SEF vs. DOG

Last updated Aug 6, 2026

SEF (ProShares Short Financials) and DOG (ProShares Short Dow30) are both Inverse Equities funds from ProShares - SEF tracks the Dow Jones U.S. Financials Index (-100%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, SEF returned -12.32%/yr vs -11.32%/yr for DOG. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.95% expense ratio.

Performance

SEF vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and ProShares Short Dow30 (DOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEF achieves a -4.10% return, which is significantly higher than DOG's -9.94% return. Over the past 10 years, SEF has underperformed DOG with an annualized return of -12.32%, while DOG has yielded a comparatively higher -11.32% annualized return.

SEF

• 1D: -0.22%
• 1M: -2.85%
• 6M: -5.95%
• YTD: -4.10%
• 1Y: -8.19%
• 3Y*: -12.48%
• 5Y*: -7.31%
• 10Y*: -12.32%
• ALL TIME*: -13.95%

DOG

• 1D: -0.43%
• 1M: -2.11%
• 6M: -7.70%
• YTD: -9.94%
• 1Y: -15.77%
• 3Y*: -9.42%
• 5Y*: -6.15%
• 10Y*: -11.32%
• ALL TIME*: -10.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DOG ProShares Short Dow30	$46.08M	$39.92M	$42.43M
SEF ProShares Short Financials	$337.72K	$218.20K	$226.34K

SEF vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEF ProShares Short Financials	-4.10%	-9.82%	-17.81%	-8.81%	11.85%	-27.02%	-16.93%	-23.51%	10.34%	-17.12%
DOG ProShares Short Dow30	-9.94%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%

Correlation

The correlation between SEF and DOG is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jun 12, 2008	0.84

The correlation between SEF and DOG has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

SEF vs. DOG - Sectors Allocation Comparison

Sectors	SEF	DOG
Financial Services	75.3%	82.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SEF vs. DOG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SEF

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

DOG

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SEF vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and ProShares Short Dow30 (DOG). 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.

	SEF	DOG	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	-1.26	+0.69
Sortino ratio: Return per unit of downside risk	-0.75	-1.73	+0.99
Omega ratio: Gain probability vs. loss probability	0.92	0.81	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.50	-0.98	+0.49
Martin ratio: Return relative to average drawdown	-1.24	-1.95	+0.71

SEF vs. DOG - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is -0.57, which is higher than the DOG Sharpe Ratio of -1.26. The chart below compares the historical Sharpe Ratios of SEF and DOG, 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

SEF vs. DOG - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.56%, roughly equal to the maximum DOG drawdown of -93.05%. Use the drawdown chart below to compare losses from any high point for SEF and DOG.

Drawdown Indicators

	SEF	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-96.56%	-93.05%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-16.57%	-16.13%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-40.19%	-32.32%	-7.87%
Max Drawdown (5Y) Largest decline over 5 years	-42.39%	-37.28%	-5.11%
Max Drawdown (10Y) Largest decline over 10 years	-73.42%	-70.70%	-2.72%
Current Drawdown Current decline from peak	-96.56%	-93.05%	-3.51%
Average Drawdown Average peak-to-trough decline	-82.83%	-66.60%	-16.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.64%	8.11%	-1.47%

Volatility

SEF vs. DOG - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 3.81%, while ProShares Short Dow30 (DOG) has a volatility of 4.20%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEF	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	4.20%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	10.11%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.53%	12.59%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	14.86%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	17.50%	+2.95%

SEF vs. DOG - Expense Ratio Comparison

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

Dividends

SEF vs. DOG - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.50%, which matches DOG's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	3.50%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%
SEF ProShares Short Financials	3.50%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%	0.00%

Frequently Asked Questions

Can I hold both SEF and DOG in my portfolio?

SEF and DOG have a correlation of 0.76, 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 DOG?

DOG has higher volatility (4.20%) compared to SEF (3.81%). In terms of maximum drawdown, SEF dropped -96.56% vs DOG's -93.05%.

Which ETF is better, SEF or DOG?

On 10-year performance, DOG leads with -11.32% vs -12.32% for SEF. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEF or DOG?

Over the 10-year period, DOG has performed better with a -11.32% return vs -12.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or DOG?

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

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

SEF and DOG have nearly identical dividend yields, around 3.50%.

What is the main difference between SEF and DOG?

SEF tracks Dow Jones U.S. Financials Index (-100%), while DOG tracks DJ Industrial Average (-100%).

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (-0.57 vs -1.26), 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.