IONZ vs. SEF

Last updated Jul 17, 2026

IONZ (Defiance Daily Target 2X Short IONQ ETF) and SEF (ProShares Short Financials) are both Inverse Equities funds. IONZ is actively managed, while SEF is passively managed. Over the past year, IONZ returned -94.12% vs -5.36% for SEF. At a 0.21 correlation, their price movements are largely independent. IONZ charges 1.29%/yr vs 0.95%/yr for SEF.

Performance

IONZ vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short IONQ ETF (IONZ) 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, IONZ achieves a -76.00% return, which is significantly lower than SEF's -2.09% return.

IONZ

• 1D: 12.86%
• 1M: 116.73%
• 6M: -71.26%
• YTD: -76.00%
• 1Y: -94.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

IONZ vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025
IONZ Defiance Daily Target 2X Short IONQ ETF	-76.00%	-80.36%
SEF ProShares Short Financials	-2.09%	-5.23%

Correlation

The correlation between IONZ and SEF is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.21

Return for Risk

IONZ vs. SEF — Risk / Return Rank

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

IONZ

IONZ Risk / Return Rank: 4
IONZ Sharpe Ratio Rank: 5
IONZ Sortino Ratio Rank: 5
IONZ Omega Ratio Rank: 5
IONZ Calmar Ratio Rank: 1
IONZ Martin Ratio Rank: 3

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.

IONZ vs. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) 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.

	IONZ	SEF	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	-0.37	-0.13
Sortino ratio: Return per unit of downside risk	-0.64	-0.45	-0.19
Omega ratio: Gain probability vs. loss probability	0.92	0.95	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.36	-0.59
Martin ratio: Return relative to average drawdown	-1.20	-0.95	-0.25

IONZ vs. SEF - Sharpe Ratio Comparison

The current IONZ Sharpe Ratio is -0.51, which is lower than the SEF Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of IONZ 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

IONZ vs. SEF - Drawdown Comparison

The maximum IONZ drawdown since its inception was -98.66%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for IONZ and SEF.

Drawdown Indicators

	IONZ	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-96.51%	-2.15%
Max Drawdown (1Y) Largest decline over 1 year	-98.41%	-14.82%	-83.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.40%	—
Current Drawdown Current decline from peak	-96.05%	-96.48%	+0.43%
Average Drawdown Average peak-to-trough decline	-75.45%	-82.78%	+7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.56%	5.65%	+72.91%

Volatility

IONZ vs. SEF - Volatility Comparison

Defiance Daily Target 2X Short IONQ ETF (IONZ) has a higher volatility of 40.37% compared to ProShares Short Financials (SEF) at 4.21%. This indicates that IONZ'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

	IONZ	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.37%	4.21%	+36.16%
Volatility (6M) Calculated over the trailing 6-month period	155.08%	11.14%	+143.94%
Volatility (1Y) Calculated over the trailing 1-year period	186.72%	14.52%	+172.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	185.79%	17.97%	+167.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	185.79%	20.44%	+165.35%

IONZ vs. SEF - Expense Ratio Comparison

IONZ has a 1.29% expense ratio, which is higher than SEF's 0.95% expense ratio.

Dividends

IONZ vs. SEF - Dividend Comparison

IONZ has not paid dividends to shareholders, while SEF's dividend yield for the trailing twelve months is around 3.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IONZ Defiance Daily Target 2X Short IONQ ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 IONZ and SEF in my portfolio?

IONZ and SEF have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONZ or SEF?

IONZ has higher volatility (40.37%) compared to SEF (4.21%). In terms of maximum drawdown, IONZ dropped -98.66% vs SEF's -96.51%.

Which ETF is better, IONZ or SEF?

On 1-year performance, SEF leads with -5.36% vs -94.12% for IONZ. On fees, SEF is cheaper at 0.95% per year. 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, IONZ or SEF?

Over the 1-year period, SEF has performed better with a -5.36% return vs -94.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONZ or SEF?

SEF is cheaper with a 0.95% expense ratio, compared with 1.29% for IONZ.

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

SEF has the higher dividend yield at 3.43%, compared with 0.00% for IONZ.

What is the main difference between IONZ and SEF?

They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.29% for IONZ and 0.95% for SEF.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (-0.37 vs -0.51), 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.