- ISIN
- US74347R2307
- CUSIP
- 74347B185
- Issuer
- ProShares
- Inception Date
- Jun 12, 2008
- Region
- North America (U.S.)
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Dow Jones U.S. Financials Index (-100%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $14M
Share Price Chart
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Performance
SEF Performance Chart
ProShares Short Financials (SEF) is up 3.1% since the beginning of the year. SEF is currently trading at $32 per share. Investors who bought $1,000 worth of SEF shares 5 years ago would now be looking at an investment worth $700.
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Returns By Period
ProShares Short Financials (SEF) has returned 3.06% so far this year and -3.56% over the past 12 months. Over the last ten years, SEF has returned -12.43% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares Short Financials
- 1D
- -0.57%
- 1M
- -3.27%
- YTD
- 3.06%
- 6M
- 4.18%
- 1Y
- -3.56%
- 3Y*
- -12.02%
- 5Y*
- -6.88%
- 10Y*
- -12.43%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
SEF Monthly Returns History
Based on dividend-adjusted daily data since Jun 12, 2008, SEF's average daily return is -0.04%, while the average monthly return is -1.05%.
Historically, 40% of months were positive and 60% were negative. The best month was Jan 2009 with a return of +22.5%, while the worst month was Mar 2009 at -21.5%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 6 months.
On a daily basis, SEF closed higher 46% of trading days. The best single day was Dec 1, 2008 with a return of +15.9%, while the worst single day was Sep 19, 2008 at -15.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.85% | 4.07% | 3.96% | -5.00% | 1.64% | -4.08% | 3.06% | ||||||
| 2025 | -5.75% | -0.90% | 4.55% | 1.08% | -3.63% | -2.72% | 0.51% | -2.54% | 0.28% | 3.25% | -1.30% | -2.65% | -9.82% |
| 2024 | -2.38% | -3.56% | -3.80% | 5.06% | -2.10% | 1.48% | -5.50% | -3.79% | 1.23% | -1.99% | -9.37% | 6.35% | -17.81% |
| 2023 | -7.40% | 3.58% | 7.57% | -2.55% | 4.89% | -5.73% | -4.08% | 3.32% | 3.88% | 3.05% | -9.33% | -4.64% | -8.81% |
| 2022 | 1.37% | 1.86% | -2.04% | 8.36% | -1.81% | 10.29% | -7.45% | 3.36% | 9.75% | -9.64% | -6.02% | 5.68% | 11.85% |
| 2021 | 2.18% | -9.21% | -5.05% | -6.83% | -2.98% | 1.10% | -1.71% | -3.21% | 2.35% | -6.20% | 5.14% | -5.59% | -27.02% |
Benchmark Metrics
ProShares Short Financials has an annualized alpha of 3.37%, beta of -1.22, and R2 of 0.75 versus S&P 500 Index. Calculated based on daily prices since June 12, 2008.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -151.72%), but participation in market rallies was also limited (-75.44%) - a profile typical of counter-cyclical assets.
- This ETF generated an annualized alpha of 3.37% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of -1.22 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 3.37%
- Beta
- -1.22
- R²
- 0.75
- Upside Capture
- -75.44%
- Downside Capture
- -151.72%
Expense Ratio
SEF has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SEF ranks 6 for risk / return — in the bottom 6% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Short Financials (SEF) and compare them to S&P 500 Index.
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 | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.37 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 2.78 | -3.11 |
| Martin ratioReturn relative to average drawdown | -0.75 | 12.44 | -13.19 |
Dividends
Dividend History
ProShares Short Financials provided a 3.54% dividend yield over the last twelve months, with an annual payout of $1.11 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.11 | $1.33 | $2.03 | $2.02 | $0.20 | $0.00 | $0.08 | $0.96 | $0.41 |
Dividend yield | 3.54% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares Short Financials. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.00 | $0.11 | ||||||
| 2025 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.35 | $0.00 | $0.00 | $0.33 | $0.00 | $0.00 | $0.33 | $1.33 |
| 2024 | $0.00 | $0.00 | $0.45 | $0.00 | $0.00 | $0.66 | $0.00 | $0.00 | $0.39 | $0.00 | $0.00 | $0.54 | $2.03 |
| 2023 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.44 | $0.00 | $0.00 | $0.55 | $0.00 | $0.00 | $0.77 | $2.02 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.20 | $0.20 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Short Financials. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Short Financials was 96.51%, occurring on Jan 6, 2026. The portfolio has not yet recovered.
The current ProShares Short Financials drawdown is 96.30%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -96.51%Jan 2026 | 16y 10mo | — | 17y 3moMar 2009 - now |
Financial crisis2007–2009 | -35.06%Dec 2008 | 17d | 2mo 27d | 3mo 14dNov 2008 - Mar 2009 |
Financial crisis2007–2009 | -32.07%Sep 2008 | 2mo 5d | 20d | 2mo 25dJul 2008 - Oct 2008 |
Financial crisis2007–2009 | -20.24%Nov 2008 | 7d | 8d | 15dOct 2008 - Nov 2008 |
Financial crisis2007–2009 | -18.92%Oct 2008 | 4d | 13d | 17dOct 2008 - Oct 2008 |
Drawdown Indicators
| SEF | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -56.78% | -39.73% |
Max Drawdown (1Y)Largest decline over 1 year | -11.14% | -9.10% | -2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -39.40% | -18.90% | -20.50% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -25.43% | -16.19% |
Max Drawdown (10Y)Largest decline over 10 years | -75.66% | -33.92% | -41.74% |
Current DrawdownCurrent decline from peak | -96.30% | -1.80% | -94.50% |
Average DrawdownAverage peak-to-trough decline | -82.73% | -10.71% | -72.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.11% | 2.03% | +3.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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