SBB vs. UPRO
SBB (ProShares Short SmallCap600) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while UPRO 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 30.04%/yr for UPRO. At a correlation of -0.75, they often move in opposite directions. SBB charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SBB vs. UPRO - 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 UPRO's 29.29% return. Over the past 10 years, SBB has underperformed UPRO with an annualized return of -11.72%, while UPRO has yielded a comparatively higher 30.04% 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%
UPRO
- 1D
- 1.09%
- 1M
- 13.26%
- YTD
- 29.29%
- 6M
- 27.72%
- 1Y
- 83.10%
- 3Y*
- 53.48%
- 5Y*
- 23.40%
- 10Y*
- 30.04%
SBB vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 29.29% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SBB and UPRO 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 Jun 26, 2009 | -0.75 |
The correlation between SBB and UPRO 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. UPRO — Risk / Return Rank
SBB
UPRO
SBB vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.62 | ||
| Sortino ratioReturn per unit of downside risk | -4.54 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.37 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.12 | -4.10 |
| Martin ratioReturn relative to average drawdown | -1.69 | 13.16 | -14.85 |
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 | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 2.37 | -3.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.47 | -0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | 0.56 | -1.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.65 | -1.16 |
Drawdowns
SBB vs. UPRO - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SBB and UPRO.
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Drawdown Indicators
| SBB | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -76.82% | -18.93% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -26.78% | +4.10% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -48.87% | +13.70% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -63.94% | +28.77% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | -76.82% | +3.99% |
Current DrawdownCurrent decline from peak | -95.75% | -1.02% | -94.73% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -14.41% | -60.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 6.33% | +6.86% |
Volatility
SBB vs. UPRO - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.29%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 8.29% | -3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 26.61% | -14.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 35.33% | -17.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 50.31% | -28.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 53.73% | -30.47% |
SBB vs. UPRO - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SBB vs. UPRO - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, more than UPRO's 0.67% 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% |
UPRO ProShares UltraPro S&P 500 | 0.67% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
SBB and UPRO 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.
UPRO has higher volatility (8.29%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.04% vs -11.72% for SBB. On fees, UPRO is cheaper at 0.89% 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, UPRO has performed better with a 30.04% return vs -11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SBB.
SBB has the higher dividend yield at 3.63%, compared with 0.67% for UPRO.
SBB is categorized as Inverse Equities, while UPRO is Leveraged Equities. SBB tracks S&P SmallCap 600 Index (-100%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SBB and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (2.37 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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