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SEF vs. PSQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SEF vs. PSQ

Last updated Aug 2, 2026
Documentation

SEF (ProShares Short Financials) and PSQ (ProShares Short QQQ) are both Inverse Equities funds from ProShares - SEF tracks the Dow Jones U.S. Financials Index (-100%) while PSQ tracks the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, SEF returned -12.37%/yr vs -18.20%/yr for PSQ. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

SEF vs. PSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and ProShares Short QQQ (PSQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SEF achieves a -2.43% return, which is significantly higher than PSQ's -9.94% return. Over the past 10 years, SEF has outperformed PSQ with an annualized return of -12.37%, while PSQ has yielded a comparatively lower -18.20% annualized return.

SEF

1D
0.04%
1M
-2.18%
6M
-5.14%
YTD
-2.43%
1Y
-7.05%
3Y*
-11.58%
5Y*
-7.41%
10Y*
-12.37%
ALL TIME*
-13.88%

PSQ

1D
-0.59%
1M
3.63%
6M
-9.19%
YTD
-9.94%
1Y
-17.36%
3Y*
-15.05%
5Y*
-11.74%
10Y*
-18.20%
ALL TIME*
-16.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PSQ

ProShares Short QQQ
$270.27M$217.80M$219.49M

SEF

ProShares Short Financials
$302.73K$217.23K$276.76K

SEF vs. PSQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SEF
ProShares Short Financials		-2.43%-9.82%-17.81%-8.81%11.85%-27.02%-16.93%-23.51%10.34%-17.12%
PSQ
ProShares Short QQQ		-9.94%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%

Correlation

The correlation between SEF and PSQ is 0.31, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.31

Correlation (3Y)
Balances recent behavior with more history.

0.42

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.57

Correlation (10Y)
Provides a long-term view across more market conditions.

0.56

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2008

0.64

Over the past year, the correlation between SEF and PSQ has dropped to 0.31 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

SEF vs. PSQ - Sectors Allocation Comparison

Sectors
SEF
PSQ

Financial Services

75.3%
64.9%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

SEF
75.3%
PSQ
64.9%

Basic Materials

SEF

-

PSQ

-

Communication Services

SEF

-

PSQ

-

Consumer Cyclical

SEF

-

PSQ

-

Consumer Defensive

SEF

-

PSQ

-

Energy

SEF

-

PSQ

-

Healthcare

SEF

-

PSQ

-

Industrials

SEF

-

PSQ

-

Real Estate

SEF

-

PSQ

-

Technology

SEF

-

PSQ

-

Utilities

SEF

-

PSQ

-

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ProShares Short Financials

ProShares Short QQQ

Often compared with SEF:
SEF vs. XLFSEF vs. MUDSEF vs. CRCDSEF vs. WTIDSEF vs. SVIXSEF vs. BNP.PASEF vs. AMDD
Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. SPY

Return for Risk

SEF vs. PSQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SEF
SEF Risk / Return Rank: 66
Overall Rank
SEF Sharpe Ratio Rank: 66
Sharpe Ratio Rank
SEF Sortino Ratio Rank: 66
Sortino Ratio Rank
SEF Omega Ratio Rank: 66
Omega Ratio Rank
SEF Calmar Ratio Rank: 66
Calmar Ratio Rank
SEF Martin Ratio Rank: 55
Martin Ratio Rank
PSQ
PSQ Risk / Return Rank: 33
Overall Rank
PSQ Sharpe Ratio Rank: 33
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 33
Sortino Ratio Rank
PSQ Omega Ratio Rank: 33
Omega Ratio Rank
PSQ Calmar Ratio Rank: 44
Calmar Ratio Rank
PSQ Martin Ratio Rank: 33
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SEF vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and ProShares Short QQQ (PSQ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

SEFPSQDifference
Sharpe ratioReturn per unit of total volatility
-0.37
-0.81

+0.44

Sortino ratioReturn per unit of downside risk
-0.45
-1.11

+0.66

Omega ratioGain probability vs. loss probability

0.95

0.88

+0.07

Calmar ratioReturn relative to maximum drawdown

-0.34

-0.63

+0.30

Martin ratioReturn relative to average drawdown

-0.84

-1.23

+0.39

SEF vs. PSQ - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is -0.37, which is higher than the PSQ Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of SEF and PSQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SEF vs. PSQ - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.53%, roughly equal to the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for SEF and PSQ.

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Drawdown Indicators

SEFPSQDifference

Max Drawdown

Largest peak-to-trough decline

-96.53%

-98.26%

+1.73%

Max Drawdown (1Y)

Largest decline over 1 year

-15.98%

-24.83%

+8.85%

Max Drawdown (3Y)

Largest decline over 3 years

-39.77%

-49.65%

+9.88%

Max Drawdown (5Y)

Largest decline over 5 years

-41.98%

-60.91%

+18.93%

Max Drawdown (10Y)

Largest decline over 10 years

-73.23%

-87.66%

+14.43%

Current Drawdown

Current decline from peak

-96.50%

-98.12%

+1.62%

Average Drawdown

Average peak-to-trough decline

-82.82%

-74.15%

-8.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.40%

12.73%

-6.33%

Volatility

SEF vs. PSQ - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 4.01%, while ProShares Short QQQ (PSQ) has a volatility of 6.96%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SEFPSQDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.01%

6.96%

-2.95%

Volatility (6M)

Calculated over the trailing 6-month period

11.02%

16.03%

-5.01%

Volatility (1Y)

Calculated over the trailing 1-year period

14.64%

19.38%

-4.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.91%

22.93%

-5.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.46%

22.46%

-2.00%

SEF vs. PSQ - Expense Ratio Comparison

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

Dividends

SEF vs. PSQ - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.44%, less than PSQ's 4.26% yield.

PositionTTM202520242023202220212020201920182017
PSQ
ProShares Short QQQ		4.26%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%
SEF
ProShares Short Financials		3.44%4.33%5.72%4.43%0.39%0.00%0.12%1.25%0.41%0.00%

Frequently Asked Questions

SEF and PSQ have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PSQ has higher volatility (6.96%) compared to SEF (4.01%). In terms of maximum drawdown, SEF dropped -96.53% vs PSQ's -98.26%.

On 10-year performance, SEF leads with -12.37% vs -18.20% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SEF has performed better with a -12.37% return vs -18.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PSQ has the higher dividend yield at 4.26%, compared with 3.44% for SEF.

SEF tracks Dow Jones U.S. Financials Index (-100%), while PSQ tracks NASDAQ-100 Index (-100%).

SEF currently has the higher Sharpe Ratio (-0.37 vs -0.81), 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.

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