SEF vs. SPXS
SEF (ProShares Short Financials) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds - SEF tracks the Dow Jones U.S. Financials Index (-100%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SEF returned -12.30%/yr vs -41.24%/yr for SPXS. Their correlation of 0.83 suggests significant overlap in exposure. SEF charges 0.95%/yr vs 1.08%/yr for SPXS.
Performance
SEF vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SEF achieves a -2.09% return, which is significantly higher than SPXS's -24.88% return. Over the past 10 years, SEF has outperformed SPXS with an annualized return of -12.30%, while SPXS has yielded a comparatively lower -41.24% annualized return.
SEF
- 1D
- -0.30%
- 1M
- -4.14%
- 6M
- -3.05%
- YTD
- -2.09%
- 1Y
- -5.36%
- 3Y*
- -12.03%
- 5Y*
- -7.58%
- 10Y*
- -12.30%
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
SEF vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | -2.09% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SEF and SPXS is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
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 Nov 19, 2008 | 0.83 |
Over the past year, the correlation between SEF and SPXS has dropped to 0.53 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
SEF vs. SPXS — Risk / Return Rank
SEF
SPXS
SEF vs. SPXS - 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 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.82 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | -0.94 | +0.58 |
| Martin ratioReturn relative to average drawdown | -0.95 | -1.62 | +0.67 |
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Drawdowns
SEF vs. SPXS - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.51%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SEF and SPXS.
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Drawdown Indicators
| SEF | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -100.00% | +3.49% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -43.64% | +28.82% |
Max Drawdown (3Y)Largest decline over 3 years | -39.40% | -84.13% | +44.73% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -90.11% | +48.49% |
Max Drawdown (10Y)Largest decline over 10 years | -73.40% | -99.56% | +26.16% |
Current DrawdownCurrent decline from peak | -96.48% | -100.00% | +3.52% |
Average DrawdownAverage peak-to-trough decline | -82.78% | -96.31% | +13.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.65% | 25.40% | -19.75% |
Volatility
SEF vs. SPXS - Volatility Comparison
The current volatility for ProShares Short Financials (SEF) is 4.21%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 10.70%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEF | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 10.70% | -6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 11.14% | 30.07% | -18.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.52% | 37.65% | -23.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.97% | 50.74% | -32.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.44% | 53.50% | -33.06% |
SEF vs. SPXS - Expense Ratio Comparison
SEF has a 0.95% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SEF vs. SPXS - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.43%, less than SPXS's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.43% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SEF and SPXS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (10.70%) compared to SEF (4.21%). In terms of maximum drawdown, SEF dropped -96.51% vs SPXS's -100.00%.
On 10-year performance, SEF leads with -12.30% vs -41.24% for SPXS. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 4.21%. 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 -12.30% return vs -41.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SEF is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.52%, compared with 3.43% for SEF.
SEF tracks Dow Jones U.S. Financials Index (-100%), while SPXS tracks S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SEF and 1.08% for SPXS.
SEF currently has the higher Sharpe Ratio (-0.37 vs -1.09), 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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