SBB vs. MSFD

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Short SmallCap600 (SBB) and Direxion Daily MSFT Bear 1X Shares (MSFD).

SBB and MSFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SBB is a passively managed fund by ProShares that tracks the performance of the S&P SmallCap 600 Index (-100%). It was launched on Jan 23, 2007. MSFD is a passively managed fund by Direxion that tracks the performance of the Microsoft Corporation (-100%). It was launched on Sep 6, 2022. Both SBB and MSFD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SBB vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short SmallCap600 (SBB) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

SBB vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SBB ProShares Short SmallCap600	-2.86%	-3.56%	-3.73%	-10.44%	-0.68%
MSFD Direxion Daily MSFT Bear 1X Shares	28.73%	-13.36%	-7.86%	-35.90%	3.88%

Returns By Period

In the year-to-date period, SBB achieves a -2.86% return, which is significantly lower than MSFD's 28.73% return.

SBB

• 1D: -2.98%
• 1M: 4.78%
• YTD: -2.86%
• 6M: -3.50%
• 1Y: -15.35%
• 3Y*: -6.31%
• 5Y*: -3.47%
• 10Y*: -11.16%

MSFD

• 1D: -3.15%
• 1M: 6.11%
• YTD: 28.73%
• 6M: 38.42%
• 1Y: -0.32%
• 3Y*: -7.18%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SBB vs. MSFD - Expense Ratio Comparison

SBB has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.

MSFD

Direxion Daily MSFT Bear 1X Shares

SBB

ProShares Short SmallCap600

Return for Risk

SBB vs. MSFD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SBB

SBB Risk / Return Rank: 3
SBB Sharpe Ratio Rank: 2
SBB Sortino Ratio Rank: 2
SBB Omega Ratio Rank: 2
SBB Calmar Ratio Rank: 4
SBB Martin Ratio Rank: 6

MSFD

MSFD Risk / Return Rank: 12
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 12
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 12
MSFD Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SBB vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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	MSFD	Difference
Sharpe ratio Return per unit of total volatility	-0.66	-0.01	-0.65
Sortino ratio Return per unit of downside risk	-0.82	0.17	-0.99
Omega ratio Gain probability vs. loss probability	0.90	1.02	-0.13
Calmar ratio Return relative to maximum drawdown	-0.51	0.02	-0.53
Martin ratio Return relative to average drawdown	-0.71	0.03	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBB vs. MSFD - Sharpe Ratio Comparison

The current SBB Sharpe Ratio is -0.66, which is lower than the MSFD Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of SBB and MSFD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SBB	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.01	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	-0.39	-0.09

Correlation

The correlation between SBB and MSFD is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SBB vs. MSFD - Dividend Comparison

SBB's dividend yield for the trailing twelve months is around 3.23%, more than MSFD's 2.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SBB ProShares Short SmallCap600	3.23%	3.44%	4.86%	4.64%	0.31%	0.00%	0.04%	1.20%	0.17%
MSFD Direxion Daily MSFT Bear 1X Shares	2.43%	3.33%	4.46%	4.43%	0.74%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SBB vs. MSFD - Drawdown Comparison

The maximum SBB drawdown since its inception was -95.54%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for SBB and MSFD.

Drawdown Indicators

	SBB	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-95.54%	-59.90%	-35.64%
Max Drawdown (1Y) Largest decline over 1 year	-30.86%	-34.84%	+3.98%
Max Drawdown (5Y) Largest decline over 5 years	-31.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-72.01%	—	—
Current Drawdown Current decline from peak	-95.24%	-41.94%	-53.30%
Average Drawdown Average peak-to-trough decline	-74.34%	-41.28%	-33.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.10%	25.22%	-3.12%

Volatility

SBB vs. MSFD - Volatility Comparison

ProShares Short SmallCap600 (SBB) and Direxion Daily MSFT Bear 1X Shares (MSFD) have volatilities of 6.62% and 6.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBB	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	6.60%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.33%	18.84%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	23.18%	26.78%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.77%	25.77%	-4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.26%	25.77%	-2.51%