SEF vs. OILD

Last updated Jun 4, 2026

SEF (ProShares Short Financials) and OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) are both Inverse Equities funds - SEF tracks the Dow Jones U.S. Financials Index (-100%) while OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). Both are passively managed. Over the past 3 years, SEF returned -10.34%/yr vs -47.52%/yr for OILD. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SEF vs. OILD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD). 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 higher than OILD's -59.89% 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%

OILD

• 1D: -3.24%
• 1M: 5.05%
• YTD: -59.89%
• 6M: -59.58%
• 1Y: -72.54%
• 3Y*: -47.52%
• 5Y*: —
• 10Y*: —

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

SEF vs. OILD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SEF ProShares Short Financials	8.89%	-9.82%	-17.81%	-8.81%	11.85%	-0.64%
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-59.89%	-41.67%	-14.58%	-19.58%	-90.32%	5.20%

Correlation

The correlation between SEF and OILD is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.38

Over the past year, the correlation between SEF and OILD has dropped to 0.03 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

SEF vs. OILD - Sectors Allocation Comparison

Sectors	SEF	OILD
Financial Services	65.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SEF vs. OILD — 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

OILD

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

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. OILD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD). 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	OILD	Difference
Sharpe ratio Return per unit of total volatility	0.26	-1.19	+1.45
Sortino ratio Return per unit of downside risk	0.50	-2.45	+2.95
Omega ratio Gain probability vs. loss probability	1.06	0.75	+0.30
Calmar ratio Return relative to maximum drawdown	0.39	-0.95	+1.34
Martin ratio Return relative to average drawdown	0.73	-1.59	+2.32
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. OILD - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.26, which is higher than the OILD Sharpe Ratio of -1.19. The chart below compares the historical Sharpe Ratios of SEF and OILD, 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	OILD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	-1.19	+1.45
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	-0.75	+0.26

Drawdowns

SEF vs. OILD - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, roughly equal to the maximum OILD drawdown of -98.90%. Use the drawdown chart below to compare losses from any high point for SEF and OILD.

Drawdown Indicators

	SEF	OILD	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-98.90%	+2.39%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-77.40%	+67.68%
Max Drawdown (3Y) Largest decline over 3 years	-39.40%	-88.53%	+49.13%
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%	-98.70%	+2.61%
Average Drawdown Average peak-to-trough decline	-82.72%	-88.63%	+5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	46.36%	-41.22%

Volatility

SEF vs. OILD - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 3.01%, while MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a volatility of 24.14%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than OILD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEF	OILD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	24.14%	-21.13%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	48.51%	-37.66%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	61.17%	-46.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	79.41%	-61.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	79.41%	-58.89%

SEF vs. OILD - Expense Ratio Comparison

Both SEF and OILD have an expense ratio of 0.95%.

Dividends

SEF vs. OILD - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.35%, while OILD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	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 OILD in my portfolio?

SEF and OILD have a correlation of 0.03, 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 OILD?

OILD has higher volatility (24.14%) compared to SEF (3.01%). In terms of maximum drawdown, SEF dropped -96.51% vs OILD's -98.90%.

Which ETF is better, SEF or OILD?

On 3-year performance, SEF leads with -10.34% vs -47.52% for OILD. Both ETFs have the same 0.95% expense ratio. 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 OILD?

Over the 3-year period, SEF has performed better with a -10.34% return vs -47.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or OILD?

SEF and OILD have the same expense ratio: 0.95% per year.

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

SEF has the higher dividend yield at 3.35%, compared with 0.00% for OILD.

What is the main difference between SEF and OILD?

SEF tracks Dow Jones U.S. Financials Index (-100%), while OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). They also come from different issuers: ProShares and REX.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (0.26 vs -1.19), 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.