SBB vs. SSO
SBB (ProShares Short SmallCap600) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SBB returned -11.72%/yr vs 24.16%/yr for SSO. At a correlation of -0.77, they often move in opposite directions. SBB charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SBB vs. SSO - 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 SSO's 20.20% return. Over the past 10 years, SBB has underperformed SSO with an annualized return of -11.72%, while SSO has yielded a comparatively higher 24.16% annualized 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%
SSO
- 1D
- 0.70%
- 1M
- 8.84%
- YTD
- 20.20%
- 6M
- 19.43%
- 1Y
- 53.91%
- 3Y*
- 38.10%
- 5Y*
- 19.79%
- 10Y*
- 24.16%
SBB vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 20.20% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SBB and SSO is -0.71, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.71 |
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 Jan 26, 2007 | -0.77 |
The correlation between SBB and SSO has been stable across timeframes, ranging from -0.78 to -0.71 - a consistent structural relationship.
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Return for Risk
SBB vs. SSO — Risk / Return Rank
SBB
SSO
SBB vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.55 | ||
| Sortino ratioReturn per unit of downside risk | -4.63 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.38 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.98 | -3.97 |
| Martin ratioReturn relative to average drawdown | -1.69 | 13.10 | -14.79 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 2.30 | -3.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.59 | -0.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | 0.68 | -1.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.42 | -0.92 |
Drawdowns
SBB vs. SSO - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SBB and SSO.
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Drawdown Indicators
| SBB | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -84.67% | -11.08% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -18.17% | -4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -35.21% | +0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -46.73% | +11.56% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | -59.34% | -13.49% |
Current DrawdownCurrent decline from peak | -95.75% | -0.71% | -95.04% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -19.57% | -54.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 4.13% | +9.06% |
Volatility
SBB vs. SSO - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while ProShares Ultra S&P500 (SSO) has a volatility of 5.56%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 5.56% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 17.78% | -5.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 23.59% | -5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 33.64% | -11.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 35.89% | -12.63% |
SBB vs. SSO - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SBB vs. SSO - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, more than SSO's 0.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.63% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.61% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
SBB and SSO have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (5.56%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.16% vs -11.72% for SBB. On fees, SSO is cheaper at 0.87% per year. On volatility, SBB has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.16% return vs -11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.63%, compared with 0.61% for SSO.
SBB is categorized as Inverse Equities, while SSO is Leveraged Equities. SBB tracks S&P SmallCap 600 Index (-100%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SBB and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (2.30 vs -1.25), 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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