SKF vs. FXO

Last updated Aug 4, 2026

SKF (ProShares UltraShort Financials) and FXO (First Trust Financials AlphaDEX Fund) are both exchange-traded funds - SKF is a Leveraged Equities fund tracking the DJ Global United States (All) / Financials -IND (-200%), while FXO is a Financials Equities fund tracking the StrataQuant Financials Index. Both are passively managed. Over the past 10 years, SKF returned -27.10%/yr vs 13.21%/yr for FXO. Their -0.89 correlation means they have often moved in opposite directions in the past. SKF charges 0.95%/yr vs 0.62%/yr for FXO.

Performance

SKF vs. FXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Financials (SKF) and First Trust Financials AlphaDEX Fund (FXO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKF achieves a -8.93% return, which is significantly lower than FXO's 11.49% return. Over the past 10 years, SKF has underperformed FXO with an annualized return of -27.10%, while FXO has yielded a comparatively higher 13.21% annualized return.

SKF

• 1D: -1.38%
• 1M: -5.58%
• 6M: -11.53%
• YTD: -8.93%
• 1Y: -18.86%
• 3Y*: -27.34%
• 5Y*: -19.36%
• 10Y*: -27.10%
• ALL TIME*: -28.15%

FXO

• 1D: 0.90%
• 1M: 3.92%
• 6M: 9.72%
• YTD: 11.49%
• 1Y: 21.75%
• 3Y*: 20.02%
• 5Y*: 11.58%
• 10Y*: 13.21%
• ALL TIME*: 8.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FXO First Trust Financials AlphaDEX Fund	$2.61M	$3.06M	$3.36M
SKF ProShares UltraShort Financials	$327.82K	$374.40K	$433.73K

SKF vs. FXO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKF ProShares UltraShort Financials	-8.93%	-23.99%	-36.29%	-21.78%	17.63%	-47.66%	-42.40%	-42.97%	16.42%	-31.70%
FXO First Trust Financials AlphaDEX Fund	11.49%	13.59%	27.72%	9.28%	-9.24%	37.76%	5.95%	26.31%	-11.72%	17.88%

Correlation

The correlation between SKF and FXO is -0.87, 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.	-0.87
Correlation (3Y) Balances recent behavior with more history.	-0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.92
Correlation (10Y) Provides a long-term view across more market conditions.	-0.92
Correlation (All Time) Calculated using the full available price history since May 10, 2007	-0.89

The correlation between SKF and FXO has been stable across timeframes, ranging from -0.92 to -0.87 - a consistent structural relationship.

SKF vs. FXO - Sectors Allocation Comparison

Sectors	SKF	FXO
Financial Services	66.9%	94.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	4.8%
Technology	-	0.5%
Utilities	-	-

Return for Risk

SKF vs. FXO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SKF

SKF Risk / Return Rank: 3
SKF Sharpe Ratio Rank: 4
SKF Sortino Ratio Rank: 4
SKF Omega Ratio Rank: 4
SKF Calmar Ratio Rank: 4
SKF Martin Ratio Rank: 1

FXO

FXO Risk / Return Rank: 52
FXO Sharpe Ratio Rank: 56
FXO Sortino Ratio Rank: 54
FXO Omega Ratio Rank: 53
FXO Calmar Ratio Rank: 49
FXO Martin Ratio Rank: 47

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SKF vs. FXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Financials (SKF) and First Trust Financials AlphaDEX Fund (FXO). 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.

	SKF	FXO	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	1.41	-2.06
Sortino ratio: Return per unit of downside risk	-0.82	1.97	-2.80
Omega ratio: Gain probability vs. loss probability	0.91	1.25	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.62	1.86	-2.48
Martin ratio: Return relative to average drawdown	-1.46	5.58	-7.04

SKF vs. FXO - Sharpe Ratio Comparison

The current SKF Sharpe Ratio is -0.65, which is lower than the FXO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of SKF and FXO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SKF vs. FXO - Drawdown Comparison

The maximum SKF drawdown since its inception was -99.96%, which is greater than FXO's maximum drawdown of -71.30%. Use the drawdown chart below to compare losses from any high point for SKF and FXO.

Drawdown Indicators

	SKF	FXO	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-71.30%	-28.66%
Max Drawdown (1Y) Largest decline over 1 year	-30.59%	-11.72%	-18.87%
Max Drawdown (3Y) Largest decline over 3 years	-69.38%	-21.35%	-48.03%
Max Drawdown (5Y) Largest decline over 5 years	-73.53%	-28.80%	-44.73%
Max Drawdown (10Y) Largest decline over 10 years	-95.90%	-48.55%	-47.35%
Current Drawdown Current decline from peak	-99.96%	-0.61%	-99.35%
Average Drawdown Average peak-to-trough decline	-89.33%	-13.01%	-76.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.93%	3.91%	+9.02%

Volatility

SKF vs. FXO - Volatility Comparison

ProShares UltraShort Financials (SKF) has a higher volatility of 7.55% compared to First Trust Financials AlphaDEX Fund (FXO) at 4.18%. This indicates that SKF's price experiences larger fluctuations and is considered to be riskier than FXO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKF	FXO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	4.18%	+3.37%
Volatility (6M) Calculated over the trailing 6-month period	22.16%	11.06%	+11.10%
Volatility (1Y) Calculated over the trailing 1-year period	29.32%	15.53%	+13.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.92%	21.72%	+14.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.78%	24.06%	+16.72%

SKF vs. FXO - Expense Ratio Comparison

SKF has a 0.95% expense ratio, which is higher than FXO's 0.62% expense ratio.

Dividends

SKF vs. FXO - Dividend Comparison

SKF's dividend yield for the trailing twelve months is around 4.70%, more than FXO's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXO First Trust Financials AlphaDEX Fund	1.97%	1.78%	1.97%	2.98%	2.49%	1.91%	2.60%	1.72%	2.60%	1.62%	1.35%	1.51%
SKF ProShares UltraShort Financials	4.70%	5.61%	7.94%	3.93%	0.03%	0.00%	0.11%	1.29%	0.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SKF and FXO in my portfolio?

SKF and FXO have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKF or FXO?

SKF has higher volatility (7.55%) compared to FXO (4.18%). In terms of maximum drawdown, SKF dropped -99.96% vs FXO's -71.30%.

Which ETF is better, SKF or FXO?

On 10-year performance, FXO leads with 13.21% vs -27.10% for SKF. On fees, FXO is cheaper at 0.62% per year. On volatility, FXO has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKF or FXO?

Over the 10-year period, FXO has performed better with a 13.21% return vs -27.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKF or FXO?

FXO is cheaper with a 0.62% expense ratio, compared with 0.95% for SKF.

Which ETF pays a higher dividend yield, SKF or FXO?

SKF has the higher dividend yield at 4.70%, compared with 1.97% for FXO.

What is the main difference between SKF and FXO?

SKF is categorized as Leveraged Equities, while FXO is Financials Equities. SKF tracks DJ Global United States (All) / Financials -IND (-200%), while FXO tracks StrataQuant Financials Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SKF and 0.62% for FXO.

Which has better risk-adjusted returns?

FXO currently has the higher Sharpe Ratio (1.41 vs -0.65), 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.