SBB vs. ORCS

Last updated Jul 16, 2026

SBB (ProShares Short SmallCap600) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. SBB is passively managed, while ORCS is actively managed. At a 0.22 correlation, their price movements are largely independent. SBB charges 0.95%/yr vs 0.97%/yr for ORCS.

Performance

SBB vs. ORCS - Performance Comparison

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

Returns By Period

In the year-to-date period, SBB achieves a -16.75% return, which is significantly lower than ORCS's 24.83% 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%

ORCS

• 1D: -3.32%
• 1M: 42.86%
• 6M: 24.76%
• YTD: 24.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SBB vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
SBB ProShares Short SmallCap600	-16.75%	-4.63%
ORCS Direxion Daily ORCL Bear 1X ETF	24.83%	11.07%

Correlation

The correlation between SBB and ORCS is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.22

Return for Risk

SBB vs. ORCS — Risk / Return Rank

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

SBB

SBB Risk / Return Rank: 1
SBB Sharpe Ratio Rank: 0
SBB Sortino Ratio Rank: 1
SBB Omega Ratio Rank: 1
SBB Calmar Ratio Rank: 2
SBB Martin Ratio Rank: 1

ORCS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and Direxion Daily ORCL Bear 1X ETF (ORCS). 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	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.27	—	—
Sortino ratio: Return per unit of downside risk	-1.73	—	—
Omega ratio: Gain probability vs. loss probability	0.80	—	—
Calmar ratio: Return relative to maximum drawdown	-0.88	—	—
Martin ratio: Return relative to average drawdown	-1.61	—	—

Drawdowns

SBB vs. ORCS - Drawdown Comparison

The maximum SBB drawdown since its inception was -95.99%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for SBB and ORCS.

Drawdown Indicators

	SBB	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-95.99%	-50.25%	-45.74%
Max Drawdown (1Y) Largest decline over 1 year	-25.50%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-38.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.24%	—	—
Current Drawdown Current decline from peak	-95.92%	-10.69%	-85.23%
Average Drawdown Average peak-to-trough decline	-74.64%	-16.32%	-58.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.92%	—	—

Volatility

Volatility by Period

	SBB	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	59.71%	-41.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	59.71%	-38.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	59.71%	-36.49%

SBB vs. ORCS - Expense Ratio Comparison

SBB has a 0.95% expense ratio, which is lower than ORCS's 0.97% expense ratio.

Dividends

SBB vs. ORCS - Dividend Comparison

SBB's dividend yield for the trailing twelve months is around 3.73%, more than ORCS's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ORCS Direxion Daily ORCL Bear 1X ETF	1.15%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SBB ProShares Short SmallCap600	3.73%	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 ORCS in my portfolio?

SBB and ORCS have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBB or ORCS?

On fees, SBB is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBB or ORCS?

SBB is cheaper with a 0.95% expense ratio, compared with 0.97% for ORCS.

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

SBB has the higher dividend yield at 3.73%, compared with 1.15% for ORCS.

What is the main difference between SBB and ORCS?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SBB and 0.97% for ORCS.