SBB vs. SQQQ
SBB (ProShares Short SmallCap600) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SBB returned -11.70%/yr vs -56.01%/yr for SQQQ. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SBB vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -12.32% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, SBB has outperformed SQQQ with an annualized return of -11.70%, while SQQQ has yielded a comparatively lower -56.01% annualized return.
SBB
- 1D
- 0.78%
- 1M
- -1.47%
- YTD
- -12.32%
- 6M
- -11.10%
- 1Y
- -21.13%
- 3Y*
- -9.56%
- 5Y*
- -4.60%
- 10Y*
- -11.70%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
SBB vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -12.32% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SBB and SQQQ is 0.58, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.63 |
The correlation between SBB and SQQQ has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.
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Return for Risk
SBB vs. SQQQ — Risk / Return Rank
SBB
SQQQ
SBB vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.72 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.99 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.82 | +0.21 |
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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | -1.37 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | -0.74 | +0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | -0.85 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.88 | +0.37 |
Drawdowns
SBB vs. SQQQ - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SBB and SQQQ.
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Drawdown Indicators
| SBB | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -100.00% | +4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -65.95% | +43.33% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -92.38% | +57.25% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | -97.23% | +62.10% |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | -99.98% | +27.16% |
Current DrawdownCurrent decline from peak | -95.70% | -100.00% | +4.30% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -92.40% | +17.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 35.73% | -22.62% |
Volatility
SBB vs. SQQQ - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.63%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 13.75% | -9.12% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 36.45% | -24.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 47.79% | -29.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 66.64% | -44.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 66.11% | -42.85% |
SBB vs. SQQQ - Expense Ratio Comparison
Both SBB and SQQQ have an expense ratio of 0.95%.
Dividends
SBB vs. SQQQ - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.58%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.58% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SBB and SQQQ have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (13.75%) compared to SBB (4.63%). In terms of maximum drawdown, SBB dropped -95.75% vs SQQQ's -100.00%.
On 10-year performance, SBB leads with -11.70% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 4.63%. 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 -11.70% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.48%, compared with 3.58% for SBB.
SBB is categorized as Inverse Equities, while SQQQ is Leveraged Equities. SBB tracks S&P SmallCap 600 Index (-100%), while SQQQ tracks NASDAQ-100 Index (-300%).
SBB currently has the higher Sharpe Ratio (-1.19 vs -1.37), 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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