SEF vs. FLCV

Last updated Jun 3, 2026

SEF (ProShares Short Financials) and FLCV (Federated Hermes MDT Large Cap Value ETF) are both exchange-traded funds - SEF is a Inverse Equities fund tracking the Dow Jones U.S. Financials Index (-100%), while FLCV is a Large Cap Value Equities fund actively managed by Federated Hermes. SEF is passively managed, while FLCV is actively managed. Over the past year, SEF returned 2.29% vs 23.90% for FLCV. At a correlation of -0.81, they often move in opposite directions. SEF charges 0.95%/yr vs 0.32%/yr for FLCV.

Performance

SEF vs. FLCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and Federated Hermes MDT Large Cap Value ETF (FLCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEF achieves a 7.71% return, which is significantly lower than FLCV's 12.96% return.

SEF

• 1D: 0.01%
• 1M: 1.48%
• YTD: 7.71%
• 6M: 3.95%
• 1Y: 2.29%
• 3Y*: -10.66%
• 5Y*: -5.46%
• 10Y*: -11.60%

FLCV

• 1D: 0.42%
• 1M: 3.09%
• YTD: 12.96%
• 6M: 14.89%
• 1Y: 23.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEF vs. FLCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEF ProShares Short Financials	7.71%	-9.82%	-8.00%
FLCV Federated Hermes MDT Large Cap Value ETF	12.96%	15.64%	6.56%

Correlation

The correlation between SEF and FLCV is -0.78, 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	-0.78
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	-0.81

The correlation between SEF and FLCV has been stable across timeframes, ranging from -0.81 to -0.78 - a consistent structural relationship.

SEF vs. FLCV - Sectors Allocation Comparison

Sectors	SEF	FLCV
Financial Services	65.0%	18.3%
Basic Materials	-	4.0%
Communication Services	-	7.7%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	5.5%
Energy	-	6.9%
Healthcare	-	11.8%
Industrials	-	12.9%
Real Estate	-	3.0%
Technology	-	16.1%
Utilities	-	4.2%

Return for Risk

SEF vs. FLCV — Risk / Return Rank

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

SEF

SEF Risk / Return Rank: 11
SEF Sharpe Ratio Rank: 11
SEF Sortino Ratio Rank: 11
SEF Omega Ratio Rank: 10
SEF Calmar Ratio Rank: 11
SEF Martin Ratio Rank: 10

FLCV

FLCV Risk / Return Rank: 69
FLCV Sharpe Ratio Rank: 62
FLCV Sortino Ratio Rank: 64
FLCV Omega Ratio Rank: 59
FLCV Calmar Ratio Rank: 80
FLCV Martin Ratio Rank: 79

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. FLCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and Federated Hermes MDT Large Cap Value ETF (FLCV). 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	FLCV	Difference
Sharpe ratio Return per unit of total volatility	0.16	2.12	-1.96
Sortino ratio Return per unit of downside risk	0.35	3.05	-2.70
Omega ratio Gain probability vs. loss probability	1.04	1.37	-0.33
Calmar ratio Return relative to maximum drawdown	0.22	4.24	-4.02
Martin ratio Return relative to average drawdown	0.41	15.90	-15.48
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. FLCV - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.16, which is lower than the FLCV Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SEF and FLCV, 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	FLCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	2.12	-1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.31	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	1.33	-1.82

Drawdowns

SEF vs. FLCV - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than FLCV's maximum drawdown of -15.93%. Use the drawdown chart below to compare losses from any high point for SEF and FLCV.

Drawdown Indicators

	SEF	FLCV	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-15.93%	-80.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-5.70%	-4.02%
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	-96.13%	0.00%	-96.13%
Average Drawdown Average peak-to-trough decline	-82.71%	-2.04%	-80.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	1.52%	+3.61%

Volatility

SEF vs. FLCV - Volatility Comparison

ProShares Short Financials (SEF) has a higher volatility of 2.92% compared to Federated Hermes MDT Large Cap Value ETF (FLCV) at 2.70%. This indicates that SEF's price experiences larger fluctuations and is considered to be riskier than FLCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEF	FLCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.70%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	8.23%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	11.31%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	14.97%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	14.97%	+5.55%

SEF vs. FLCV - Expense Ratio Comparison

SEF has a 0.95% expense ratio, which is higher than FLCV's 0.32% expense ratio.

Dividends

SEF vs. FLCV - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.38%, more than FLCV's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLCV Federated Hermes MDT Large Cap Value ETF	0.73%	0.83%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEF ProShares Short Financials	3.38%	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 FLCV in my portfolio?

SEF and FLCV have a correlation of -0.78, 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 FLCV?

SEF has higher volatility (2.92%) compared to FLCV (2.70%). In terms of maximum drawdown, SEF dropped -96.51% vs FLCV's -15.93%.

Which ETF is better, SEF or FLCV?

On 1-year performance, FLCV leads with 23.90% vs 2.29% for SEF. On fees, FLCV is cheaper at 0.32% per year. On volatility, FLCV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEF or FLCV?

Over the 1-year period, FLCV has performed better with a 23.90% return vs 2.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or FLCV?

FLCV is cheaper with a 0.32% expense ratio, compared with 0.95% for SEF.

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

SEF has the higher dividend yield at 3.38%, compared with 0.73% for FLCV.

What is the main difference between SEF and FLCV?

SEF is categorized as Inverse Equities, while FLCV is Large Cap Value Equities. They also come from different issuers: ProShares and Federated Hermes. Their fees differ too: 0.95% for SEF and 0.32% for FLCV.

Which has better risk-adjusted returns?

FLCV currently has the higher Sharpe Ratio (2.12 vs 0.16), 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.