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 -11.72%/yr vs -72.73%/yr for UVXY. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SBB vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -13.39% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, SBB has outperformed UVXY with an annualized return of -11.72%, while UVXY has yielded a comparatively lower -72.73% 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%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
SBB vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -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 share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.58 |
The correlation between SBB and UVXY has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.
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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.
| SBB | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.81 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.97 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.69 | -1.33 | -0.36 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -0.88 | -0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | -0.66 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | -0.64 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.68 | +0.17 |
Drawdowns
SBB vs. UVXY - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, 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.
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Drawdown Indicators
| SBB | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -100.00% | +4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -76.19% | +53.51% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | -95.25% | +60.08% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -99.69% | +64.52% |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | -100.00% | +27.17% |
Current DrawdownCurrent decline from peak | -95.75% | -100.00% | +4.25% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -98.55% | +24.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 55.83% | -42.64% |
Volatility
SBB vs. UVXY - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. 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.
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Volatility by Period
| SBB | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 12.26% | -7.71% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 62.79% | -50.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 84.51% | -66.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 103.82% | -82.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 113.81% | -90.55% |
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 3.63%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.63% | 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 (12.26%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs UVXY's -100.00%.
On 10-year performance, SBB leads with -11.72% vs -72.73% for UVXY. 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, SBB has performed better with a -11.72% return vs -72.73%. 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 3.63%, 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 (-0.88 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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