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DOG vs. SEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DOG vs. SEF

Last updated Jun 4, 2026

DOG (ProShares Short Dow30) and SEF (ProShares Short Financials) are both Inverse Equities funds from ProShares - DOG tracks the DJ Industrial Average (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, DOG returned -11.18%/yr vs -11.50%/yr for SEF. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

DOG vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and ProShares Short Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DOG achieves a -4.15% return, which is significantly lower than SEF's 8.89% return. Both investments have delivered pretty close results over the past 10 years, with DOG having a -11.18% annualized return and SEF not far behind at -11.50%.

DOG

1D
1.13%
1M
-3.36%
YTD
-4.15%
6M
-4.06%
1Y
-12.72%
3Y*
-8.28%
5Y*
-5.31%
10Y*
-11.18%

SEF

1D
1.10%
1M
1.81%
YTD
8.89%
6M
6.43%
1Y
3.73%
3Y*
-10.34%
5Y*
-5.21%
10Y*
-11.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DOG vs. SEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DOG
ProShares Short Dow30		-4.15%-8.40%-5.62%-7.05%5.67%-19.21%-20.45%-18.43%3.55%-21.51%
SEF
ProShares Short Financials		8.89%-9.82%-17.81%-8.81%11.85%-27.02%-16.93%-23.51%10.34%-17.12%

Correlation

The correlation between DOG and SEF is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2008

0.84

The correlation between DOG and SEF has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

DOG vs. SEF - Sectors Allocation Comparison

Sectors
DOG
SEF

Financial Services

81.2%
65.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

DOG
81.2%
SEF
65.0%

Basic Materials

DOG

-

SEF

-

Communication Services

DOG

-

SEF

-

Consumer Cyclical

DOG

-

SEF

-

Consumer Defensive

DOG

-

SEF

-

Energy

DOG

-

SEF

-

Healthcare

DOG

-

SEF

-

Industrials

DOG

-

SEF

-

Real Estate

DOG

-

SEF

-

Technology

DOG

-

SEF

-

Utilities

DOG

-

SEF

-

Compare stocks, funds, or ETFs

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ProShares Short Dow30

ProShares Short Financials

Often compared with DOG:
DOG vs. DXDDOG vs. SHDOG vs. PSQDOG vs. DIADOG vs. UDOWDOG vs. TZADOG vs. SPY
Often compared with SEF:
SEF vs. XLFSEF vs. MUDSEF vs. CRCDSEF vs. BNP.PASEF vs. PSQSEF vs. EUFNSEF vs. SPY

Return for Risk

DOG vs. SEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DOG
DOG Risk / Return Rank: 11
Overall Rank
DOG Sharpe Ratio Rank: 11
Sharpe Ratio Rank
DOG Sortino Ratio Rank: 22
Sortino Ratio Rank
DOG Omega Ratio Rank: 22
Omega Ratio Rank
DOG Calmar Ratio Rank: 11
Calmar Ratio Rank
DOG Martin Ratio Rank: 11
Martin Ratio Rank
SEF
SEF Risk / Return Rank: 1212
Overall Rank
SEF Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
SEF Sortino Ratio Rank: 1212
Sortino Ratio Rank
SEF Omega Ratio Rank: 1212
Omega Ratio Rank
SEF Calmar Ratio Rank: 1313
Calmar Ratio Rank
SEF Martin Ratio Rank: 1212
Martin Ratio Rank
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.

DOG vs. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) 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.

DOGSEFDifference

Sharpe ratio

Return per unit of total volatility

-1.05

0.26

-1.31

Sortino ratio

Return per unit of downside risk

-1.42

0.50

-1.92

Omega ratio

Gain probability vs. loss probability

0.84

1.06

-0.22

Calmar ratio

Return relative to maximum drawdown

-0.87

0.39

-1.26

Martin ratio

Return relative to average drawdown

-1.43

0.73

-2.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DOG vs. SEF - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.05, which is lower than the SEF Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of DOG 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.

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Sharpe Ratios by Period

DOGSEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.05

0.26

-1.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

-0.29

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.64

-0.56

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.57

-0.49

-0.08

Drawdowns

DOG vs. SEF - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.69%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for DOG and SEF.

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Drawdown Indicators

DOGSEFDifference

Max Drawdown

Largest peak-to-trough decline

-92.69%

-96.51%

+3.82%

Max Drawdown (1Y)

Largest decline over 1 year

-14.63%

-9.72%

-4.91%

Max Drawdown (3Y)

Largest decline over 3 years

-28.77%

-39.40%

+10.63%

Max Drawdown (5Y)

Largest decline over 5 years

-33.99%

-41.62%

+7.63%

Max Drawdown (10Y)

Largest decline over 10 years

-70.79%

-75.66%

+4.87%

Current Drawdown

Current decline from peak

-92.61%

-96.09%

+3.48%

Average Drawdown

Average peak-to-trough decline

-66.39%

-82.72%

+16.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.89%

5.14%

+3.75%

Volatility

DOG vs. SEF - Volatility Comparison

ProShares Short Dow30 (DOG) and ProShares Short Financials (SEF) have volatilities of 2.98% and 3.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DOGSEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.98%

3.01%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

9.37%

10.85%

-1.48%

Volatility (1Y)

Calculated over the trailing 1-year period

12.13%

14.34%

-2.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.79%

17.96%

-3.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

20.52%

-3.03%

DOG vs. SEF - Expense Ratio Comparison

Both DOG and SEF have an expense ratio of 0.95%.

Dividends

DOG vs. SEF - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.49%, more than SEF's 3.35% yield.

PositionTTM202520242023202220212020201920182017
DOG
ProShares Short Dow30		3.49%3.65%5.72%4.54%0.41%0.00%0.14%1.54%0.86%0.04%
SEF
ProShares Short Financials		3.35%4.33%5.72%4.43%0.39%0.00%0.12%1.25%0.41%0.00%

Frequently Asked Questions

DOG and SEF have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SEF has higher volatility (3.01%) compared to DOG (2.98%). In terms of maximum drawdown, DOG dropped -92.69% vs SEF's -96.51%.

On 10-year performance, DOG leads with -11.18% vs -11.50% for SEF. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DOG has performed better with a -11.18% return vs -11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DOG and SEF have the same expense ratio: 0.95% per year.

DOG has the higher dividend yield at 3.49%, compared with 3.35% for SEF.

DOG tracks DJ Industrial Average (-100%), while SEF tracks Dow Jones U.S. Financials Index (-100%).

SEF currently has the higher Sharpe Ratio (0.26 vs -1.05), 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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