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 -12.11%/yr vs -56.24%/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 -15.25% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, SBB has outperformed SQQQ with an annualized return of -12.11%, while SQQQ has yielded a comparatively lower -56.24% annualized return.
SBB
- 1D
- 0.40%
- 1M
- -3.90%
- YTD
- -15.25%
- 6M
- -13.02%
- 1Y
- -23.27%
- 3Y*
- -11.07%
- 5Y*
- -5.14%
- 10Y*
- -12.11%
SQQQ
- 1D
- 9.83%
- 1M
- -2.27%
- YTD
- -40.31%
- 6M
- -37.80%
- 1Y
- -61.11%
- 3Y*
- -53.86%
- 5Y*
- -46.89%
- 10Y*
- -56.24%
SBB vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -15.25% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
SQQQ ProShares UltraPro Short QQQ | -40.31% | -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 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.63 |
The correlation between SBB and SQQQ has been stable across timeframes, ranging from 0.57 to 0.66 - 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.
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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.78 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.96 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.80 | -1.81 | +0.01 |
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Drawdowns
SBB vs. SQQQ - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.86%, 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 | -95.86% | -100.00% | +4.14% |
Max Drawdown (1Y)Largest decline over 1 year | -23.47% | -63.52% | +40.05% |
Max Drawdown (3Y)Largest decline over 3 years | -36.82% | -92.51% | +55.69% |
Max Drawdown (5Y)Largest decline over 5 years | -36.82% | -97.27% | +60.45% |
Max Drawdown (10Y)Largest decline over 10 years | -73.52% | -99.98% | +26.46% |
Current DrawdownCurrent decline from peak | -95.85% | -100.00% | +4.15% |
Average DrawdownAverage peak-to-trough decline | -74.58% | -92.73% | +18.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.06% | 36.37% | -23.31% |
Volatility
SBB vs. SQQQ - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.93%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. 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 | 4.93% | 26.69% | -21.76% |
Volatility (6M)Calculated over the trailing 6-month period | 12.38% | 43.33% | -30.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 53.65% | -35.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 67.53% | -45.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.28% | 66.47% | -43.19% |
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 3.71%, less than SQQQ's 11.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.71% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 11.44% | 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 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.69%) compared to SBB (4.93%). In terms of maximum drawdown, SBB dropped -95.86% vs SQQQ's -100.00%.
On 10-year performance, SBB leads with -12.11% vs -56.24% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 4.93%. 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 -12.11% return vs -56.24%. 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 11.44%, compared with 3.71% 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%).
SQQQ currently has the higher Sharpe Ratio (-1.14 vs -1.30), 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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