SBB vs. SH
Compare and contrast key facts about ProShares Short SmallCap600 (SBB) and ProShares Short S&P500 (SH).
SBB and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SBB is a passively managed fund by ProShares that tracks the performance of the S&P SmallCap 600 Index (-100%). It was launched on Jan 23, 2007. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006. Both SBB and SH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SBB vs. SH - Performance Comparison
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SBB vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -2.86% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
SH ProShares Short S&P500 | 5.77% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Returns By Period
In the year-to-date period, SBB achieves a -2.86% return, which is significantly lower than SH's 5.77% return. Over the past 10 years, SBB has outperformed SH with an annualized return of -11.16%, while SH has yielded a comparatively lower -11.84% annualized return.
SBB
- 1D
- -2.98%
- 1M
- 4.78%
- YTD
- -2.86%
- 6M
- -3.50%
- 1Y
- -15.35%
- 3Y*
- -6.31%
- 5Y*
- -3.47%
- 10Y*
- -11.16%
SH
- 1D
- -2.82%
- 1M
- 5.57%
- YTD
- 5.77%
- 6M
- 4.49%
- 1Y
- -11.46%
- 3Y*
- -9.86%
- 5Y*
- -7.57%
- 10Y*
- -11.84%
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SBB vs. SH - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.
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 | -0.66 | -0.63 | -0.03 |
Sortino ratioReturn per unit of downside risk | -0.82 | -0.79 | -0.04 |
Omega ratioGain probability vs. loss probability | 0.90 | 0.89 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.45 | -0.06 |
Martin ratioReturn relative to average drawdown | -0.71 | -0.55 | -0.16 |
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 | -0.66 | -0.63 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.16 | -0.45 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.66 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.56 | +0.07 |
Correlation
The correlation between SBB and SH is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SBB vs. SH - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.23%, less than SH's 3.92% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.23% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% |
SH ProShares Short S&P500 | 3.92% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Drawdowns
SBB vs. SH - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.54%, roughly equal to the maximum SH drawdown of -94.26%. 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 | -95.54% | -94.26% | -1.28% |
Max Drawdown (1Y)Largest decline over 1 year | -30.86% | -26.61% | -4.25% |
Max Drawdown (5Y)Largest decline over 5 years | -31.94% | -40.35% | +8.41% |
Max Drawdown (10Y)Largest decline over 10 years | -72.01% | -74.31% | +2.30% |
Current DrawdownCurrent decline from peak | -95.24% | -93.82% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -74.34% | -67.49% | -6.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.10% | 21.81% | +0.29% |
Volatility
SBB vs. SH - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 6.62% compared to ProShares Short S&P500 (SH) at 5.30%. 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 | 6.62% | 5.30% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 13.33% | 9.43% | +3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.18% | 18.17% | +5.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.77% | 16.87% | +4.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 17.99% | +5.27% |