SBB vs. FNDA
SBB (ProShares Short SmallCap600) and FNDA (Schwab Fundamental US Small Co. Index ETF) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while FNDA is a Small Cap Blend Equities fund tracking the Russell RAFI Small Company US. Both are passively managed. Over the past 10 years, SBB returned -11.70%/yr vs 10.87%/yr for FNDA. At a correlation of -0.88, they often move in opposite directions. SBB charges 0.95%/yr vs 0.25%/yr for FNDA.
Performance
SBB vs. FNDA - 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 FNDA's 14.87% return. Over the past 10 years, SBB has underperformed FNDA with an annualized return of -11.70%, while FNDA has yielded a comparatively higher 10.87% 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%
FNDA
- 1D
- -1.01%
- 1M
- 2.29%
- YTD
- 14.87%
- 6M
- 14.27%
- 1Y
- 30.96%
- 3Y*
- 15.77%
- 5Y*
- 7.06%
- 10Y*
- 10.87%
SBB vs. FNDA - 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% |
FNDA Schwab Fundamental US Small Co. Index ETF | 14.87% | 7.44% | 9.00% | 20.29% | -14.83% | 31.12% | 8.44% | 24.34% | -12.12% | 12.68% |
Correlation
The correlation between SBB and FNDA is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013 | -0.88 |
The correlation between SBB and FNDA has been stable across timeframes, ranging from -0.98 to -0.88 - a consistent structural relationship.
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Return for Risk
SBB vs. FNDA — Risk / Return Rank
SBB
FNDA
SBB vs. FNDA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and Schwab Fundamental US Small Co. Index ETF (FNDA). 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 | FNDA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.01 | ||
| Sortino ratioReturn per unit of downside risk | -4.26 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.32 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.32 | -4.26 |
| Martin ratioReturn relative to average drawdown | -1.61 | 10.73 | -12.34 |
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 | FNDA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 1.82 | -3.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | 0.34 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | 0.49 | -0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.49 | -0.99 |
Drawdowns
SBB vs. FNDA - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than FNDA's maximum drawdown of -44.64%. Use the drawdown chart below to compare losses from any high point for SBB and FNDA.
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Drawdown Indicators
| SBB | FNDA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -44.64% | -51.11% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -9.36% | -13.26% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -25.92% | -9.21% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | -25.92% | -9.21% |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | -44.64% | -28.18% |
Current DrawdownCurrent decline from peak | -95.70% | -1.01% | -94.69% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -6.69% | -67.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 2.89% | +10.22% |
Volatility
SBB vs. FNDA - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.63% compared to Schwab Fundamental US Small Co. Index ETF (FNDA) at 4.38%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than FNDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | FNDA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 4.38% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 11.79% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 17.13% | +0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 20.89% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 22.37% | +0.89% |
SBB vs. FNDA - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than FNDA's 0.25% expense ratio.
Dividends
SBB vs. FNDA - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.58%, more than FNDA's 1.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNDA Schwab Fundamental US Small Co. Index ETF | 1.09% | 1.22% | 1.53% | 1.37% | 1.38% | 1.15% | 1.31% | 1.38% | 1.64% | 1.30% | 1.18% | 1.33% |
SBB ProShares Short SmallCap600 | 3.58% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBB and FNDA have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (4.63%) compared to FNDA (4.38%). In terms of maximum drawdown, SBB dropped -95.75% vs FNDA's -44.64%.
On 10-year performance, FNDA leads with 10.87% vs -11.70% for SBB. On fees, FNDA is cheaper at 0.25% per year. On volatility, FNDA has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FNDA has performed better with a 10.87% return vs -11.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNDA is cheaper with a 0.25% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.58%, compared with 1.09% for FNDA.
SBB is categorized as Inverse Equities, while FNDA is Small Cap Blend Equities. SBB tracks S&P SmallCap 600 Index (-100%), while FNDA tracks Russell RAFI Small Company US. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.95% for SBB and 0.25% for FNDA.
FNDA currently has the higher Sharpe Ratio (1.82 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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