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 5 years, SBB returned -4.83%/yr vs -8.94%/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 -13.39% return, which is significantly lower than SPDN's -8.13% 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%
SPDN
- 1D
- -0.35%
- 1M
- -4.01%
- YTD
- -8.13%
- 6M
- -7.68%
- 1Y
- -17.23%
- 3Y*
- -12.98%
- 5Y*
- -8.94%
- 10Y*
- —
SBB vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -8.13% | -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 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.72 |
The correlation between SBB and SPDN has been stable across timeframes, ranging from 0.70 to 0.77 - 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.
| SBB | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.78 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.96 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.69 | -1.75 | +0.06 |
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 | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -1.43 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | -0.53 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.70 | +0.19 |
Drawdowns
SBB vs. SPDN - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, 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 | -95.75% | -75.31% | -20.44% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -17.95% | -4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -38.24% | +3.07% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -43.85% | +8.68% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -75.26% | -20.49% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -48.55% | -25.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 9.84% | +3.35% |
Volatility
SBB vs. SPDN - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.55% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 2.72%. 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 | 4.55% | 2.72% | +1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 9.09% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 12.09% | +5.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 16.86% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 18.03% | +5.23% |
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 3.63%, less than SPDN's 4.11% 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.11% | 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 0.70, 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 SPDN (2.72%). In terms of maximum drawdown, SBB dropped -95.75% vs SPDN's -75.31%.
On 5-year performance, SBB leads with -4.83% vs -8.94% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SBB has performed better with a -4.83% return vs -8.94%. 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.
SPDN has the higher dividend yield at 4.11%, compared with 3.63% for SBB.
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.
SBB currently has the higher Sharpe Ratio (-1.25 vs -1.43), 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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