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 -9.56%/yr vs -55.26%/yr for FLYD. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SBB vs. FLYD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SBB achieves a -12.32% return, which is significantly lower than FLYD's -11.20% 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%
FLYD
- 1D
- 3.25%
- 1M
- -18.38%
- YTD
- -11.20%
- 6M
- -19.27%
- 1Y
- -48.13%
- 3Y*
- -55.26%
- 5Y*
- —
- 10Y*
- —
SBB vs. FLYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -12.32% | -3.56% | -3.73% | -10.44% | -6.19% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -11.20% | -60.42% | -54.13% | -75.14% | -46.23% |
Correlation
The correlation between SBB and FLYD is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | 0.72 |
The correlation between SBB and FLYD has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SBB | FLYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.92 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.88 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.30 | -0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SBB | FLYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | -0.65 | -0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.75 | +0.24 |
Drawdowns
SBB vs. FLYD - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, roughly equal to the maximum FLYD drawdown of -98.11%. Use the drawdown chart below to compare losses from any high point for SBB and FLYD.
Loading charts...
Drawdown Indicators
| SBB | FLYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -98.11% | +2.36% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -54.89% | +32.27% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -93.41% | +58.28% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | — | — |
Current DrawdownCurrent decline from peak | -95.70% | -97.95% | +2.25% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -83.12% | +8.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 37.06% | -23.95% |
Volatility
SBB vs. FLYD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.63%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 25.85%. 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.
Loading charts...
Volatility by Period
| SBB | FLYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 25.85% | -21.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 59.48% | -47.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 74.47% | -56.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 83.70% | -62.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 83.70% | -60.44% |
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 3.58%, 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 | 3.58% | 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 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (25.85%) compared to SBB (4.63%). In terms of maximum drawdown, SBB dropped -95.75% vs FLYD's -98.11%.
On 3-year performance, SBB leads with -9.56% vs -55.26% for FLYD. 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 3-year period, SBB has performed better with a -9.56% return vs -55.26%. 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 3.58%, 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 (-0.65 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.
Find the right allocation for SBB and FLYD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer