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 -11.72%/yr vs 61.24%/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 -13.39% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, SBB has underperformed USD with an annualized return of -11.72%, while USD has yielded a comparatively higher 61.24% 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%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
SBB vs. USD - 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% |
USD ProShares Ultra Semiconductors | 103.32% | 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 -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.60 |
Over the past year, the inverse relationship between SBB and USD has weakened: their correlation has moved from -0.60 to -0.39, meaning they move in opposite directions less often than they have historically.
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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.
| SBB | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.38 | ||
| Sortino ratioReturn per unit of downside risk | -5.34 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.48 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 7.94 | -8.93 |
| Martin ratioReturn relative to average drawdown | -1.69 | 22.96 | -24.65 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 4.12 | -5.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.89 | -1.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | 0.89 | -1.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.49 | -0.99 |
Drawdowns
SBB vs. USD - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, 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 | -95.75% | -88.63% | -7.12% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -31.80% | +9.12% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -64.46% | +29.29% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -77.85% | +42.68% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | -77.85% | +5.02% |
Current DrawdownCurrent decline from peak | -95.75% | -6.07% | -89.68% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -32.35% | -42.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 10.98% | +2.21% |
Volatility
SBB vs. USD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. 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 | 4.55% | 21.29% | -16.74% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 46.74% | -34.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 61.28% | -43.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 76.56% | -54.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 69.24% | -45.98% |
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 3.63%, more than USD's 0.23% 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% |
USD ProShares Ultra Semiconductors | 0.23% | 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 -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% 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, USD has performed better with a 61.24% return vs -11.72%. 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 3.63%, compared with 0.23% 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 (4.12 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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