SBB vs. FLYD
SBB (ProShares Short SmallCap600) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds - SBB tracks the S&P SmallCap 600 Index (-100%) while FLYD tracks the MerQube MicroSectors U.S. Travel Index. Both are passively managed. Over the past 3 years, SBB returned -9.75%/yr vs -54.34%/yr for FLYD. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
SBB vs. FLYD - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -17.65% return, which is significantly higher than FLYD's -32.48% return.
SBB
- 1D
- -1.67%
- 1M
- -0.79%
- 6M
- -12.26%
- YTD
- -17.65%
- 1Y
- -25.03%
- 3Y*
- -9.75%
- 5Y*
- -6.46%
- 10Y*
- -11.75%
- ALL TIME*
- -12.42%
FLYD
- 1D
- -4.80%
- 1M
- -0.16%
- 6M
- -34.69%
- YTD
- -32.48%
- 1Y
- -51.22%
- 3Y*
- -54.34%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -63.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $95.16K | $124.25K | $135.88K | |
| $21.11K | $20.58K | $51.01K |
SBB vs. FLYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -17.65% | -3.56% | -3.73% | -10.44% | -6.20% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -32.48% | -60.42% | -54.13% | -75.14% | -46.63% |
Correlation
The correlation between SBB and FLYD is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.72 |
The correlation between SBB and FLYD has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.
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Return for Risk
SBB vs. FLYD — Risk / Return Rank
SBB
FLYD
SBB vs. FLYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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 | FLYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.92 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | -0.92 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.82 | -1.69 | -0.13 |
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Drawdowns
SBB vs. FLYD - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.99%, roughly equal to the maximum FLYD drawdown of -98.49%. Use the drawdown chart below to compare losses from any high point for SBB and FLYD.
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Drawdown Indicators
| SBB | FLYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.99% | -98.49% | +2.50% |
Max Drawdown (1Y)Largest decline over 1 year | -24.34% | -56.11% | +31.77% |
Max Drawdown (3Y)Largest decline over 3 years | -38.75% | -94.73% | +55.98% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.24% | — | — |
Current DrawdownCurrent decline from peak | -95.96% | -98.44% | +2.48% |
Average DrawdownAverage peak-to-trough decline | -74.70% | -83.64% | +8.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.95% | 30.37% | -15.42% |
Volatility
SBB vs. FLYD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 3.85%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 22.40%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | FLYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 22.40% | -18.55% |
Volatility (6M)Calculated over the trailing 6-month period | 12.07% | 64.43% | -52.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.65% | 76.86% | -59.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 83.53% | -61.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.24% | 83.53% | -60.29% |
SBB vs. FLYD - Expense Ratio Comparison
Both SBB and FLYD have an expense ratio of 0.95%.
Dividends
SBB vs. FLYD - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.77%, while FLYD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SBB ProShares Short SmallCap600 | 3.77% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
SBB and FLYD have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (22.40%) compared to SBB (3.85%). In terms of maximum drawdown, SBB dropped -95.99% vs FLYD's -98.49%.
On 3-year performance, SBB leads with -9.75% vs -54.34% for FLYD. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SBB has performed better with a -9.75% return vs -54.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and FLYD have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.77%, compared with 0.00% for FLYD.
SBB tracks S&P SmallCap 600 Index (-100%), while FLYD tracks MerQube MicroSectors U.S. Travel Index. They also come from different issuers: ProShares and REX.
FLYD currently has the higher Sharpe Ratio (-0.67 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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