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 -11.90%/yr vs 55.47%/yr for USD. Their -0.60 correlation means they have often moved in opposite directions in the past. 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 -18.99% return, which is significantly lower than USD's 71.41% return. Over the past 10 years, SBB has underperformed USD with an annualized return of -11.90%, while USD has yielded a comparatively higher 55.47% 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%
USD
- 1D
- 10.39%
- 1M
- 2.58%
- 6M
- 64.91%
- YTD
- 71.41%
- 1Y
- 106.91%
- 3Y*
- 102.00%
- 5Y*
- 57.55%
- 10Y*
- 55.47%
- ALL TIME*
- 28.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.82K | $20.79K | $47.74K | |
| $73.98M | $71.11M | $96.07M |
SBB vs. USD - 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% |
USD ProShares Ultra Semiconductors | 71.41% | 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 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. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.94 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.25 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.73 | -3.75 |
| Martin ratioReturn relative to average drawdown | -1.85 | 7.78 | -9.62 |
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Drawdowns
SBB vs. USD - Drawdown Comparison
The maximum SBB drawdown since its inception was -96.03%, 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 | -96.03% | -88.63% | -7.40% |
Max Drawdown (1Y)Largest decline over 1 year | -24.84% | -39.33% | +14.49% |
Max Drawdown (3Y)Largest decline over 3 years | -39.36% | -64.46% | +25.10% |
Max Drawdown (5Y)Largest decline over 5 years | -39.36% | -77.85% | +38.49% |
Max Drawdown (10Y)Largest decline over 10 years | -73.51% | -77.85% | +4.34% |
Current DrawdownCurrent decline from peak | -96.03% | -20.81% | -75.22% |
Average DrawdownAverage peak-to-trough decline | -74.70% | -32.23% | -42.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.87% | 13.80% | +0.07% |
Volatility
SBB vs. USD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.17%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.12%. 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 | 4.17% | 29.12% | -24.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.15% | 61.81% | -49.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 74.29% | -56.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 78.90% | -57.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 70.46% | -47.21% |
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 3.84%, more than USD's 0.34% 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% |
USD ProShares Ultra Semiconductors | 0.34% | 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 (29.12%) compared to SBB (4.17%). In terms of maximum drawdown, SBB dropped -96.03% vs USD's -88.63%.
On 10-year performance, USD leads with 55.47% vs -11.90% for SBB. Both ETFs have the same 0.95% expense ratio. 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, USD has performed better with a 55.47% return vs -11.90%. 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 3.84%, compared with 0.34% 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 (1.45 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.
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