SEF vs. SPDN
SEF (ProShares Short Financials) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - SEF tracks the Dow Jones U.S. Financials Index (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SEF returned -12.61%/yr vs -12.75%/yr for SPDN. A 0.77 correlation means they provide meaningful diversification when combined. SEF charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
SEF vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, SEF achieves a 3.69% return, which is significantly higher than SPDN's -5.13% return. Both investments have delivered pretty close results over the past 10 years, with SEF having a -12.61% annualized return and SPDN not far behind at -12.75%.
SEF
- 1D
- 0.58%
- 1M
- -2.84%
- YTD
- 3.69%
- 6M
- 5.55%
- 1Y
- -0.67%
- 3Y*
- -11.90%
- 5Y*
- -6.42%
- 10Y*
- -12.61%
SPDN
- 1D
- 0.00%
- 1M
- 2.55%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.11%
- 3Y*
- -11.77%
- 5Y*
- -8.13%
- 10Y*
- -12.75%
SEF vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.69% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SEF and SPDN is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.77 |
Over the past year, the correlation between SEF and SPDN has dropped to 0.56 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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Return for Risk
SEF vs. SPDN — Risk / Return Rank
SEF
SPDN
SEF vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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.
| SEF | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.84 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | -0.83 | +0.77 |
| Martin ratioReturn relative to average drawdown | -0.14 | -1.61 | +1.47 |
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Drawdowns
SEF vs. SPDN - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.51%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SEF and SPDN.
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Drawdown Indicators
| SEF | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -75.31% | -21.20% |
Max Drawdown (1Y)Largest decline over 1 year | -11.14% | -15.93% | +4.79% |
Max Drawdown (3Y)Largest decline over 3 years | -39.40% | -38.24% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -43.85% | +2.23% |
Max Drawdown (10Y)Largest decline over 10 years | -75.07% | -74.83% | -0.24% |
Current DrawdownCurrent decline from peak | -96.28% | -74.45% | -21.83% |
Average DrawdownAverage peak-to-trough decline | -82.74% | -48.68% | -34.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 8.62% | -3.83% |
Volatility
SEF vs. SPDN - Volatility Comparison
The current volatility for ProShares Short Financials (SEF) is 4.12%, while Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a volatility of 4.61%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEF | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 4.61% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 11.10% | 9.88% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 12.59% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.97% | 16.95% | +1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 18.03% | +2.45% |
SEF vs. SPDN - Expense Ratio Comparison
SEF has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SEF vs. SPDN - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.24%, which matches SPDN's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.24% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SEF and SPDN have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (4.61%) compared to SEF (4.12%). In terms of maximum drawdown, SEF dropped -96.51% vs SPDN's -75.31%.
On 10-year performance, SEF leads with -12.61% vs -12.75% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SEF has been the lower-risk option at 4.12%. 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 -12.61% return vs -12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for SEF.
SPDN has the higher dividend yield at 3.27%, compared with 3.24% for SEF.
SEF tracks Dow Jones U.S. Financials Index (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SEF and 0.50% for SPDN.
SEF currently has the higher Sharpe Ratio (-0.05 vs -1.04), 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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