You are right, if I was immediately cashing out to Fiat this would be a bit of a loss so far. But we have been that the market doesn't differentiate SBD as a "pegged" asset and is at least as likely to go up as Steem.
As I get further in to this I will be doing more SBD bids than Steem bids, so we will get a more accurate 1:1 comparison