SBB vs. FNDA
SBB (ProShares Short SmallCap600) and FNDA (Schwab Fundamental U.S. Small Company 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 RAFI Fundamental High Liquidity U.S. Small Index. Both are passively managed. Over the past 10 years, SBB returned -11.75%/yr vs 10.93%/yr for FNDA. At a correlation of -0.89, 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 -16.75% return, which is significantly lower than FNDA's 19.74% return. Over the past 10 years, SBB has underperformed FNDA with an annualized return of -11.75%, while FNDA has yielded a comparatively higher 10.93% annualized return.
SBB
- 1D
- -0.47%
- 1M
- -1.62%
- 6M
- -11.93%
- YTD
- -16.75%
- 1Y
- -22.35%
- 3Y*
- -10.00%
- 5Y*
- -6.66%
- 10Y*
- -11.75%
FNDA
- 1D
- 0.40%
- 1M
- 1.15%
- 6M
- 12.59%
- YTD
- 19.74%
- 1Y
- 30.77%
- 3Y*
- 14.82%
- 5Y*
- 9.31%
- 10Y*
- 10.93%
SBB vs. FNDA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -16.75% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
FNDA Schwab Fundamental U.S. Small Company ETF | 19.74% | 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 15, 2013 | -0.89 |
The correlation between SBB and FNDA has been stable across timeframes, ranging from -0.98 to -0.89 - 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 U.S. Small Company 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.
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 | FNDA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.08 | ||
| Sortino ratioReturn per unit of downside risk | -4.37 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.31 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.30 | -4.18 |
| Martin ratioReturn relative to average drawdown | -1.61 | 10.66 | -12.27 |
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Drawdowns
SBB vs. FNDA - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.99%, 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 | -95.99% | -44.64% | -51.35% |
Max Drawdown (1Y)Largest decline over 1 year | -25.50% | -9.36% | -16.14% |
Max Drawdown (3Y)Largest decline over 3 years | -38.75% | -25.92% | -12.83% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -25.92% | -12.83% |
Max Drawdown (10Y)Largest decline over 10 years | -73.24% | -44.64% | -28.60% |
Current DrawdownCurrent decline from peak | -95.92% | -1.31% | -94.61% |
Average DrawdownAverage peak-to-trough decline | -74.64% | -6.64% | -68.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.92% | 2.89% | +11.03% |
Volatility
SBB vs. FNDA - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.00% compared to Schwab Fundamental U.S. Small Company ETF (FNDA) at 3.71%. 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 | 4.00% | 3.71% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 12.09% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 17.18% | +0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.62% | 20.82% | +0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 22.31% | +0.91% |
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 3.73%, more than FNDA's 1.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNDA Schwab Fundamental U.S. Small Company ETF | 1.11% | 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 | 3.73% | 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 (4.00%) compared to FNDA (3.71%). In terms of maximum drawdown, SBB dropped -95.99% vs FNDA's -44.64%.
On 10-year performance, FNDA leads with 10.93% vs -11.75% for SBB. On fees, FNDA is cheaper at 0.25% per year. On volatility, FNDA has been the lower-risk option at 3.71%. 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 10.93% return vs -11.75%. 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 3.73%, compared with 1.11% 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 RAFI Fundamental High Liquidity U.S. Small Index. 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 (1.81 vs -1.27), 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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