SEF vs. UVXY
SEF (ProShares Short Financials) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SEF is a Inverse Equities fund tracking the Dow Jones U.S. Financials Index (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SEF returned -11.50%/yr vs -72.67%/yr for UVXY. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SEF vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SEF achieves a 8.89% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SEF has outperformed UVXY with an annualized return of -11.50%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
SEF vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SEF and UVXY is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.67 |
The correlation between SEF and UVXY shifts across timeframes, from 0.56 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SEF vs. UVXY — Risk / Return Rank
SEF
UVXY
SEF vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.26 | -0.87 | +1.13 |
Sortino ratioReturn per unit of downside risk | 0.50 | -1.60 | +2.10 |
Omega ratioGain probability vs. loss probability | 1.06 | 0.82 | +0.24 |
Calmar ratioReturn relative to maximum drawdown | 0.39 | -0.97 | +1.36 |
Martin ratioReturn relative to average drawdown | 0.73 | -1.31 | +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. | |||
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Sharpe Ratios by Period
| SEF | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | -0.87 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | -0.66 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | -0.64 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.68 | +0.19 |
Drawdowns
SEF vs. UVXY - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.51%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SEF and UVXY.
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Drawdown Indicators
| SEF | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -100.00% | +3.49% |
Max Drawdown (1Y)Largest decline over 1 year | -9.72% | -75.22% | +65.50% |
Max Drawdown (3Y)Largest decline over 3 years | -39.40% | -95.45% | +56.05% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -99.68% | +58.06% |
Max Drawdown (10Y)Largest decline over 10 years | -75.66% | -100.00% | +24.34% |
Current DrawdownCurrent decline from peak | -96.09% | -100.00% | +3.91% |
Average DrawdownAverage peak-to-trough decline | -82.72% | -98.55% | +15.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 55.63% | -50.49% |
Volatility
SEF vs. UVXY - Volatility Comparison
The current volatility for ProShares Short Financials (SEF) is 3.01%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that SEF experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEF | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 11.77% | -8.76% |
Volatility (6M)Calculated over the trailing 6-month period | 10.85% | 62.64% | -51.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.34% | 84.42% | -70.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 103.85% | -85.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 113.82% | -93.30% |
SEF vs. UVXY - Expense Ratio Comparison
Both SEF and UVXY have an expense ratio of 0.95%.
Dividends
SEF vs. UVXY - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.35%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.35% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
UVXY ProShares Ultra VIX Short-Term 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 UVXY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to SEF (3.01%). In terms of maximum drawdown, SEF dropped -96.51% vs UVXY's -100.00%.
On 10-year performance, SEF leads with -11.50% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. 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.
Over the 10-year period, SEF has performed better with a -11.50% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SEF and UVXY have the same expense ratio: 0.95% per year.
SEF has the higher dividend yield at 3.35%, compared with 0.00% for UVXY.
SEF is categorized as Inverse Equities, while UVXY is Volatility. SEF tracks Dow Jones U.S. Financials Index (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
SEF currently has the higher Sharpe Ratio (0.26 vs -0.87), 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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