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 -8.32%/yr vs -12.30%/yr for SEF. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EFZ vs. SEF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EFZ achieves a -7.84% return, which is significantly lower than SEF's -2.09% return. Over the past 10 years, EFZ has outperformed SEF with an annualized return of -8.32%, while SEF has yielded a comparatively lower -12.30% annualized return.
EFZ
- 1D
- 0.94%
- 1M
- 1.09%
- 6M
- -4.91%
- YTD
- -7.84%
- 1Y
- -14.64%
- 3Y*
- -9.25%
- 5Y*
- -6.05%
- 10Y*
- -8.32%
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%
EFZ vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.84% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
SEF ProShares Short Financials | -2.09% | -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 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2008 | 0.71 |
Over the past year, the correlation between EFZ and SEF has dropped to 0.43 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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.
| EFZ | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.95 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.36 | -0.47 |
| Martin ratioReturn relative to average drawdown | -1.35 | -0.95 | -0.40 |
Loading charts...
Drawdowns
EFZ vs. SEF - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, 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.
Loading charts...
Drawdown Indicators
| EFZ | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -96.51% | +8.36% |
Max Drawdown (1Y)Largest decline over 1 year | -17.60% | -14.82% | -2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -39.40% | +3.58% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -41.62% | -2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -73.40% | +11.82% |
Current DrawdownCurrent decline from peak | -87.93% | -96.48% | +8.55% |
Average DrawdownAverage peak-to-trough decline | -67.20% | -82.78% | +15.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.86% | 5.65% | +5.21% |
Volatility
EFZ vs. SEF - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) and ProShares Short Financials (SEF) have volatilities of 4.17% and 4.21%, 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.
Loading charts...
Volatility by Period
| EFZ | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 4.21% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 14.29% | 11.14% | +3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.87% | 14.52% | +2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 17.97% | -1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.10% | 20.44% | -3.34% |
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 3.97%, more than SEF's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.97% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
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
EFZ and SEF have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SEF has higher volatility (4.21%) compared to EFZ (4.17%). In terms of maximum drawdown, EFZ dropped -88.15% vs SEF's -96.51%.
On 10-year performance, EFZ leads with -8.32% vs -12.30% 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, EFZ has performed better with a -8.32% return vs -12.30%. 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 3.97%, compared with 3.43% 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 (-0.37 vs -0.87), 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.
Find the right allocation for EFZ and SEF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer