SBB vs. SPXU
SBB (ProShares Short SmallCap600) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SBB returned -12.26%/yr vs -42.03%/yr for SPXU. A 0.75 correlation means they provide meaningful diversification when combined. SBB charges 0.95%/yr vs 0.90%/yr for SPXU.
Performance
SBB vs. SPXU - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -16.65% return, which is significantly higher than SPXU's -20.80% return. Over the past 10 years, SBB has outperformed SPXU with an annualized return of -12.26%, while SPXU has yielded a comparatively lower -42.03% annualized return.
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%
SPXU
- 1D
- -0.76%
- 1M
- 3.14%
- YTD
- -20.80%
- 6M
- -17.65%
- 1Y
- -42.51%
- 3Y*
- -41.00%
- 5Y*
- -33.50%
- 10Y*
- -42.03%
SBB vs. SPXU - 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% |
SPXU ProShares UltraPro Short S&P500 | -20.80% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between SBB and SPXU 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 | 0.72 |
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 25, 2009 | 0.75 |
The correlation between SBB and SPXU has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.
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Return for Risk
SBB vs. SPXU — Risk / Return Rank
SBB
SPXU
SBB vs. SPXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares UltraPro Short S&P500 (SPXU). 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 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.80 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.91 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.81 | -1.56 | -0.25 |
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Drawdowns
SBB vs. SPXU - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.91%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SBB and SPXU.
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Drawdown Indicators
| SBB | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.91% | -99.99% | +4.08% |
Max Drawdown (1Y)Largest decline over 1 year | -24.44% | -47.04% | +22.60% |
Max Drawdown (3Y)Largest decline over 3 years | -37.62% | -84.36% | +46.74% |
Max Drawdown (5Y)Largest decline over 5 years | -37.62% | -90.23% | +52.61% |
Max Drawdown (10Y)Largest decline over 10 years | -73.86% | -99.63% | +25.77% |
Current DrawdownCurrent decline from peak | -95.91% | -99.99% | +4.08% |
Average DrawdownAverage peak-to-trough decline | -74.58% | -93.34% | +18.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.05% | 27.42% | -14.37% |
Volatility
SBB vs. SPXU - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 5.08%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 14.30%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 14.30% | -9.22% |
Volatility (6M)Calculated over the trailing 6-month period | 12.48% | 29.44% | -16.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 37.24% | -19.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 50.62% | -28.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.28% | 53.42% | -30.14% |
SBB vs. SPXU - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than SPXU's 0.90% expense ratio.
Dividends
SBB vs. SPXU - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.77%, less than SPXU's 7.41% 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% |
SPXU ProShares UltraPro Short S&P500 | 7.41% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
SBB and SPXU 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.
SPXU has higher volatility (14.30%) compared to SBB (5.08%). In terms of maximum drawdown, SBB dropped -95.91% vs SPXU's -99.99%.
On 10-year performance, SBB leads with -12.26% vs -42.03% for SPXU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SBB has been the lower-risk option at 5.08%. 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 -42.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 0.95% for SBB.
SPXU has the higher dividend yield at 7.41%, compared with 3.77% for SBB.
SBB is categorized as Inverse Equities, while SPXU is S&P 500. SBB tracks S&P SmallCap 600 Index (-100%), while SPXU tracks S&P 500 Index (-300%). Their fees differ too: 0.95% for SBB and 0.90% for SPXU.
SPXU currently has the higher Sharpe Ratio (-1.15 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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