SEF vs. QCMD

Last updated Jun 3, 2026

SEF (ProShares Short Financials) and QCMD (Direxion Daily QCOM Bear 1X Shares) are both Inverse Equities funds. At a 0.39 correlation, their price movements are largely independent. SEF charges 0.95%/yr vs 1.00%/yr for QCMD.

Performance

SEF vs. QCMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and Direxion Daily QCOM Bear 1X Shares (QCMD). 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 higher than QCMD's -37.78% 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%

QCMD

• 1D: -5.39%
• 1M: -32.32%
• YTD: -37.78%
• 6M: -38.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEF vs. QCMD - Yearly Performance Comparison

	2026 (YTD)	2025
SEF ProShares Short Financials	7.71%	-4.21%
QCMD Direxion Daily QCOM Bear 1X Shares	-37.78%	-11.76%

Correlation

The correlation between SEF and QCMD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.39

Return for Risk

SEF vs. QCMD — 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

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. QCMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and Direxion Daily QCOM Bear 1X Shares (QCMD). 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	QCMD	Difference
Sharpe ratio Return per unit of total volatility	0.16	—	—
Sortino ratio Return per unit of downside risk	0.35	—	—
Omega ratio Gain probability vs. loss probability	1.04	—	—
Calmar ratio Return relative to maximum drawdown	0.22	—	—
Martin ratio Return relative to average drawdown	0.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SEF	QCMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	—	—
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	-1.01	+0.52

Drawdowns

SEF vs. QCMD - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than QCMD's maximum drawdown of -55.59%. Use the drawdown chart below to compare losses from any high point for SEF and QCMD.

Drawdown Indicators

	SEF	QCMD	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-55.59%	-40.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	—	—
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%	-54.28%	-41.85%
Average Drawdown Average peak-to-trough decline	-82.71%	-12.96%	-69.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	—	—

Volatility

Volatility by Period

	SEF	QCMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	47.23%	-32.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	47.23%	-29.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	47.23%	-26.71%

SEF vs. QCMD - Expense Ratio Comparison

SEF has a 0.95% expense ratio, which is lower than QCMD's 1.00% expense ratio.

Dividends

SEF vs. QCMD - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.38%, less than QCMD's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QCMD Direxion Daily QCOM Bear 1X Shares	3.82%	1.77%	0.00%	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 QCMD in my portfolio?

SEF and QCMD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SEF or QCMD?

On fees, SEF is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEF or QCMD?

SEF is cheaper with a 0.95% expense ratio, compared with 1.00% for QCMD.

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

QCMD has the higher dividend yield at 3.82%, compared with 3.38% for SEF.

What is the main difference between SEF and QCMD?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SEF and 1.00% for QCMD.