SBB vs. SSO

Last updated Jul 16, 2026

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 -11.75%/yr vs 23.45%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short SmallCap600 (SBB) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBB achieves a -16.75% return, which is significantly lower than SSO's 19.03% return. Over the past 10 years, SBB has underperformed SSO with an annualized return of -11.75%, while SSO has yielded a comparatively higher 23.45% annualized return.

SBB

• 1D: -0.47%
• 1M: -1.62%
• 6M: -11.93%
• YTD: -16.75%
• 1Y: -22.35%
• 3Y*: -10.00%
• 5Y*: -6.66%
• 10Y*: -11.75%

SSO

• 1D: 0.75%
• 1M: -0.04%
• 6M: 16.34%
• YTD: 19.03%
• 1Y: 40.13%
• 3Y*: 33.11%
• 5Y*: 18.49%
• 10Y*: 23.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SBB vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBB ProShares Short SmallCap600	-16.75%	-3.56%	-3.73%	-10.44%	13.75%	-25.40%	-26.53%	-18.64%	8.40%	-12.70%
SSO ProShares Ultra S&P500	19.03%	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 -0.70, 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	-0.70
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 Jan 25, 2007	-0.77

The correlation between SBB and SSO has been stable across timeframes, ranging from -0.78 to -0.70 - a consistent structural relationship.

Return for Risk

SBB vs. SSO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SBB

SBB Risk / Return Rank: 1
SBB Sharpe Ratio Rank: 0
SBB Sortino Ratio Rank: 1
SBB Omega Ratio Rank: 1
SBB Calmar Ratio Rank: 2
SBB Martin Ratio Rank: 1

SSO

SSO Risk / Return Rank: 58
SSO Sharpe Ratio Rank: 60
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 57
SSO Calmar Ratio Rank: 55
SSO Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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	SSO	Difference
Sharpe ratio: Return per unit of total volatility	-1.27	1.61	-2.88
Sortino ratio: Return per unit of downside risk	-1.73	2.15	-3.88
Omega ratio: Gain probability vs. loss probability	0.80	1.28	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.88	2.22	-3.10
Martin ratio: Return relative to average drawdown	-1.61	9.13	-10.74

SBB vs. SSO - Sharpe Ratio Comparison

The current SBB Sharpe Ratio is -1.27, which is lower than the SSO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SBB and SSO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SBB vs. SSO - Drawdown Comparison

The maximum SBB drawdown since its inception was -95.99%, 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.

Drawdown Indicators

	SBB	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-95.99%	-84.67%	-11.32%
Max Drawdown (1Y) Largest decline over 1 year	-25.50%	-18.17%	-7.33%
Max Drawdown (3Y) Largest decline over 3 years	-38.75%	-35.21%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-46.73%	+7.98%
Max Drawdown (10Y) Largest decline over 10 years	-73.24%	-59.34%	-13.90%
Current Drawdown Current decline from peak	-95.92%	-1.68%	-94.24%
Average Drawdown Average peak-to-trough decline	-74.64%	-19.48%	-55.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.92%	4.41%	+9.51%

Volatility

SBB vs. SSO - Volatility Comparison

The current volatility for ProShares Short SmallCap600 (SBB) is 4.00%, while ProShares Ultra S&P500 (SSO) has a volatility of 7.57%. 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.

Volatility by Period

	SBB	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	7.57%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	19.89%	-7.54%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	25.02%	-7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	33.87%	-12.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	35.87%	-12.65%

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 3.73%, more than SSO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBB ProShares Short SmallCap600	3.73%	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	0.66%	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

Can I hold both SBB and SSO in my portfolio?

SBB and SSO 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.

Which is riskier, SBB or SSO?

SSO has higher volatility (7.57%) compared to SBB (4.00%). In terms of maximum drawdown, SBB dropped -95.99% vs SSO's -84.67%.

Which ETF is better, SBB or SSO?

On 10-year performance, SSO leads with 23.45% vs -11.75% for SBB. On fees, SSO is cheaper at 0.87% per year. On volatility, SBB has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBB or SSO?

Over the 10-year period, SSO has performed better with a 23.45% return vs -11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBB or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SBB.

Which ETF pays a higher dividend yield, SBB or SSO?

SBB has the higher dividend yield at 3.73%, compared with 0.66% for SSO.

What is the main difference between SBB and 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.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.61 vs -1.27), 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.