SBB vs. TQQQ
SBB (ProShares Short SmallCap600) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SBB returned -11.72%/yr vs 44.95%/yr for TQQQ. At a correlation of -0.63, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SBB vs. TQQQ - 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 TQQQ's 61.91% return. Over the past 10 years, SBB has underperformed TQQQ with an annualized return of -11.72%, while TQQQ has yielded a comparatively higher 44.95% 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%
TQQQ
- 1D
- -1.55%
- 1M
- 26.46%
- YTD
- 61.91%
- 6M
- 54.01%
- 1Y
- 132.34%
- 3Y*
- 68.49%
- 5Y*
- 27.97%
- 10Y*
- 44.95%
SBB vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 61.91% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between SBB and TQQQ is -0.58, 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 | -0.58 |
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 TQQQ has been stable across timeframes, ranging from -0.65 to -0.57 - a consistent structural relationship.
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Return for Risk
SBB vs. TQQQ — Risk / Return Rank
SBB
TQQQ
SBB vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.74 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.39 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.60 | -4.59 |
| Martin ratioReturn relative to average drawdown | -1.69 | 11.77 | -13.47 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 2.80 | -4.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.42 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | 0.68 | -1.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.74 | -1.24 |
Drawdowns
SBB vs. TQQQ - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SBB and TQQQ.
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Drawdown Indicators
| SBB | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -81.66% | -14.09% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -36.97% | +14.29% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -58.04% | +22.87% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -81.66% | +46.49% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | -81.66% | +8.83% |
Current DrawdownCurrent decline from peak | -95.75% | -2.29% | -93.46% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -18.52% | -56.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 11.28% | +1.91% |
Volatility
SBB vs. TQQQ - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.35%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 13.35% | -8.80% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 36.04% | -24.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 47.60% | -29.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 66.50% | -44.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 65.95% | -42.69% |
SBB vs. TQQQ - Expense Ratio Comparison
Both SBB and TQQQ have an expense ratio of 0.95%.
Dividends
SBB vs. TQQQ - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, more than TQQQ's 0.37% 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% |
TQQQ ProShares UltraPro QQQ | 0.37% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
SBB and TQQQ 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.
TQQQ has higher volatility (13.35%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 44.95% vs -11.72% for SBB. Both ETFs have the same 0.95% expense ratio. 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, TQQQ has performed better with a 44.95% return vs -11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and TQQQ have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.63%, compared with 0.37% for TQQQ.
SBB is categorized as Inverse Equities, while TQQQ is Leveraged Equities. SBB tracks S&P SmallCap 600 Index (-100%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (2.80 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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