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 -11.90%/yr vs 29.22%/yr for UPRO. Their -0.75 correlation means they have often moved in opposite directions in the past. SBB charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SBB vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SBB achieves a -18.99% return, which is significantly lower than UPRO's 33.75% return. Over the past 10 years, SBB has underperformed UPRO with an annualized return of -11.90%, while UPRO has yielded a comparatively higher 29.22% annualized return.
SBB
- 1D
- -1.63%
- 1M
- -2.40%
- 6M
- -13.87%
- YTD
- -18.99%
- 1Y
- -25.10%
- 3Y*
- -10.24%
- 5Y*
- -6.51%
- 10Y*
- -11.90%
- ALL TIME*
- -12.49%
UPRO
- 1D
- 5.34%
- 1M
- 9.50%
- 6M
- 30.93%
- YTD
- 33.75%
- 1Y
- 61.82%
- 3Y*
- 49.06%
- 5Y*
- 20.91%
- 10Y*
- 29.22%
- ALL TIME*
- 33.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.82K | $20.79K | $47.74K | |
| $337.28M | $304.70M | $362.53M |
SBB vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -18.99% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
UPRO ProShares UltraPro S&P 500 | 33.75% | 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 -0.69, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.69 |
Correlation (3Y) Balances recent behavior with more history. | -0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.75 |
The correlation between SBB and UPRO has been stable across timeframes, ranging from -0.78 to -0.69 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.04 | ||
| Sortino ratioReturn per unit of downside risk | -4.10 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.27 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.32 | -3.33 |
| Martin ratioReturn relative to average drawdown | -1.85 | 8.87 | -10.72 |
Loading charts...
Drawdowns
SBB vs. UPRO - Drawdown Comparison
The maximum SBB drawdown since its inception was -96.03%, 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.
Loading charts...
Drawdown Indicators
| SBB | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.03% | -76.82% | -19.21% |
Max Drawdown (1Y)Largest decline over 1 year | -24.84% | -26.78% | +1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -39.36% | -48.87% | +9.51% |
Max Drawdown (5Y)Largest decline over 5 years | -39.36% | -63.94% | +24.58% |
Max Drawdown (10Y)Largest decline over 10 years | -73.51% | -76.82% | +3.31% |
Current DrawdownCurrent decline from peak | -96.03% | 0.00% | -96.03% |
Average DrawdownAverage peak-to-trough decline | -74.70% | -14.34% | -60.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.87% | 6.99% | +6.88% |
Volatility
SBB vs. UPRO - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.17%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 12.34%. 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.
Loading charts...
Volatility by Period
| SBB | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 12.34% | -8.17% |
Volatility (6M)Calculated over the trailing 6-month period | 12.15% | 30.99% | -18.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 38.70% | -21.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 50.79% | -29.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 53.83% | -30.58% |
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 3.84%, more than UPRO's 0.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.84% | 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 | 0.70% | 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 -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (12.34%) compared to SBB (4.17%). In terms of maximum drawdown, SBB dropped -96.03% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 29.22% vs -11.90% for SBB. On fees, UPRO is cheaper at 0.89% per year. On volatility, SBB has been the lower-risk option at 4.17%. 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 29.22% return vs -11.90%. 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 3.84%, compared with 0.70% 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 (1.62 vs -1.43), 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.
Find the right allocation for SBB and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer