SBB vs. FYX
SBB (ProShares Short SmallCap600) and FYX (First Trust Small Cap Core AlphaDEX Fund) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while FYX is a Small Cap Blend Equities fund tracking the Nasdaq AlphaDEX Small Cap Core Index. Both are passively managed. Over the past 10 years, SBB returned -11.75%/yr vs 12.54%/yr for FYX. At a correlation of -0.88, they often move in opposite directions. SBB charges 0.95%/yr vs 0.63%/yr for FYX.
Performance
SBB vs. FYX - 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 FYX's 26.14% return. Over the past 10 years, SBB has underperformed FYX with an annualized return of -11.75%, while FYX has yielded a comparatively higher 12.54% 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%
FYX
- 1D
- 0.63%
- 1M
- 2.77%
- 6M
- 18.99%
- YTD
- 26.14%
- 1Y
- 46.34%
- 3Y*
- 20.29%
- 5Y*
- 11.26%
- 10Y*
- 12.54%
SBB vs. FYX - 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% |
FYX First Trust Small Cap Core AlphaDEX Fund | 26.14% | 12.68% | 12.22% | 18.30% | -18.41% | 27.43% | 19.48% | 21.32% | -10.64% | 14.34% |
Correlation
The correlation between SBB and FYX is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | -0.88 |
The correlation between SBB and FYX has been stable across timeframes, ranging from -0.97 to -0.88 - a consistent structural relationship.
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Return for Risk
SBB vs. FYX — Risk / Return Rank
SBB
FYX
SBB vs. FYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and First Trust Small Cap Core AlphaDEX Fund (FYX). 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 | FYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.85 | ||
| Sortino ratioReturn per unit of downside risk | -5.44 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.43 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 6.16 | -7.04 |
| Martin ratioReturn relative to average drawdown | -1.61 | 19.97 | -21.58 |
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Drawdowns
SBB vs. FYX - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.99%, which is greater than FYX's maximum drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for SBB and FYX.
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Drawdown Indicators
| SBB | FYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.99% | -61.80% | -34.19% |
Max Drawdown (1Y)Largest decline over 1 year | -25.50% | -7.56% | -17.94% |
Max Drawdown (3Y)Largest decline over 3 years | -38.75% | -27.91% | -10.84% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -27.91% | -10.84% |
Max Drawdown (10Y)Largest decline over 10 years | -73.24% | -48.82% | -24.42% |
Current DrawdownCurrent decline from peak | -95.92% | -1.57% | -94.35% |
Average DrawdownAverage peak-to-trough decline | -74.64% | -10.83% | -63.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.92% | 2.33% | +11.59% |
Volatility
SBB vs. FYX - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.00% compared to First Trust Small Cap Core AlphaDEX Fund (FYX) at 3.68%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than FYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | FYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 3.68% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 12.17% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 18.19% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.62% | 21.90% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 24.15% | -0.93% |
SBB vs. FYX - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than FYX's 0.63% expense ratio.
Dividends
SBB vs. FYX - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.73%, more than FYX's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FYX First Trust Small Cap Core AlphaDEX Fund | 0.90% | 0.64% | 1.62% | 1.22% | 0.95% | 0.99% | 0.65% | 1.12% | 1.08% | 0.60% | 0.94% | 0.88% |
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 FYX have a correlation of -0.96, 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 FYX (3.68%). In terms of maximum drawdown, SBB dropped -95.99% vs FYX's -61.80%.
On 10-year performance, FYX leads with 12.54% vs -11.75% for SBB. On fees, FYX is cheaper at 0.63% per year. On volatility, FYX has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FYX has performed better with a 12.54% return vs -11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FYX is cheaper with a 0.63% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.73%, compared with 0.90% for FYX.
SBB is categorized as Inverse Equities, while FYX is Small Cap Blend Equities. SBB tracks S&P SmallCap 600 Index (-100%), while FYX tracks Nasdaq AlphaDEX Small Cap Core Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SBB and 0.63% for FYX.
FYX currently has the higher Sharpe Ratio (2.58 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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