EFZ vs. SEF
EFZ (ProShares Short MSCI EAFE) and SEF (ProShares Short Financials) are both Inverse Equities funds from ProShares - EFZ tracks the MSCI EAFE Index (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, EFZ returned -8.29%/yr vs -11.50%/yr for SEF. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EFZ vs. SEF - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than SEF's 8.89% return. Over the past 10 years, EFZ has outperformed SEF with an annualized return of -8.29%, while SEF has yielded a comparatively lower -11.50% annualized return.
EFZ
- 1D
- 0.88%
- 1M
- -3.23%
- YTD
- -6.98%
- 6M
- -8.53%
- 1Y
- -14.24%
- 3Y*
- -9.77%
- 5Y*
- -5.38%
- 10Y*
- -8.29%
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%
EFZ vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
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 EFZ and SEF is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2008 | 0.72 |
Over the past year, the correlation between EFZ and SEF has dropped to 0.47 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.
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Return for Risk
EFZ vs. SEF — Risk / Return Rank
EFZ
SEF
EFZ vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) 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.
| EFZ | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.06 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.39 | -1.21 |
| Martin ratioReturn relative to average drawdown | -1.47 | 0.73 | -2.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EFZ | SEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 0.26 | -1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | -0.29 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.56 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | -0.49 | +0.15 |
Drawdowns
EFZ vs. SEF - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for EFZ and SEF.
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Drawdown Indicators
| EFZ | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -96.51% | +8.43% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -9.72% | -7.64% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -39.40% | +3.98% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -41.62% | -2.15% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -75.66% | +13.78% |
Current DrawdownCurrent decline from peak | -87.82% | -96.09% | +8.27% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -82.72% | +15.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 5.14% | +4.57% |
Volatility
EFZ vs. SEF - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 5.19% compared to ProShares Short Financials (SEF) at 3.01%. This indicates that EFZ'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.
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Volatility by Period
| EFZ | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 3.01% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 10.85% | +2.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 14.34% | +2.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 17.96% | -1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 20.52% | -3.14% |
EFZ vs. SEF - Expense Ratio Comparison
Both EFZ and SEF have an expense ratio of 0.95%.
Dividends
EFZ vs. SEF - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than SEF's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
SEF ProShares Short Financials | 3.35% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Frequently Asked Questions
EFZ and SEF have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.19%) compared to SEF (3.01%). In terms of maximum drawdown, EFZ dropped -88.08% vs SEF's -96.51%.
On 10-year performance, EFZ leads with -8.29% vs -11.50% for SEF. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFZ has performed better with a -8.29% return vs -11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and SEF have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 3.35% for SEF.
EFZ tracks MSCI EAFE Index (-100%), while SEF tracks Dow Jones U.S. Financials Index (-100%).
SEF currently has the higher Sharpe Ratio (0.26 vs -0.88), 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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