SBB vs. SPDN
SBB (ProShares Short SmallCap600) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - SBB tracks the S&P SmallCap 600 Index (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SBB returned -12.26%/yr vs -12.57%/yr for SPDN. A 0.72 correlation means they provide meaningful diversification when combined. SBB charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
SBB vs. SPDN - 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 SPDN's -5.13% return. Both investments have delivered pretty close results over the past 10 years, with SBB having a -12.26% annualized return and SPDN not far behind at -12.57%.
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%
SPDN
- 1D
- 0.23%
- 1M
- 1.84%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.07%
- 3Y*
- -11.65%
- 5Y*
- -8.13%
- 10Y*
- -12.57%
SBB vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SBB and SPDN is 0.69, 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 | 0.69 |
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 Jun 8, 2016 | 0.72 |
The correlation between SBB and SPDN has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.
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Return for Risk
SBB vs. SPDN — Risk / Return Rank
SBB
SPDN
SBB vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.84 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.82 | -0.15 |
| Martin ratioReturn relative to average drawdown | -1.81 | -1.53 | -0.29 |
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Drawdowns
SBB vs. SPDN - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.91%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SBB and SPDN.
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Drawdown Indicators
| SBB | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.91% | -75.31% | -20.60% |
Max Drawdown (1Y)Largest decline over 1 year | -24.44% | -16.05% | -8.39% |
Max Drawdown (3Y)Largest decline over 3 years | -37.62% | -38.24% | +0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -37.62% | -43.85% | +6.23% |
Max Drawdown (10Y)Largest decline over 10 years | -73.86% | -75.31% | +1.45% |
Current DrawdownCurrent decline from peak | -95.91% | -74.45% | -21.46% |
Average DrawdownAverage peak-to-trough decline | -74.58% | -48.67% | -25.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.05% | 8.58% | +4.47% |
Volatility
SBB vs. SPDN - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 5.08% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.68%. This indicates that SBB's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 4.68% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 12.48% | 9.90% | +2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 12.64% | +5.42% |
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% | 18.04% | +5.24% |
SBB vs. SPDN - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SBB vs. SPDN - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.77%, more than SPDN's 3.27% 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SBB and SPDN have a correlation of 0.69, 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 SPDN (4.68%). In terms of maximum drawdown, SBB dropped -95.91% vs SPDN's -75.31%.
On 10-year performance, SBB leads with -12.26% vs -12.57% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.68%. 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 -12.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.77%, compared with 3.27% for SPDN.
SBB tracks S&P SmallCap 600 Index (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SBB and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.04 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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