SEF vs. SVIX
SEF (ProShares Short Financials) and SVIX (-1x Short VIX Futures ETF) are both exchange-traded funds - SEF is a Inverse Equities fund tracking the Dow Jones U.S. Financials Index (-100%), while SVIX is a Volatility fund tracking the Short VIX Futures Index. Both are passively managed. Over the past 3 years, SEF returned -11.58%/yr vs -6.83%/yr for SVIX. Their -0.60 correlation means they have often moved in opposite directions in the past. SEF charges 0.95%/yr vs 1.47%/yr for SVIX.
Performance
SEF vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, SEF achieves a -2.43% return, which is significantly lower than SVIX's -0.08% return.
SEF
- 1D
- 0.04%
- 1M
- -2.18%
- 6M
- -5.14%
- YTD
- -2.43%
- 1Y
- -7.05%
- 3Y*
- -11.58%
- 5Y*
- -7.41%
- 10Y*
- -12.37%
- ALL TIME*
- -13.88%
SVIX
- 1D
- 3.02%
- 1M
- 1.89%
- 6M
- 6.65%
- YTD
- -0.08%
- 1Y
- 51.31%
- 3Y*
- -6.83%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $302.73K | $217.23K | $276.76K | |
| $67.82M | $60.76M | $62.62M |
SEF vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SEF ProShares Short Financials | -2.43% | -9.82% | -17.81% | -8.81% | 13.61% |
SVIX -1x Short VIX Futures ETF | -0.08% | -4.49% | -32.76% | 157.37% | -1.48% |
Correlation
The correlation between SEF and SVIX is -0.57, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.57 |
Correlation (3Y) Balances recent behavior with more history. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.60 |
The correlation between SEF and SVIX has been stable across timeframes, ranging from -0.60 to -0.57 - a consistent structural relationship.
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Return for Risk
SEF vs. SVIX — Risk / Return Rank
SEF
SVIX
SEF vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and -1x Short VIX Futures ETF (SVIX). 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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.16 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.34 | 0.92 | -1.26 |
| Martin ratioReturn relative to average drawdown | -0.84 | 2.61 | -3.46 |
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Drawdowns
SEF vs. SVIX - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.53%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for SEF and SVIX.
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Drawdown Indicators
| SEF | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.53% | -79.30% | -17.23% |
Max Drawdown (1Y)Largest decline over 1 year | -15.98% | -42.69% | +26.71% |
Max Drawdown (3Y)Largest decline over 3 years | -39.77% | -79.30% | +39.53% |
Max Drawdown (5Y)Largest decline over 5 years | -41.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.36% | — | — |
Current DrawdownCurrent decline from peak | -96.50% | -52.28% | -44.22% |
Average DrawdownAverage peak-to-trough decline | -82.82% | -32.40% | -50.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.40% | 15.03% | -8.63% |
Volatility
SEF vs. SVIX - Volatility Comparison
The current volatility for ProShares Short Financials (SEF) is 4.01%, while -1x Short VIX Futures ETF (SVIX) has a volatility of 14.34%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEF | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 14.34% | -10.33% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 42.92% | -31.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.64% | 56.46% | -41.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.91% | 65.81% | -47.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.46% | 65.81% | -45.35% |
SEF vs. SVIX - Expense Ratio Comparison
SEF has a 0.95% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
SEF vs. SVIX - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.44%, while SVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.44% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
SVIX -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SEF and SVIX have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (14.34%) compared to SEF (4.01%). In terms of maximum drawdown, SEF dropped -96.53% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -6.83% vs -11.58% for SEF. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -6.83% return vs -11.58%. 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 1.47% for SVIX.
SEF has the higher dividend yield at 3.44%, compared with 0.00% for SVIX.
SEF is categorized as Inverse Equities, while SVIX is Volatility. SEF tracks Dow Jones U.S. Financials Index (-100%), while SVIX tracks Short VIX Futures Index. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for SEF and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.70 vs -0.37), 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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