SBB vs. QLD
SBB (ProShares Short SmallCap600) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SBB returned -11.70%/yr vs 36.10%/yr for QLD. At a correlation of -0.67, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SBB vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -12.32% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, SBB has underperformed QLD with an annualized return of -11.70%, while QLD has yielded a comparatively higher 36.10% annualized return.
SBB
- 1D
- 0.78%
- 1M
- -1.47%
- YTD
- -12.32%
- 6M
- -11.10%
- 1Y
- -21.13%
- 3Y*
- -9.56%
- 5Y*
- -4.60%
- 10Y*
- -11.70%
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
SBB vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -12.32% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
QLD ProShares Ultra QQQ | 42.06% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SBB and QLD is -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2007 | -0.67 |
The correlation between SBB and QLD has been stable across timeframes, ranging from -0.67 to -0.57 - a consistent structural relationship.
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Return for Risk
SBB vs. QLD — Risk / Return Rank
SBB
QLD
SBB vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.89 | ||
| Sortino ratioReturn per unit of downside risk | -4.79 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.41 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.42 | -4.36 |
| Martin ratioReturn relative to average drawdown | -1.61 | 11.92 | -13.53 |
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 | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 2.70 | -3.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | 0.58 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | 0.81 | -1.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.60 | -1.10 |
Drawdowns
SBB vs. QLD - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SBB and QLD.
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Drawdown Indicators
| SBB | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -83.13% | -12.62% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -25.13% | +2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -42.29% | +7.16% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | -63.68% | +28.55% |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | -63.68% | -9.14% |
Current DrawdownCurrent decline from peak | -95.70% | -0.53% | -95.17% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -18.17% | -56.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 7.20% | +5.91% |
Volatility
SBB vs. QLD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.63%, while ProShares Ultra QQQ (QLD) has a volatility of 8.90%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 8.90% | -4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 24.08% | -12.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 31.85% | -14.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 44.74% | -23.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 44.56% | -21.30% |
SBB vs. QLD - Expense Ratio Comparison
Both SBB and QLD have an expense ratio of 0.95%.
Dividends
SBB vs. QLD - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.58%, more than QLD's 0.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
SBB ProShares Short SmallCap600 | 3.58% | 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 QLD have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (8.90%) compared to SBB (4.63%). In terms of maximum drawdown, SBB dropped -95.75% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -11.70% for SBB. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.10% return vs -11.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and QLD have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.58%, compared with 0.12% for QLD.
SBB is categorized as Inverse Equities, while QLD is Leveraged Equities. SBB tracks S&P SmallCap 600 Index (-100%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.70 vs -1.19), 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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