SEF vs. EUFN

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Short Financials (SEF) and iShares MSCI Europe Financials ETF (EUFN).

SEF and EUFN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. EUFN is a passively managed fund by iShares that tracks the performance of the MSCI Europe Financials Index. It was launched on Jan 20, 2010. Both SEF and EUFN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SEF vs. EUFN - Performance Comparison

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

SEF vs. EUFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEF ProShares Short Financials	11.27%	-9.82%	-17.81%	-8.81%	11.85%	-27.02%	-16.93%	-23.51%	10.34%	-17.12%
EUFN iShares MSCI Europe Financials ETF	-6.04%	65.73%	17.20%	26.15%	-8.78%	19.13%	-8.55%	20.73%	-23.14%	26.94%

Returns By Period

In the year-to-date period, SEF achieves a 11.27% return, which is significantly higher than EUFN's -6.04% return. Over the past 10 years, SEF has underperformed EUFN with an annualized return of -11.67%, while EUFN has yielded a comparatively higher 11.63% annualized return.

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%

EUFN

• 1D: 4.25%
• 1M: -7.58%
• YTD: -6.04%
• 6M: 2.94%
• 1Y: 27.35%
• 3Y*: 29.23%
• 5Y*: 17.62%
• 10Y*: 11.63%

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

SEF vs. EUFN - Expense Ratio Comparison

SEF has a 0.95% expense ratio, which is higher than EUFN's 0.48% expense ratio.

SEF

ProShares Short Financials

EUFN

iShares MSCI Europe Financials ETF

Return for Risk

SEF vs. EUFN — Risk / Return Rank

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

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

EUFN

EUFN Risk / Return Rank: 70
EUFN Sharpe Ratio Rank: 73
EUFN Sortino Ratio Rank: 72
EUFN Omega Ratio Rank: 69
EUFN Calmar Ratio Rank: 71
EUFN Martin Ratio Rank: 65

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. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and iShares MSCI Europe Financials ETF (EUFN). 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	EUFN	Difference
Sharpe ratio Return per unit of total volatility	0.14	1.24	-1.10
Sortino ratio Return per unit of downside risk	0.36	1.76	-1.40
Omega ratio Gain probability vs. loss probability	1.05	1.24	-0.20
Calmar ratio Return relative to maximum drawdown	0.08	1.74	-1.67
Martin ratio Return relative to average drawdown	0.11	6.10	-6.00
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. EUFN - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.14, which is lower than the EUFN Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SEF and EUFN, 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

	SEF	EUFN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.14	1.24	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	0.82	-1.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.57	0.48	-1.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	0.25	-0.74

Correlation

The correlation between SEF and EUFN is -0.70. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SEF vs. EUFN - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.27%, less than EUFN's 3.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEF ProShares Short Financials	3.27%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%	0.00%	0.00%	0.00%
EUFN iShares MSCI Europe Financials ETF	3.80%	3.57%	5.36%	5.00%	4.24%	4.15%	1.38%	4.55%	6.48%	3.04%	4.03%	3.65%

Drawdowns

SEF vs. EUFN - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than EUFN's maximum drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for SEF and EUFN.

Drawdown Indicators

	SEF	EUFN	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-53.25%	-43.26%
Max Drawdown (1Y) Largest decline over 1 year	-20.21%	-14.77%	-5.44%
Max Drawdown (5Y) Largest decline over 5 years	-41.62%	-35.15%	-6.47%
Max Drawdown (10Y) Largest decline over 10 years	-75.66%	-53.25%	-22.41%
Current Drawdown Current decline from peak	-96.00%	-10.30%	-85.70%
Average Drawdown Average peak-to-trough decline	-82.58%	-14.68%	-67.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.44%	4.22%	+10.22%

Volatility

SEF vs. EUFN - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 4.86%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 9.84%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEF	EUFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	9.84%	-4.98%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	14.70%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	22.21%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	21.57%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	24.53%	-3.98%