SEF vs. DIA

Last updated Jun 4, 2026

SEF (ProShares Short Financials) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - SEF is a Inverse Equities fund tracking the Dow Jones U.S. Financials Index (-100%), while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. Both are passively managed. Over the past 10 years, SEF returned -11.50%/yr vs 13.21%/yr for DIA. At a correlation of -0.84, they often move in opposite directions. SEF charges 0.95%/yr vs 0.16%/yr for DIA.

Performance

SEF vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEF achieves a 8.89% return, which is significantly higher than DIA's 6.26% return. Over the past 10 years, SEF has underperformed DIA with an annualized return of -11.50%, while DIA has yielded a comparatively higher 13.21% annualized return.

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%

DIA

• 1D: -1.13%
• 1M: 3.88%
• YTD: 6.26%
• 6M: 6.75%
• 1Y: 21.13%
• 3Y*: 16.45%
• 5Y*: 9.76%
• 10Y*: 13.21%

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

SEF vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEF ProShares Short Financials	8.89%	-9.82%	-17.81%	-8.81%	11.85%	-27.02%	-16.93%	-23.51%	10.34%	-17.12%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	6.26%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%

Correlation

The correlation between SEF and DIA is -0.80, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.80
Correlation (3Y) Calculated over the trailing 3-year period	-0.81
Correlation (5Y) Calculated over the trailing 5-year period	-0.86
Correlation (10Y) Calculated over the trailing 10-year period	-0.85
Correlation (All Time) Calculated using the full available price history since Jun 13, 2008	-0.84

The correlation between SEF and DIA has been stable across timeframes, ranging from -0.86 to -0.80 - a consistent structural relationship.

SEF vs. DIA - Sectors Allocation Comparison

Sectors	SEF	DIA
Financial Services	65.0%	27.2%
Basic Materials	-	4.0%
Communication Services	-	1.9%
Consumer Cyclical	-	11.6%
Consumer Defensive	-	4.4%
Energy	-	2.4%
Healthcare	-	13.1%
Industrials	-	18.4%
Real Estate	-	-
Technology	-	17.1%
Utilities	-	-

Return for Risk

SEF vs. DIA — Risk / Return Rank

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

SEF

SEF Risk / Return Rank: 12
SEF Sharpe Ratio Rank: 12
SEF Sortino Ratio Rank: 12
SEF Omega Ratio Rank: 12
SEF Calmar Ratio Rank: 13
SEF Martin Ratio Rank: 12

DIA

DIA Risk / Return Rank: 48
DIA Sharpe Ratio Rank: 50
DIA Sortino Ratio Rank: 52
DIA Omega Ratio Rank: 49
DIA Calmar Ratio Rank: 43
DIA Martin Ratio Rank: 49

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.

SEF vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). 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.

	SEF	DIA	Difference
Sharpe ratio: Return per unit of total volatility	0.26	1.76	-1.49
Sortino ratio: Return per unit of downside risk	0.50	2.57	-2.07
Omega ratio: Gain probability vs. loss probability	1.06	1.31	-0.26
Calmar ratio: Return relative to maximum drawdown	0.39	2.18	-1.79
Martin ratio: Return relative to average drawdown	0.73	8.42	-7.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEF vs. DIA - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.26, which is lower than the DIA Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SEF and DIA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SEF	DIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	1.76	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.66	-0.95
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	0.76	-1.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	0.49	-0.98

Drawdowns

SEF vs. DIA - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than DIA's maximum drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for SEF and DIA.

Drawdown Indicators

	SEF	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-51.87%	-44.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-9.76%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-39.40%	-15.95%	-23.45%
Max Drawdown (5Y) Largest decline over 5 years	-41.62%	-20.76%	-20.86%
Max Drawdown (10Y) Largest decline over 10 years	-75.66%	-36.70%	-38.96%
Current Drawdown Current decline from peak	-96.09%	-1.13%	-94.96%
Average Drawdown Average peak-to-trough decline	-82.72%	-7.14%	-75.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	2.52%	+2.62%

Volatility

SEF vs. DIA - Volatility Comparison

ProShares Short Financials (SEF) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) have volatilities of 3.01% and 2.97%, 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.

Volatility by Period

	SEF	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	2.97%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	9.28%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	12.10%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	14.78%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	17.53%	+2.99%

SEF vs. DIA - Expense Ratio Comparison

SEF has a 0.95% expense ratio, which is higher than DIA's 0.16% expense ratio.

Dividends

SEF vs. DIA - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.35%, more than DIA's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.38%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
SEF ProShares Short Financials	3.35%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SEF and DIA in my portfolio?

SEF and DIA have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEF or DIA?

SEF has higher volatility (3.01%) compared to DIA (2.97%). In terms of maximum drawdown, SEF dropped -96.51% vs DIA's -51.87%.

Which ETF is better, SEF or DIA?

On 10-year performance, DIA leads with 13.21% vs -11.50% for SEF. On fees, DIA is cheaper at 0.16% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEF or DIA?

Over the 10-year period, DIA has performed better with a 13.21% return vs -11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or DIA?

DIA is cheaper with a 0.16% expense ratio, compared with 0.95% for SEF.

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

SEF has the higher dividend yield at 3.35%, compared with 1.38% for DIA.

What is the main difference between SEF and DIA?

SEF is categorized as Inverse Equities, while DIA is Large Cap Blend Equities. SEF tracks Dow Jones U.S. Financials Index (-100%), while DIA tracks Dow Jones Industrial Average. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SEF and 0.16% for DIA.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.76 vs 0.26), 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.