SEF vs. FIAT

Last updated Jun 4, 2026

SEF (ProShares Short Financials) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SEF is a Inverse Equities fund tracking the Dow Jones U.S. Financials Index (-100%), while FIAT is a Derivative Income fund actively managed by YieldMax. SEF is passively managed, while FIAT is actively managed. Over the past year, SEF returned 3.73% vs -0.18% for FIAT. At a 0.42 correlation, their price movements are largely independent. SEF charges 0.95%/yr vs 0.99%/yr for FIAT.

Performance

SEF vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 lower than FIAT's 13.84% 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%

FIAT

• 1D: 4.32%
• 1M: 16.99%
• YTD: 13.84%
• 6M: 33.71%
• 1Y: -0.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEF vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEF ProShares Short Financials	8.89%	-9.82%	-11.54%
FIAT YieldMax Short COIN Option Income Strategy ETF	13.84%	-24.17%	-28.61%

Correlation

The correlation between SEF and FIAT is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.42

Return for Risk

SEF vs. FIAT — 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

FIAT

FIAT Risk / Return Rank: 10
FIAT Sharpe Ratio Rank: 8
FIAT Sortino Ratio Rank: 11
FIAT Omega Ratio Rank: 11
FIAT Calmar Ratio Rank: 9
FIAT Martin Ratio Rank: 9

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. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio Return per unit of total volatility	0.26	-0.00	+0.26
Sortino ratio Return per unit of downside risk	0.50	0.37	+0.13
Omega ratio Gain probability vs. loss probability	1.06	1.05	+0.01
Calmar ratio Return relative to maximum drawdown	0.39	-0.00	+0.39
Martin ratio Return relative to average drawdown	0.73	-0.01	+0.73
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. FIAT - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.26, which is higher than the FIAT Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of SEF and FIAT, 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	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	-0.00	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	-0.37	-0.11

Drawdowns

SEF vs. FIAT - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SEF and FIAT.

Drawdown Indicators

	SEF	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-70.50%	-26.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-42.26%	+32.54%
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	-75.66%	—	—
Current Drawdown Current decline from peak	-96.09%	-50.94%	-45.15%
Average Drawdown Average peak-to-trough decline	-82.72%	-45.35%	-37.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	27.32%	-22.18%

Volatility

SEF vs. FIAT - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 3.01%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 15.34%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEF	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	15.34%	-12.33%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	42.03%	-31.18%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	55.49%	-41.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	60.56%	-42.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	60.56%	-40.04%

SEF vs. FIAT - Expense Ratio Comparison

SEF has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

SEF vs. FIAT - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.35%, less than FIAT's 93.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIAT YieldMax Short COIN Option Income Strategy ETF	93.28%	178.11%	70.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEF ProShares Short Financials	3.35%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Frequently Asked Questions

Can I hold both SEF and FIAT in my portfolio?

SEF and FIAT have a correlation of 0.40, 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 FIAT?

FIAT has higher volatility (15.34%) compared to SEF (3.01%). In terms of maximum drawdown, SEF dropped -96.51% vs FIAT's -70.50%.

Which ETF is better, SEF or FIAT?

On 1-year performance, SEF leads with 3.73% vs -0.18% for FIAT. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEF or FIAT?

Over the 1-year period, SEF has performed better with a 3.73% return vs -0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or FIAT?

SEF is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 93.28%, compared with 3.35% for SEF.

What is the main difference between SEF and FIAT?

SEF is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for SEF and 0.99% for FIAT.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (0.26 vs -0.00), 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.