SEF vs. MUD

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Short Financials (SEF) and Direxion Daily MU Bear 1X Shares (MUD).

SEF and MUD 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. MUD is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

SEF vs. MUD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and Direxion Daily MU Bear 1X Shares (MUD). The values are adjusted to include any dividend payments, if applicable.

SEF vs. MUD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEF ProShares Short Financials	11.27%	-9.82%	-5.04%
MUD Direxion Daily MU Bear 1X Shares	-24.52%	-78.75%	19.12%

Returns By Period

In the year-to-date period, SEF achieves a 11.27% return, which is significantly higher than MUD's -24.52% 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%

MUD

• 1D: -4.70%
• 1M: 16.77%
• YTD: -24.52%
• 6M: -59.85%
• 1Y: -82.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEF vs. MUD - Expense Ratio Comparison

SEF has a 0.95% expense ratio, which is lower than MUD's 0.97% expense ratio.

MUD

Direxion Daily MU Bear 1X Shares

SEF

ProShares Short Financials

Return for Risk

SEF vs. MUD — 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

MUD

MUD Risk / Return Rank: 1
MUD Sharpe Ratio Rank: 0
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 2

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. MUD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and Direxion Daily MU Bear 1X Shares (MUD). 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	MUD	Difference
Sharpe ratio Return per unit of total volatility	0.14	-1.26	+1.41
Sortino ratio Return per unit of downside risk	0.36	-2.97	+3.33
Omega ratio Gain probability vs. loss probability	1.05	0.67	+0.37
Calmar ratio Return relative to maximum drawdown	0.08	-0.91	+0.99
Martin ratio Return relative to average drawdown	0.11	-1.25	+1.35
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. MUD - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.14, which is higher than the MUD Sharpe Ratio of -1.26. The chart below compares the historical Sharpe Ratios of SEF and MUD, 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	MUD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.14	-1.26	+1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
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	-1.07	+0.58

Correlation

The correlation between SEF and MUD is 0.24, 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. MUD - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.27%, less than MUD's 7.81% yield.

	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%
MUD Direxion Daily MU Bear 1X Shares	7.81%	9.21%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SEF vs. MUD - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than MUD's maximum drawdown of -89.63%. Use the drawdown chart below to compare losses from any high point for SEF and MUD.

Drawdown Indicators

	SEF	MUD	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-89.63%	-6.88%
Max Drawdown (1Y) Largest decline over 1 year	-20.21%	-89.63%	+69.42%
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	-96.00%	-86.10%	-9.90%
Average Drawdown Average peak-to-trough decline	-82.58%	-45.31%	-37.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.44%	65.64%	-51.20%

Volatility

SEF vs. MUD - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 4.86%, while Direxion Daily MU Bear 1X Shares (MUD) has a volatility of 22.32%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than MUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEF	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	22.32%	-17.46%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	49.43%	-38.06%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	65.07%	-45.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	63.70%	-45.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	63.70%	-43.15%