MUD vs. SEF

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily MU Bear 1X Shares (MUD) and ProShares Short Financials (SEF).

MUD and SEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUD is an actively managed fund by Direxion. It was launched on Oct 9, 2024. SEF is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Financials Index (-100%). It was launched on Jun 12, 2008.

Performance

MUD vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MU Bear 1X Shares (MUD) and ProShares Short Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

MUD vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUD Direxion Daily MU Bear 1X Shares	-24.52%	-78.75%	19.12%
SEF ProShares Short Financials	11.27%	-9.82%	-5.04%

Returns By Period

In the year-to-date period, MUD achieves a -24.52% return, which is significantly lower than SEF's 11.27% return.

MUD

• 1D: -4.70%
• 1M: 16.77%
• YTD: -24.52%
• 6M: -59.85%
• 1Y: -82.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SEF

• 1D: -2.13%
• 1M: 3.96%
• YTD: 11.27%
• 6M: 10.38%
• 1Y: 2.76%
• 3Y*: -10.01%
• 5Y*: -6.70%
• 10Y*: -11.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MUD vs. SEF - Expense Ratio Comparison

MUD has a 0.97% expense ratio, which is higher than SEF's 0.95% expense ratio.

MUD

Direxion Daily MU Bear 1X Shares

SEF

ProShares Short Financials

Return for Risk

MUD vs. SEF — Risk / Return Rank

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

MUD

MUD Risk / Return Rank: 1
MUD Sharpe Ratio Rank: 0
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 2

SEF

SEF Risk / Return Rank: 15
SEF Sharpe Ratio Rank: 15
SEF Sortino Ratio Rank: 16
SEF Omega Ratio Rank: 16
SEF Calmar Ratio Rank: 13
SEF Martin Ratio Rank: 13

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.

MUD vs. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MU Bear 1X Shares (MUD) 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.

	MUD	SEF	Difference
Sharpe ratio Return per unit of total volatility	-1.26	0.14	-1.41
Sortino ratio Return per unit of downside risk	-2.97	0.36	-3.33
Omega ratio Gain probability vs. loss probability	0.67	1.05	-0.37
Calmar ratio Return relative to maximum drawdown	-0.91	0.08	-0.99
Martin ratio Return relative to average drawdown	-1.25	0.11	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUD vs. SEF - Sharpe Ratio Comparison

The current MUD Sharpe Ratio is -1.26, which is lower than the SEF Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of MUD and SEF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MUD	SEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.26	0.14	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.07	-0.49	-0.58

Correlation

The correlation between MUD and SEF is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MUD vs. SEF - Dividend Comparison

MUD's dividend yield for the trailing twelve months is around 7.81%, more than SEF's 3.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MUD Direxion Daily MU Bear 1X Shares	7.81%	9.21%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEF ProShares Short Financials	3.27%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Drawdowns

MUD vs. SEF - Drawdown Comparison

The maximum MUD drawdown since its inception was -89.63%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for MUD and SEF.

Drawdown Indicators

	MUD	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-89.63%	-96.51%	+6.88%
Max Drawdown (1Y) Largest decline over 1 year	-89.63%	-20.21%	-69.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.66%	—
Current Drawdown Current decline from peak	-86.10%	-96.00%	+9.90%
Average Drawdown Average peak-to-trough decline	-45.31%	-82.58%	+37.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.64%	14.44%	+51.20%

Volatility

MUD vs. SEF - Volatility Comparison

Direxion Daily MU Bear 1X Shares (MUD) has a higher volatility of 22.32% compared to ProShares Short Financials (SEF) at 4.86%. This indicates that MUD'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

	MUD	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.32%	4.86%	+17.46%
Volatility (6M) Calculated over the trailing 6-month period	49.43%	11.37%	+38.06%
Volatility (1Y) Calculated over the trailing 1-year period	65.07%	19.28%	+45.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.70%	17.99%	+45.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.70%	20.55%	+43.15%