SBB vs. MSFD
SBB (ProShares Short SmallCap600) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - SBB tracks the S&P SmallCap 600 Index (-100%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, SBB returned -10.56%/yr vs -7.21%/yr for MSFD. At a 0.34 correlation, their price movements are largely independent. SBB charges 0.95%/yr vs 1.06%/yr for MSFD.
Performance
SBB vs. MSFD - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -13.39% return, which is significantly lower than MSFD's 10.13% return.
SBB
- 1D
- -1.22%
- 1M
- -1.20%
- YTD
- -13.39%
- 6M
- -12.19%
- 1Y
- -22.27%
- 3Y*
- -10.56%
- 5Y*
- -4.83%
- 10Y*
- -11.72%
MSFD
- 1D
- -0.27%
- 1M
- -4.61%
- YTD
- 10.13%
- 6M
- 9.68%
- 1Y
- 7.32%
- 3Y*
- -7.21%
- 5Y*
- —
- 10Y*
- —
SBB vs. MSFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -13.39% | -3.56% | -3.73% | -10.44% | -0.68% |
MSFD Direxion Daily MSFT Bear 1X Shares | 10.13% | -13.36% | -7.86% | -35.90% | 3.88% |
Correlation
The correlation between SBB and MSFD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.34 |
Over the past year, the correlation between SBB and MSFD has dropped to 0.13 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
SBB vs. MSFD — Risk / Return Rank
SBB
MSFD
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 ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.08 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.32 | -1.30 |
| Martin ratioReturn relative to average drawdown | -1.69 | 0.90 | -2.59 |
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 | MSFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 0.29 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.51 | +0.01 |
Drawdowns
SBB vs. MSFD - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, 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.
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Drawdown Indicators
| SBB | MSFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -59.90% | -35.85% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -23.25% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -40.50% | +5.33% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -50.33% | -45.42% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -41.60% | -32.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 8.40% | +4.79% |
Volatility
SBB vs. MSFD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 10.09%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | MSFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 10.09% | -5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 22.05% | -10.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 25.32% | -7.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 26.14% | -4.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 26.14% | -2.88% |
SBB vs. MSFD - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.
Dividends
SBB vs. MSFD - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, more than MSFD's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 2.84% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
SBB ProShares Short SmallCap600 | 3.63% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
SBB and MSFD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.09%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs MSFD's -59.90%.
On 3-year performance, MSFD leads with -7.21% vs -10.56% for SBB. On fees, SBB is cheaper at 0.95% per year. On volatility, SBB has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFD has performed better with a -7.21% return vs -10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.
SBB has the higher dividend yield at 3.63%, compared with 2.84% for MSFD.
SBB tracks S&P SmallCap 600 Index (-100%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SBB and 1.06% for MSFD.
MSFD currently has the higher Sharpe Ratio (0.29 vs -1.25), 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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