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 -11.75%/yr vs -12.29%/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 -16.75% return, which is significantly lower than SPDN's -7.60% return. Both investments have delivered pretty close results over the past 10 years, with SBB having a -11.75% annualized return and SPDN not far behind at -12.29%.
SBB
- 1D
- -0.47%
- 1M
- -1.62%
- 6M
- -11.93%
- YTD
- -16.75%
- 1Y
- -22.35%
- 3Y*
- -10.00%
- 5Y*
- -6.66%
- 10Y*
- -11.75%
SPDN
- 1D
- -0.35%
- 1M
- 0.11%
- 6M
- -6.71%
- YTD
- -7.60%
- 1Y
- -13.64%
- 3Y*
- -11.48%
- 5Y*
- -8.38%
- 10Y*
- -12.29%
SBB vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -16.75% | -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 | -7.60% | -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 0.68, 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 | 0.68 |
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 0.68 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 | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.83 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.86 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.63 | +0.02 |
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Drawdowns
SBB vs. SPDN - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.99%, 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 | -95.99% | -75.31% | -20.68% |
Max Drawdown (1Y)Largest decline over 1 year | -25.50% | -15.93% | -9.57% |
Max Drawdown (3Y)Largest decline over 3 years | -38.75% | -38.24% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -43.85% | +5.10% |
Max Drawdown (10Y)Largest decline over 10 years | -73.24% | -73.97% | +0.73% |
Current DrawdownCurrent decline from peak | -95.92% | -75.11% | -20.81% |
Average DrawdownAverage peak-to-trough decline | -74.64% | -48.81% | -25.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.92% | 8.39% | +5.53% |
Volatility
SBB vs. SPDN - Volatility Comparison
ProShares Short SmallCap600 (SBB) and Direxion Daily S&P 500 Bear 1x Shares (SPDN) have volatilities of 4.00% and 3.86%, 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 | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 3.86% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 10.07% | +2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 12.71% | +5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.62% | 16.97% | +4.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 18.01% | +5.21% |
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 3.73%, more than SPDN's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.73% | 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 | 3.36% | 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 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (4.00%) compared to SPDN (3.86%). In terms of maximum drawdown, SBB dropped -95.99% vs SPDN's -75.31%.
On 10-year performance, SBB leads with -11.75% vs -12.29% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.86%. 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 -11.75% return vs -12.29%. 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 3.73%, compared with 3.36% 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 (-1.08 vs -1.27), 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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