SBB vs. UVXY
SBB (ProShares Short SmallCap600) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SBB returned -11.90%/yr vs -71.00%/yr for UVXY. Their 0.58 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
SBB vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SBB achieves a -18.99% return, which is significantly higher than UVXY's -35.49% return. Over the past 10 years, SBB has outperformed UVXY with an annualized return of -11.90%, while UVXY has yielded a comparatively lower -71.00% 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%
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.82K | $20.79K | $47.74K | |
| $189.58M | $189.56M | $234.35M |
SBB vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SBB and UVXY is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.58 |
The correlation between SBB and UVXY has been stable across timeframes, ranging from 0.58 to 0.64 - 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. UVXY — Risk / Return Rank
SBB
UVXY
SBB vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.84 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.99 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.85 | -1.47 | -0.38 |
Loading charts...
Drawdowns
SBB vs. UVXY - Drawdown Comparison
The maximum SBB drawdown since its inception was -96.03%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SBB and UVXY.
Loading charts...
Drawdown Indicators
| SBB | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.03% | -100.00% | +3.97% |
Max Drawdown (1Y)Largest decline over 1 year | -24.84% | -71.36% | +46.52% |
Max Drawdown (3Y)Largest decline over 3 years | -39.36% | -95.42% | +56.06% |
Max Drawdown (5Y)Largest decline over 5 years | -39.36% | -99.68% | +60.32% |
Max Drawdown (10Y)Largest decline over 10 years | -73.51% | -100.00% | +26.49% |
Current DrawdownCurrent decline from peak | -96.03% | -100.00% | +3.97% |
Average DrawdownAverage peak-to-trough decline | -74.70% | -98.76% | +24.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.87% | 47.86% | -33.99% |
Volatility
SBB vs. UVXY - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.17%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.98%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SBB | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 21.98% | -17.81% |
Volatility (6M)Calculated over the trailing 6-month period | 12.15% | 65.18% | -53.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 86.32% | -68.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 103.35% | -81.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 112.07% | -88.82% |
SBB vs. UVXY - Expense Ratio Comparison
Both SBB and UVXY have an expense ratio of 0.95%.
Dividends
SBB vs. UVXY - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.84%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.84% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBB and UVXY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to SBB (4.17%). In terms of maximum drawdown, SBB dropped -96.03% vs UVXY's -100.00%.
On 10-year performance, SBB leads with -11.90% vs -71.00% for UVXY. 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, SBB has performed better with a -11.90% return vs -71.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and UVXY have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.84%, compared with 0.00% for UVXY.
SBB is categorized as Inverse Equities, while UVXY is Volatility. SBB tracks S&P SmallCap 600 Index (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.82 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 UVXY
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