SBB vs. USD
SBB (ProShares Short SmallCap600) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SBB returned -11.75%/yr vs 57.75%/yr for USD. At a correlation of -0.60, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SBB vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -16.75% return, which is significantly lower than USD's 76.24% return. Over the past 10 years, SBB has underperformed USD with an annualized return of -11.75%, while USD has yielded a comparatively higher 57.75% 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%
USD
- 1D
- -2.73%
- 1M
- -13.47%
- 6M
- 69.06%
- YTD
- 76.24%
- 1Y
- 125.99%
- 3Y*
- 102.21%
- 5Y*
- 64.19%
- 10Y*
- 57.75%
SBB vs. USD - 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% |
USD ProShares Ultra Semiconductors | 76.24% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SBB and USD is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.60 |
The correlation between SBB and USD shifts across timeframes, from -0.60 (all time) to -0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SBB vs. USD — Risk / Return Rank
SBB
USD
SBB vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.29 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.98 | -4.86 |
| Martin ratioReturn relative to average drawdown | -1.61 | 10.34 | -11.95 |
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Drawdowns
SBB vs. USD - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.99%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SBB and USD.
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Drawdown Indicators
| SBB | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.99% | -88.63% | -7.36% |
Max Drawdown (1Y)Largest decline over 1 year | -25.50% | -31.80% | +6.30% |
Max Drawdown (3Y)Largest decline over 3 years | -38.75% | -64.46% | +25.71% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -77.85% | +39.10% |
Max Drawdown (10Y)Largest decline over 10 years | -73.24% | -77.85% | +4.61% |
Current DrawdownCurrent decline from peak | -95.92% | -18.58% | -77.34% |
Average DrawdownAverage peak-to-trough decline | -74.64% | -32.25% | -42.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.92% | 12.23% | +1.69% |
Volatility
SBB vs. USD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.00%, while ProShares Ultra Semiconductors (USD) has a volatility of 31.39%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBB | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 31.39% | -27.39% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 57.92% | -45.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 70.80% | -53.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.62% | 78.24% | -56.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 70.07% | -46.85% |
SBB vs. USD - Expense Ratio Comparison
Both SBB and USD have an expense ratio of 0.95%.
Dividends
SBB vs. USD - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.73%, more than USD's 0.33% 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% |
USD ProShares Ultra Semiconductors | 0.33% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SBB and USD have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (31.39%) compared to SBB (4.00%). In terms of maximum drawdown, SBB dropped -95.99% vs USD's -88.63%.
On 10-year performance, USD leads with 57.75% vs -11.75% for SBB. Both ETFs have the same 0.95% expense ratio. 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.
Over the 10-year period, USD has performed better with a 57.75% return vs -11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and USD have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.73%, compared with 0.33% for USD.
SBB is categorized as Inverse Equities, while USD is Leveraged Equities. SBB tracks S&P SmallCap 600 Index (-100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.79 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.
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