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 27.35% | -14.16% |
Volatility
SBB vs. FIAT - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 15.31%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 15.31% | -10.76% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 42.02% | -30.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 55.36% | -37.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 60.50% | -38.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 60.50% | -37.24% |
SBB vs. FIAT - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.
Dividends
SBB vs. FIAT - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, less than FIAT's 96.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 96.37% | 178.11% | 70.99% | 0.00% | 0.00% | 0.00% | 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 FIAT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAT has higher volatility (15.31%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with -1.90% vs -22.27% for SBB. On fees, SBB is cheaper at 0.95% per year. On volatility, SBB has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a -1.90% return vs -22.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 96.37%, compared with 3.63% for SBB.
SBB is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for SBB and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (-0.03 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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