SBB vs. SH
SBB (ProShares Short SmallCap600) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - SBB tracks the S&P SmallCap 600 Index (-100%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, SBB returned -12.26%/yr vs -12.98%/yr for SH. A 0.77 correlation means they provide meaningful diversification when combined. SBB charges 0.95%/yr vs 0.89%/yr for SH.
Performance
SBB vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -16.65% return, which is significantly lower than SH's -6.33% return. Over the past 10 years, SBB has outperformed SH with an annualized return of -12.26%, while SH has yielded a comparatively lower -12.98% annualized return.
SBB
- 1D
- -1.66%
- 1M
- -5.49%
- YTD
- -16.65%
- 6M
- -14.34%
- 1Y
- -23.61%
- 3Y*
- -11.57%
- 5Y*
- -5.42%
- 10Y*
- -12.26%
SH
- 1D
- -0.83%
- 1M
- 0.84%
- YTD
- -6.33%
- 6M
- -5.07%
- 1Y
- -14.30%
- 3Y*
- -12.14%
- 5Y*
- -8.48%
- 10Y*
- -12.98%
SBB vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -16.65% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
SH ProShares Short S&P500 | -6.33% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between SBB and SH is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007 | 0.77 |
The correlation between SBB and SH has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
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Return for Risk
SBB vs. SH — Risk / Return Rank
SBB
SH
SBB vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.82 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.88 | -0.09 |
| Martin ratioReturn relative to average drawdown | -1.81 | -1.64 | -0.17 |
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Drawdowns
SBB vs. SH - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.91%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SBB and SH.
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Drawdown Indicators
| SBB | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.91% | -94.66% | -1.25% |
Max Drawdown (1Y)Largest decline over 1 year | -24.44% | -16.39% | -8.05% |
Max Drawdown (3Y)Largest decline over 3 years | -37.62% | -38.82% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -37.62% | -44.53% | +6.91% |
Max Drawdown (10Y)Largest decline over 10 years | -73.86% | -76.12% | +2.26% |
Current DrawdownCurrent decline from peak | -95.91% | -94.52% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -74.58% | -67.79% | -6.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.05% | 8.75% | +4.30% |
Volatility
SBB vs. SH - Volatility Comparison
ProShares Short SmallCap600 (SBB) and ProShares Short S&P500 (SH) have volatilities of 5.08% and 4.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 4.87% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.48% | 9.83% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 12.45% | +5.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 16.95% | +4.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.28% | 18.02% | +5.26% |
SBB vs. SH - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
SBB vs. SH - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.77%, less than SH's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.77% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% |
SH ProShares Short S&P500 | 4.43% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
SBB and SH have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (5.08%) compared to SH (4.87%). In terms of maximum drawdown, SBB dropped -95.91% vs SH's -94.66%.
On 10-year performance, SBB leads with -12.26% vs -12.98% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SBB has performed better with a -12.26% return vs -12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 0.95% for SBB.
SH has the higher dividend yield at 4.43%, compared with 3.77% for SBB.
SBB tracks S&P SmallCap 600 Index (-100%), while SH tracks S&P 500 Index (-100% daily). Their fees differ too: 0.95% for SBB and 0.89% for SH.
SH currently has the higher Sharpe Ratio (-1.16 vs -1.31), 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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