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 (-100%). Both are passively managed. Over the past 10 years, SBB returned -11.72%/yr vs -12.88%/yr for SH. A 0.77 correlation means they provide meaningful diversification when combined. SBB charges 0.95%/yr vs 0.90%/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 -13.39% return, which is significantly lower than SH's -8.37% return. Over the past 10 years, SBB has outperformed SH with an annualized return of -11.72%, while SH has yielded a comparatively lower -12.88% annualized return.
SBB
- 1D
- -1.22%
- 1M
- -1.20%
- YTD
- -13.39%
- 6M
- -12.19%
- 1Y
- -22.27%
- 3Y*
- -10.56%
- 5Y*
- -4.83%
- 10Y*
- -11.72%
SH
- 1D
- -0.39%
- 1M
- -3.97%
- YTD
- -8.37%
- 6M
- -7.88%
- 1Y
- -17.62%
- 3Y*
- -13.17%
- 5Y*
- -9.14%
- 10Y*
- -12.88%
SBB vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -13.39% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
SH ProShares Short S&P500 | -8.37% | -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 26, 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.
| SBB | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.77 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.97 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.69 | -1.77 | +0.08 |
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 | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -1.50 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | -0.54 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | -0.72 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.59 | +0.08 |
Drawdowns
SBB vs. SH - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, 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 | -95.75% | -94.66% | -1.09% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -18.28% | -4.40% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -38.82% | +3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -44.53% | +9.36% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | -76.12% | +3.29% |
Current DrawdownCurrent decline from peak | -95.75% | -94.64% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -67.73% | -6.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 9.95% | +3.24% |
Volatility
SBB vs. SH - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.55% compared to ProShares Short S&P500 (SH) at 2.79%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. 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 | 4.55% | 2.79% | +1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 8.92% | +3.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 11.79% | +6.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 16.85% | +4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 18.01% | +5.25% |
SBB vs. SH - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
SBB vs. SH - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, less than SH's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.63% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% |
SH ProShares Short S&P500 | 4.52% | 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 (4.55%) compared to SH (2.79%). In terms of maximum drawdown, SBB dropped -95.75% vs SH's -94.66%.
On 10-year performance, SBB leads with -11.72% vs -12.88% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.79%. 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 -11.72% return vs -12.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 0.95% for SBB.
SH has the higher dividend yield at 4.52%, compared with 3.63% for SBB.
SBB tracks S&P SmallCap 600 Index (-100%), while SH tracks S&P 500 (-100%). Their fees differ too: 0.95% for SBB and 0.90% for SH.
SBB currently has the higher Sharpe Ratio (-1.25 vs -1.50), 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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