SEF vs. GDXD
Compare and contrast key facts about ProShares Short Financials (SEF) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD).
SEF and GDXD 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. GDXD is a passively managed fund by BMO that tracks the performance of the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). It was launched on Dec 2, 2020. Both SEF and GDXD 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. GDXD - Performance Comparison
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SEF vs. GDXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 11.27% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -3.55% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -51.34% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.30% |
Returns By Period
In the year-to-date period, SEF achieves a 11.27% return, which is significantly higher than GDXD's -51.34% 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%
GDXD
- 1D
- -21.63%
- 1M
- 68.00%
- YTD
- -51.34%
- 6M
- -76.21%
- 1Y
- -96.70%
- 3Y*
- -84.06%
- 5Y*
- -75.49%
- 10Y*
- —
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SEF vs. GDXD - Expense Ratio Comparison
Both SEF and GDXD have an expense ratio of 0.95%.
Return for Risk
SEF vs. GDXD — Risk / Return Rank
SEF
GDXD
SEF vs. GDXD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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 | GDXD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.14 | -0.70 | +0.84 |
Sortino ratioReturn per unit of downside risk | 0.36 | -2.54 | +2.90 |
Omega ratioGain probability vs. loss probability | 1.05 | 0.73 | +0.31 |
Calmar ratioReturn relative to maximum drawdown | 0.08 | -0.98 | +1.06 |
Martin ratioReturn relative to average drawdown | 0.11 | -1.20 | +1.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SEF | GDXD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.14 | -0.70 | +0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.70 | +0.33 |
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 | -0.68 | +0.20 |
Correlation
The correlation between SEF and GDXD is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SEF vs. GDXD - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.27%, while GDXD has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.27% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SEF vs. GDXD - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.51%, roughly equal to the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for SEF and GDXD.
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Drawdown Indicators
| SEF | GDXD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -99.96% | +3.45% |
Max Drawdown (1Y)Largest decline over 1 year | -20.21% | -98.51% | +78.30% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -99.96% | +58.34% |
Max Drawdown (10Y)Largest decline over 10 years | -75.66% | — | — |
Current DrawdownCurrent decline from peak | -96.00% | -99.93% | +3.93% |
Average DrawdownAverage peak-to-trough decline | -82.58% | -70.92% | -11.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.44% | 80.64% | -66.20% |
Volatility
SEF vs. GDXD - Volatility Comparison
The current volatility for ProShares Short Financials (SEF) is 4.86%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 54.68%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEF | GDXD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 54.68% | -49.82% |
Volatility (6M)Calculated over the trailing 6-month period | 11.37% | 110.83% | -99.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.28% | 138.20% | -118.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 108.13% | -90.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.55% | 108.21% | -87.66% |