SEF vs. SSO

Last updated Jun 4, 2026

SEF (ProShares Short Financials) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SEF is a Inverse Equities fund tracking the Dow Jones U.S. Financials Index (-100%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SEF returned -11.50%/yr vs 24.21%/yr for SSO. At a correlation of -0.83, they often move in opposite directions. SEF charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

SEF vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEF achieves a 8.89% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, SEF has underperformed SSO with an annualized return of -11.50%, while SSO has yielded a comparatively higher 24.21% annualized return.

SEF

• 1D: 1.10%
• 1M: 1.81%
• YTD: 8.89%
• 6M: 6.43%
• 1Y: 3.73%
• 3Y*: -10.34%
• 5Y*: -5.21%
• 10Y*: -11.50%

SSO

• 1D: -1.40%
• 1M: 9.75%
• YTD: 19.37%
• 6M: 18.81%
• 1Y: 52.69%
• 3Y*: 37.56%
• 5Y*: 19.62%
• 10Y*: 24.21%

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

SEF vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEF ProShares Short Financials	8.89%	-9.82%	-17.81%	-8.81%	11.85%	-27.02%	-16.93%	-23.51%	10.34%	-17.12%
SSO ProShares Ultra S&P500	19.37%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%

Correlation

The correlation between SEF and SSO is -0.62, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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 Jun 13, 2008	-0.83

Over the past year, the inverse relationship between SEF and SSO has weakened: their correlation has moved from -0.83 to -0.62, meaning they move in opposite directions less often than they have historically.

SEF vs. SSO - Sectors Allocation Comparison

Sectors	SEF	SSO
Financial Services	65.0%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

SEF vs. SSO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SEF

SEF Risk / Return Rank: 12
SEF Sharpe Ratio Rank: 12
SEF Sortino Ratio Rank: 12
SEF Omega Ratio Rank: 12
SEF Calmar Ratio Rank: 13
SEF Martin Ratio Rank: 12

SSO

SSO Risk / Return Rank: 62
SSO Sharpe Ratio Rank: 66
SSO Sortino Ratio Rank: 59
SSO Omega Ratio Rank: 60
SSO Calmar Ratio Rank: 58
SSO Martin Ratio Rank: 68

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. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and ProShares Ultra S&P500 (SSO). 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	SSO	Difference
Sharpe ratio: Return per unit of total volatility	0.26	2.25	-1.98
Sortino ratio: Return per unit of downside risk	0.50	2.86	-2.36
Omega ratio: Gain probability vs. loss probability	1.06	1.38	-0.32
Calmar ratio: Return relative to maximum drawdown	0.39	2.91	-2.53
Martin ratio: Return relative to average drawdown	0.73	12.80	-12.07
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. SSO - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.26, which is lower than the SSO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of SEF and SSO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SEF	SSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	2.25	-1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.59	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	0.68	-1.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	0.42	-0.90

Drawdowns

SEF vs. SSO - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SEF and SSO.

Drawdown Indicators

	SEF	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-84.67%	-11.84%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-18.17%	+8.45%
Max Drawdown (3Y) Largest decline over 3 years	-39.40%	-35.21%	-4.19%
Max Drawdown (5Y) Largest decline over 5 years	-41.62%	-46.73%	+5.11%
Max Drawdown (10Y) Largest decline over 10 years	-75.66%	-59.34%	-16.32%
Current Drawdown Current decline from peak	-96.09%	-1.40%	-94.69%
Average Drawdown Average peak-to-trough decline	-82.72%	-19.57%	-63.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	4.13%	+1.01%

Volatility

SEF vs. SSO - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 3.01%, while ProShares Ultra S&P500 (SSO) has a volatility of 5.66%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEF	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	5.66%	-2.65%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	17.78%	-6.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	23.60%	-9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	33.65%	-15.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	35.89%	-15.37%

SEF vs. SSO - Expense Ratio Comparison

SEF has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

SEF vs. SSO - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.35%, more than SSO's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEF ProShares Short Financials	3.35%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.62%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%

Frequently Asked Questions

Can I hold both SEF and SSO in my portfolio?

SEF and SSO 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.

Which is riskier, SEF or SSO?

SSO has higher volatility (5.66%) compared to SEF (3.01%). In terms of maximum drawdown, SEF dropped -96.51% vs SSO's -84.67%.

Which ETF is better, SEF or SSO?

On 10-year performance, SSO leads with 24.21% vs -11.50% for SEF. On fees, SSO is cheaper at 0.87% per year. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEF or SSO?

Over the 10-year period, SSO has performed better with a 24.21% return vs -11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SEF.

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

SEF has the higher dividend yield at 3.35%, compared with 0.62% for SSO.

What is the main difference between SEF and SSO?

SEF is categorized as Inverse Equities, while SSO is Leveraged Equities. SEF tracks Dow Jones U.S. Financials Index (-100%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SEF and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (2.25 vs 0.26), 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.