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SEF vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SEF vs. SPXS

Last updated Jun 3, 2026

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 -11.60%/yr vs -42.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 7.71% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, SEF has outperformed SPXS with an annualized return of -11.60%, while SPXS has yielded a comparatively lower -42.01% annualized 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%

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SEF vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SEF
ProShares Short Financials		7.71%-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		-25.49%-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 0.62, 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

0.62

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (10Y)
Calculated over the trailing 10-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2008

0.83

Over the past year, the correlation between SEF and SPXS has dropped to 0.62 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short Financials

Direxion Daily S&P 500 Bear 3X Shares

Often compared with SEF:
SEF vs. XLFSEF vs. MUDSEF vs. BNP.PASEF vs. CRCDSEF vs. PSQSEF vs. EUFNSEF vs. SPY
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

SEF vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SEF
SEF Risk / Return Rank: 1111
Overall Rank
SEF Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
SEF Sortino Ratio Rank: 1111
Sortino Ratio Rank
SEF Omega Ratio Rank: 1010
Omega Ratio Rank
SEF Calmar Ratio Rank: 1111
Calmar Ratio Rank
SEF Martin Ratio Rank: 1010
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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. 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.

SEFSPXSDifference

Sharpe ratio

Return per unit of total volatility

0.16

-1.38

+1.54

Sortino ratio

Return per unit of downside risk

0.35

-2.31

+2.66

Omega ratio

Gain probability vs. loss probability

1.04

0.75

+0.29

Calmar ratio

Return relative to maximum drawdown

0.22

-0.96

+1.18

Martin ratio

Return relative to average drawdown

0.41

-1.62

+2.04

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. SPXS - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.16, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of SEF and SPXS, 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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Sharpe Ratios by Period

SEFSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.16

-1.38

+1.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.31

-0.69

+0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.57

-0.79

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.49

-0.83

+0.34

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

SEFSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-96.51%

-100.00%

+3.49%

Max Drawdown (1Y)

Largest decline over 1 year

-9.72%

-50.77%

+41.05%

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

-75.66%

-99.63%

+23.97%

Current Drawdown

Current decline from peak

-96.13%

-100.00%

+3.87%

Average Drawdown

Average peak-to-trough decline

-82.71%

-96.30%

+13.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.13%

30.04%

-24.91%

Volatility

SEF vs. SPXS - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 2.92%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. 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

SEFSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.92%

8.51%

-5.59%

Volatility (6M)

Calculated over the trailing 6-month period

10.83%

26.82%

-15.99%

Volatility (1Y)

Calculated over the trailing 1-year period

14.30%

35.54%

-21.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.96%

50.39%

-32.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.52%

53.54%

-33.02%

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 3.38%, less than SPXS's 4.91% yield.

PositionTTM20252024202320222021202020192018
SEF
ProShares Short Financials		3.38%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		4.91%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 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPXS has higher volatility (8.51%) compared to SEF (2.92%). In terms of maximum drawdown, SEF dropped -96.51% vs SPXS's -100.00%.

On 10-year performance, SEF leads with -11.60% vs -42.01% for SPXS. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 2.92%. 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 -11.60% return vs -42.01%. 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 4.91%, compared with 3.38% 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 (0.16 vs -1.38), 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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