SEF vs. SBB
SEF (ProShares Short Financials) and SBB (ProShares Short SmallCap600) are both Inverse Equities funds from ProShares - SEF tracks the Dow Jones U.S. Financials Index (-100%) while SBB tracks the S&P SmallCap 600 Index (-100%). Both are passively managed. Over the past 10 years, SEF returned -12.50%/yr vs -12.26%/yr for SBB. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SEF vs. SBB - Performance Comparison
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Returns By Period
In the year-to-date period, SEF achieves a 2.28% return, which is significantly higher than SBB's -16.65% return. Both investments have delivered pretty close results over the past 10 years, with SEF having a -12.50% annualized return and SBB not far ahead at -12.26%.
SEF
- 1D
- -0.51%
- 1M
- -4.01%
- YTD
- 2.28%
- 6M
- 4.12%
- 1Y
- -1.58%
- 3Y*
- -12.24%
- 5Y*
- -6.67%
- 10Y*
- -12.50%
SBB
- 1D
- -1.66%
- 1M
- -5.49%
- YTD
- -16.65%
- 6M
- -14.34%
- 1Y
- -23.61%
- 3Y*
- -11.57%
- 5Y*
- -5.42%
- 10Y*
- -12.26%
SEF vs. SBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 2.28% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
SBB ProShares Short SmallCap600 | -16.65% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
Correlation
The correlation between SEF and SBB is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2008 | 0.75 |
The correlation between SEF and SBB shifts across timeframes, from 0.62 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SEF vs. SBB — Risk / Return Rank
SEF
SBB
SEF vs. SBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and ProShares Short SmallCap600 (SBB). 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.
| SEF | SBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.79 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | -0.97 | +0.83 |
| Martin ratioReturn relative to average drawdown | -0.33 | -1.81 | +1.48 |
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Drawdowns
SEF vs. SBB - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.51%, roughly equal to the maximum SBB drawdown of -95.91%. Use the drawdown chart below to compare losses from any high point for SEF and SBB.
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Drawdown Indicators
| SEF | SBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -95.91% | -0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -11.14% | -24.44% | +13.30% |
Max Drawdown (3Y)Largest decline over 3 years | -39.40% | -37.62% | -1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -37.62% | -4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -75.66% | -73.86% | -1.80% |
Current DrawdownCurrent decline from peak | -96.33% | -95.91% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -82.74% | -74.58% | -8.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.76% | 13.05% | -8.29% |
Volatility
SEF vs. SBB - Volatility Comparison
The current volatility for ProShares Short Financials (SEF) is 4.05%, while ProShares Short SmallCap600 (SBB) has a volatility of 5.08%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than SBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEF | SBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 5.08% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.16% | 12.48% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.46% | 18.06% | -3.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.97% | 21.68% | -3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 23.28% | -2.80% |
SEF vs. SBB - Expense Ratio Comparison
Both SEF and SBB have an expense ratio of 0.95%.
Dividends
SEF vs. SBB - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.56%, less than SBB's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | 3.77% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
SEF ProShares Short Financials | 3.56% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Frequently Asked Questions
SEF and SBB have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (5.08%) compared to SEF (4.05%). In terms of maximum drawdown, SEF dropped -96.51% vs SBB's -95.91%.
On 10-year performance, SBB leads with -12.26% vs -12.50% for SEF. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 4.05%. 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 -12.26% return vs -12.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SEF and SBB have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.77%, compared with 3.56% for SEF.
SEF tracks Dow Jones U.S. Financials Index (-100%), while SBB tracks S&P SmallCap 600 Index (-100%).
SEF currently has the higher Sharpe Ratio (-0.11 vs -1.31), 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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