SBB vs. SEF
SBB (ProShares Short SmallCap600) and SEF (ProShares Short Financials) are both Inverse Equities funds from ProShares - SBB tracks the S&P SmallCap 600 Index (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, SBB returned -11.70%/yr vs -11.50%/yr for SEF. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SBB vs. SEF - 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 SEF's 8.89% return. Both investments have delivered pretty close results over the past 10 years, with SBB having a -11.70% annualized return and SEF not far ahead at -11.50%.
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%
SEF
- 1D
- 1.10%
- 1M
- 1.81%
- YTD
- 8.89%
- 6M
- 6.43%
- 1Y
- 3.73%
- 3Y*
- -10.34%
- 5Y*
- -5.21%
- 10Y*
- -11.50%
SBB vs. SEF - 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% |
SEF ProShares Short Financials | 8.89% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
Correlation
The correlation between SBB and SEF is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2008 | 0.75 |
The correlation between SBB and SEF shifts across timeframes, from 0.65 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SBB vs. SEF — Risk / Return Rank
SBB
SEF
SBB vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Short Financials (SEF). 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 | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.06 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.39 | -1.32 |
| Martin ratioReturn relative to average drawdown | -1.61 | 0.73 | -2.34 |
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 | SEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 0.26 | -1.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | -0.29 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | -0.56 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.49 | -0.02 |
Drawdowns
SBB vs. SEF - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for SBB and SEF.
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Drawdown Indicators
| SBB | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -96.51% | +0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -9.72% | -12.90% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -39.40% | +4.27% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | -41.62% | +6.49% |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | -75.66% | +2.84% |
Current DrawdownCurrent decline from peak | -95.70% | -96.09% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -82.72% | +8.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 5.14% | +7.97% |
Volatility
SBB vs. SEF - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.63% compared to ProShares Short Financials (SEF) at 3.01%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 3.01% | +1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 10.85% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 14.34% | +3.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 17.96% | +3.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 20.52% | +2.74% |
SBB vs. SEF - Expense Ratio Comparison
Both SBB and SEF have an expense ratio of 0.95%.
Dividends
SBB vs. SEF - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.58%, more than SEF's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.58% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
SEF ProShares Short Financials | 3.35% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Frequently Asked Questions
SBB and SEF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (4.63%) compared to SEF (3.01%). In terms of maximum drawdown, SBB dropped -95.75% vs SEF's -96.51%.
On 10-year performance, SEF leads with -11.50% vs -11.70% for SBB. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SEF has performed better with a -11.50% return vs -11.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and SEF have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.58%, compared with 3.35% for SEF.
SBB tracks S&P SmallCap 600 Index (-100%), while SEF tracks Dow Jones U.S. Financials Index (-100%).
SEF currently has the higher Sharpe Ratio (0.26 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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