BRKD vs. SEF

Last updated Apr 18, 2026

BRKD (Direxion Daily BRKB Bear 1X Shares) and SEF (ProShares Short Financials) are both Inverse Equities funds — BRKD tracks the Berkshire Hathaway Inc. Class B (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past year, BRKD returned 12.58% vs -8.16% for SEF. A 0.64 correlation means they provide meaningful diversification when combined. BRKD charges 1.00%/yr vs 0.95%/yr for SEF.

Performance

BRKD vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily BRKB Bear 1X Shares (BRKD) 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, BRKD achieves a 5.90% return, which is significantly higher than SEF's 4.96% return.

BRKD

• 1D: 0.00%
• 1M: 1.36%
• YTD: 5.90%
• 6M: 4.75%
• 1Y: 12.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SEF

• 1D: -0.77%
• 1M: -6.90%
• YTD: 4.96%
• 6M: 0.69%
• 1Y: -8.16%
• 3Y*: -10.77%
• 5Y*: -7.20%
• 10Y*: -11.95%

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

BRKD vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%
SEF ProShares Short Financials	4.96%	-9.82%	2.94%

Correlation

The correlation between BRKD and SEF is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.64

The correlation between BRKD and SEF has been stable across timeframes, ranging from 0.57 to 0.64 — a consistent structural relationship.

Return for Risk

BRKD vs. SEF — Risk / Return Rank

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

BRKD

BRKD Risk / Return Rank: 18
BRKD Sharpe Ratio Rank: 16
BRKD Sortino Ratio Rank: 17
BRKD Omega Ratio Rank: 16
BRKD Calmar Ratio Rank: 23
BRKD Martin Ratio Rank: 17

SEF

SEF Risk / Return Rank: 3
SEF Sharpe Ratio Rank: 2
SEF Sortino Ratio Rank: 2
SEF Omega Ratio Rank: 2
SEF Calmar Ratio Rank: 3
SEF Martin Ratio Rank: 4

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.

BRKD vs. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily BRKB Bear 1X Shares (BRKD) 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.

	BRKD	SEF	Difference
Sharpe ratio Return per unit of total volatility	0.81	-0.54	+1.35
Sortino ratio Return per unit of downside risk	1.36	-0.70	+2.06
Omega ratio Gain probability vs. loss probability	1.16	0.92	+0.24
Calmar ratio Return relative to maximum drawdown	1.61	-0.41	+2.02
Martin ratio Return relative to average drawdown	3.12	-0.62	+3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRKD vs. SEF - Sharpe Ratio Comparison

The current BRKD Sharpe Ratio is 0.81, which is higher than the SEF Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of BRKD 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.

Sharpe Ratios by Period

	BRKD	SEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	-0.54	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.40	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.50	+0.54

Drawdowns

BRKD vs. SEF - Drawdown Comparison

The maximum BRKD drawdown since its inception was -17.92%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for BRKD and SEF.

Drawdown Indicators

	BRKD	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-17.92%	-96.51%	+78.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-16.76%	+7.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.66%	—
Current Drawdown Current decline from peak	-3.69%	-96.23%	+92.54%
Average Drawdown Average peak-to-trough decline	-8.13%	-82.62%	+74.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	11.07%	-6.26%

Volatility

BRKD vs. SEF - Volatility Comparison

The current volatility for Direxion Daily BRKB Bear 1X Shares (BRKD) is 3.19%, while ProShares Short Financials (SEF) has a volatility of 5.01%. This indicates that BRKD experiences smaller price fluctuations and is considered to be less risky than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRKD	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	5.01%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	11.62%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	15.27%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	18.03%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	20.54%	-2.48%

BRKD vs. SEF - Expense Ratio Comparison

BRKD has a 1.00% expense ratio, which is higher than SEF's 0.95% expense ratio.

Dividends

BRKD vs. SEF - Dividend Comparison

BRKD's dividend yield for the trailing twelve months is around 2.82%, less than SEF's 3.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRKD Direxion Daily BRKB Bear 1X Shares	2.82%	3.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEF ProShares Short Financials	3.47%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%