SBB vs. MSTZ

Last updated Aug 5, 2026

SBB (ProShares Short SmallCap600) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. SBB is passively managed, while MSTZ is actively managed. Over the past year, SBB returned -25.10% vs 167.49% for MSTZ. Their 0.38 correlation means their historical movements had little consistent relationship. SBB charges 0.95%/yr vs 1.05%/yr for MSTZ.

Performance

SBB vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short SmallCap600 (SBB) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBB achieves a -18.99% return, which is significantly higher than MSTZ's -36.91% return.

SBB

• 1D: -1.63%
• 1M: -2.40%
• 6M: -13.87%
• YTD: -18.99%
• 1Y: -25.10%
• 3Y*: -10.24%
• 5Y*: -6.51%
• 10Y*: -11.90%
• ALL TIME*: -12.49%

MSTZ

• 1D: -6.16%
• 1M: -2.61%
• 6M: -44.51%
• YTD: -36.91%
• 1Y: 167.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -87.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$97.62M	$122.56M	$177.90M
SBB ProShares Short SmallCap600	$22.82K	$20.79K	$47.74K

SBB vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBB ProShares Short SmallCap600	-18.99%	-3.56%	0.39%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-36.91%	-38.95%	-94.43%

Correlation

The correlation between SBB and MSTZ is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.38

Return for Risk

SBB vs. MSTZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SBB

SBB Risk / Return Rank: 0
SBB Sharpe Ratio Rank: 0
SBB Sortino Ratio Rank: 1
SBB Omega Ratio Rank: 1
SBB Calmar Ratio Rank: 0
SBB Martin Ratio Rank: 0

MSTZ

MSTZ Risk / Return Rank: 45
MSTZ Sharpe Ratio Rank: 40
MSTZ Sortino Ratio Rank: 52
MSTZ Omega Ratio Rank: 52
MSTZ Calmar Ratio Rank: 49
MSTZ Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SBB vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.43	1.13	-2.56
Sortino ratio: Return per unit of downside risk	-1.98	2.08	-4.06
Omega ratio: Gain probability vs. loss probability	0.77	1.27	-0.49
Calmar ratio: Return relative to maximum drawdown	-1.01	1.99	-3.00
Martin ratio: Return relative to average drawdown	-1.85	3.67	-5.51

SBB vs. MSTZ - Sharpe Ratio Comparison

The current SBB Sharpe Ratio is -1.43, which is lower than the MSTZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of SBB and MSTZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SBB vs. MSTZ - Drawdown Comparison

The maximum SBB drawdown since its inception was -96.03%, roughly equal to the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for SBB and MSTZ.

Drawdown Indicators

	SBB	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-96.03%	-99.38%	+3.35%
Max Drawdown (1Y) Largest decline over 1 year	-24.84%	-84.89%	+60.05%
Max Drawdown (3Y) Largest decline over 3 years	-39.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-39.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.51%	—	—
Current Drawdown Current decline from peak	-96.03%	-97.85%	+1.82%
Average Drawdown Average peak-to-trough decline	-74.70%	-94.64%	+19.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.87%	45.88%	-32.01%

Volatility

SBB vs. MSTZ - Volatility Comparison

The current volatility for ProShares Short SmallCap600 (SBB) is 4.17%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 34.21%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBB	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	34.21%	-30.04%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	133.75%	-121.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	149.38%	-131.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.55%	169.58%	-148.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.25%	169.58%	-146.33%

SBB vs. MSTZ - Expense Ratio Comparison

SBB has a 0.95% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

SBB vs. MSTZ - Dividend Comparison

SBB's dividend yield for the trailing twelve months is around 3.84%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SBB ProShares Short SmallCap600	3.84%	3.44%	4.86%	4.64%	0.31%	0.00%	0.04%	1.20%	0.17%

Frequently Asked Questions

Can I hold both SBB and MSTZ in my portfolio?

SBB and MSTZ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBB or MSTZ?

MSTZ has higher volatility (34.21%) compared to SBB (4.17%). In terms of maximum drawdown, SBB dropped -96.03% vs MSTZ's -99.38%.

Which ETF is better, SBB or MSTZ?

On 1-year performance, MSTZ leads with 167.49% vs -25.10% for SBB. On fees, SBB is cheaper at 0.95% per year. On volatility, SBB has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBB or MSTZ?

Over the 1-year period, MSTZ has performed better with a 167.49% return vs -25.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBB or MSTZ?

SBB is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTZ.

Which ETF pays a higher dividend yield, SBB or MSTZ?

SBB has the higher dividend yield at 3.84%, compared with 0.00% for MSTZ.

What is the main difference between SBB and MSTZ?

They also come from different issuers: ProShares and REX. Their fees differ too: 0.95% for SBB and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.13 vs -1.43), 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.