AMZD vs. SEF

Last updated Jul 17, 2026

AMZD (Direxion Daily AMZN Bear 1X Shares) and SEF (ProShares Short Financials) are both Inverse Equities funds - AMZD tracks the Amazon.com, Inc. (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 3 years, AMZD returned -20.92%/yr vs -12.03%/yr for SEF. At a 0.37 correlation, their price movements are largely independent. AMZD charges 1.09%/yr vs 0.95%/yr for SEF.

Performance

AMZD vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMZN Bear 1X Shares (AMZD) and ProShares Short Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZD achieves a -9.22% return, which is significantly lower than SEF's -2.09% return.

AMZD

• 1D: 2.01%
• 1M: -1.86%
• 6M: -6.33%
• YTD: -9.22%
• 1Y: -13.56%
• 3Y*: -20.92%
• 5Y*: —
• 10Y*: —

SEF

• 1D: -0.30%
• 1M: -4.14%
• 6M: -3.05%
• YTD: -2.09%
• 1Y: -5.36%
• 3Y*: -12.03%
• 5Y*: -7.58%
• 10Y*: -12.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMZD vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AMZD Direxion Daily AMZN Bear 1X Shares	-9.22%	-9.84%	-30.80%	-46.50%	45.25%
SEF ProShares Short Financials	-2.09%	-9.82%	-17.81%	-8.81%	-2.17%

Correlation

The correlation between AMZD and SEF is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.37

Return for Risk

AMZD vs. SEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMZD

AMZD Risk / Return Rank: 5
AMZD Sharpe Ratio Rank: 6
AMZD Sortino Ratio Rank: 6
AMZD Omega Ratio Rank: 6
AMZD Calmar Ratio Rank: 5
AMZD Martin Ratio Rank: 4

SEF

SEF Risk / Return Rank: 6
SEF Sharpe Ratio Rank: 6
SEF Sortino Ratio Rank: 6
SEF Omega Ratio Rank: 6
SEF Calmar Ratio Rank: 6
SEF Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMZD vs. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) and ProShares Short Financials (SEF). 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.

	AMZD	SEF	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	-0.37	-0.06
Sortino ratio: Return per unit of downside risk	-0.43	-0.45	+0.02
Omega ratio: Gain probability vs. loss probability	0.95	0.95	0.00
Calmar ratio: Return relative to maximum drawdown	-0.48	-0.36	-0.12
Martin ratio: Return relative to average drawdown	-1.01	-0.95	-0.06

AMZD vs. SEF - Sharpe Ratio Comparison

The current AMZD Sharpe Ratio is -0.44, which is comparable to the SEF Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of AMZD and SEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMZD vs. SEF - Drawdown Comparison

The maximum AMZD drawdown since its inception was -73.05%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for AMZD and SEF.

Drawdown Indicators

	AMZD	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-96.51%	+23.46%
Max Drawdown (1Y) Largest decline over 1 year	-28.27%	-14.82%	-13.45%
Max Drawdown (3Y) Largest decline over 3 years	-59.20%	-39.40%	-19.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.40%	—
Current Drawdown Current decline from peak	-70.46%	-96.48%	+26.02%
Average Drawdown Average peak-to-trough decline	-49.67%	-82.78%	+33.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	5.65%	+7.80%

Volatility

AMZD vs. SEF - Volatility Comparison

Direxion Daily AMZN Bear 1X Shares (AMZD) has a higher volatility of 9.79% compared to ProShares Short Financials (SEF) at 4.21%. This indicates that AMZD's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZD	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	4.21%	+5.58%
Volatility (6M) Calculated over the trailing 6-month period	22.10%	11.14%	+10.96%
Volatility (1Y) Calculated over the trailing 1-year period	31.28%	14.52%	+16.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.38%	17.97%	+15.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.38%	20.44%	+12.94%

AMZD vs. SEF - Expense Ratio Comparison

AMZD has a 1.09% expense ratio, which is higher than SEF's 0.95% expense ratio.

Dividends

AMZD vs. SEF - Dividend Comparison

AMZD's dividend yield for the trailing twelve months is around 3.41%, which matches SEF's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AMZD Direxion Daily AMZN Bear 1X Shares	3.41%	3.61%	5.15%	6.83%	2.45%	0.00%	0.00%	0.00%	0.00%
SEF ProShares Short Financials	3.43%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Frequently Asked Questions

Can I hold both AMZD and SEF in my portfolio?

AMZD and SEF have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZD or SEF?

AMZD has higher volatility (9.79%) compared to SEF (4.21%). In terms of maximum drawdown, AMZD dropped -73.05% vs SEF's -96.51%.

Which ETF is better, AMZD or SEF?

On 3-year performance, SEF leads with -12.03% vs -20.92% for AMZD. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZD or SEF?

Over the 3-year period, SEF has performed better with a -12.03% return vs -20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZD or SEF?

SEF is cheaper with a 0.95% expense ratio, compared with 1.09% for AMZD.

Which ETF pays a higher dividend yield, AMZD or SEF?

SEF has the higher dividend yield at 3.43%, compared with 3.41% for AMZD.

What is the main difference between AMZD and SEF?

AMZD tracks Amazon.com, Inc. (-100%), while SEF tracks Dow Jones U.S. Financials Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.09% for AMZD and 0.95% for SEF.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (-0.37 vs -0.44), 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.