EUM vs. SEF

Last updated Jul 17, 2026

EUM (ProShares Short MSCI Emerging Markets) and SEF (ProShares Short Financials) are both Inverse Equities funds from ProShares - EUM tracks the MSCI Emerging Markets Index (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, EUM returned -9.08%/yr vs -12.30%/yr for SEF. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

EUM vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -16.78% return, which is significantly lower than SEF's -2.09% return. Over the past 10 years, EUM has outperformed SEF with an annualized return of -9.08%, while SEF has yielded a comparatively lower -12.30% annualized return.

EUM

• 1D: 2.11%
• 1M: 6.40%
• 6M: -11.71%
• YTD: -16.78%
• 1Y: -25.07%
• 3Y*: -13.17%
• 5Y*: -4.72%
• 10Y*: -9.08%

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)

EUM vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-16.78%	-22.61%	-0.83%	-3.89%	21.11%	-1.32%	-24.37%	-15.27%	14.60%	-28.08%
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 EUM and SEF is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 12, 2008	0.61

Over the past year, the correlation between EUM and SEF has dropped to 0.19 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

EUM vs. SEF - Sectors Allocation Comparison

Sectors	EUM	SEF
Financial Services	31.5%	74.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EUM vs. SEF — Risk / Return Rank

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

EUM

EUM Risk / Return Rank: 2
EUM Sharpe Ratio Rank: 1
EUM Sortino Ratio Rank: 2
EUM Omega Ratio Rank: 2
EUM Calmar Ratio Rank: 3
EUM Martin Ratio Rank: 2

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.

EUM vs. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.

	EUM	SEF	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.37	-0.67
Sortino ratio: Return per unit of downside risk	-1.52	-0.45	-1.07
Omega ratio: Gain probability vs. loss probability	0.82	0.95	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.36	-0.39
Martin ratio: Return relative to average drawdown	-1.41	-0.95	-0.46

EUM vs. SEF - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.04, which is lower than the SEF Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of EUM 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

EUM vs. SEF - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for EUM and SEF.

Drawdown Indicators

	EUM	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-96.51%	+3.32%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-14.82%	-18.41%
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	-39.40%	-8.57%
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	-41.62%	-9.25%
Max Drawdown (10Y) Largest decline over 10 years	-66.12%	-73.40%	+7.28%
Current Drawdown Current decline from peak	-92.49%	-96.48%	+3.99%
Average Drawdown Average peak-to-trough decline	-77.24%	-82.78%	+5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.85%	5.65%	+12.20%

Volatility

EUM vs. SEF - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 9.82% compared to ProShares Short Financials (SEF) at 4.21%. This indicates that EUM'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

	EUM	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.82%	4.21%	+5.61%
Volatility (6M) Calculated over the trailing 6-month period	21.92%	11.14%	+10.78%
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	14.52%	+9.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	17.97%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	20.44%	+0.31%

EUM vs. SEF - Expense Ratio Comparison

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

Dividends

EUM vs. SEF - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.06%, more than SEF's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EUM ProShares Short MSCI Emerging Markets	4.06%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%
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 EUM and SEF in my portfolio?

EUM and SEF have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or SEF?

EUM has higher volatility (9.82%) compared to SEF (4.21%). In terms of maximum drawdown, EUM dropped -93.19% vs SEF's -96.51%.

Which ETF is better, EUM or SEF?

On 10-year performance, EUM leads with -9.08% vs -12.30% for SEF. Both ETFs have the same 0.95% expense ratio. 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, EUM or SEF?

Over the 10-year period, EUM has performed better with a -9.08% return vs -12.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or SEF?

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

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

EUM has the higher dividend yield at 4.06%, compared with 3.43% for SEF.

What is the main difference between EUM and SEF?

EUM tracks MSCI Emerging Markets Index (-100%), while SEF tracks Dow Jones U.S. Financials Index (-100%).

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (-0.37 vs -1.04), 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.