SMZ vs. SEF

Last updated Aug 1, 2026

SMZ (Tradr 2X Short SMR Daily ETF) and SEF (ProShares Short Financials) are both Inverse Equities funds - SMZ tracks the NuScale Power Corporation (SMR) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Their 0.26 correlation means their historical movements had little consistent relationship. SMZ charges 1.49%/yr vs 0.95%/yr for SEF.

Performance

SMZ vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short SMR Daily ETF (SMZ) and ProShares Short Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMZ

• 1D: 4.06%
• 1M: 7.24%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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%

*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)
SEF ProShares Short Financials	$302.73K	$217.23K	$276.76K
SMZ Tradr 2X Short SMR Daily ETF	$795.18K	$775.91K	$1.24M

SMZ vs. SEF - Yearly Performance Comparison

	2026 (YTD)
SMZ Tradr 2X Short SMR Daily ETF	-1.46%
SEF ProShares Short Financials	-5.06%

Correlation

The correlation between SMZ and SEF is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 11, 2026	0.26

Return for Risk

SMZ vs. SEF — Risk / Return Rank

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

SMZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SEF

SEF Risk / Return Rank: 6
SEF Sharpe Ratio Rank: 6
SEF Sortino Ratio Rank: 6
SEF Omega Ratio Rank: 6
SEF Calmar Ratio Rank: 6
SEF Martin Ratio Rank: 5

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.

SMZ vs. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short SMR Daily ETF (SMZ) and ProShares Short Financials (SEF). 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.

	SMZ	SEF	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.37	—
Sortino ratio: Return per unit of downside risk	—	-0.45	—
Omega ratio: Gain probability vs. loss probability	—	0.95	—
Calmar ratio: Return relative to maximum drawdown	—	-0.34	—
Martin ratio: Return relative to average drawdown	—	-0.84	—

Drawdowns

SMZ vs. SEF - Drawdown Comparison

The maximum SMZ drawdown since its inception was -77.30%, smaller than the maximum SEF drawdown of -96.53%. Use the drawdown chart below to compare losses from any high point for SMZ and SEF.

Drawdown Indicators

	SMZ	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-77.30%	-96.53%	+19.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.98%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-39.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.36%	—
Current Drawdown Current decline from peak	-61.42%	-96.50%	+35.08%
Average Drawdown Average peak-to-trough decline	-40.92%	-82.82%	+41.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.40%	—

Volatility

Volatility by Period

	SMZ	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	188.99%	14.64%	+174.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	188.99%	17.91%	+171.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	188.99%	20.46%	+168.53%

SMZ vs. SEF - Expense Ratio Comparison

SMZ has a 1.49% expense ratio, which is higher than SEF's 0.95% expense ratio.

Dividends

SMZ vs. SEF - Dividend Comparison

SMZ has not paid dividends to shareholders, while SEF's dividend yield for the trailing twelve months is around 3.44%.

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%
SMZ Tradr 2X Short SMR Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMZ and SEF in my portfolio?

SMZ and SEF have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMZ or SEF?

On fees, SEF is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMZ or SEF?

SEF is cheaper with a 0.95% expense ratio, compared with 1.49% for SMZ.

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

SEF has the higher dividend yield at 3.44%, compared with 0.00% for SMZ.

What is the main difference between SMZ and SEF?

SMZ tracks NuScale Power Corporation (SMR), while SEF tracks Dow Jones U.S. Financials Index (-100%). They also come from different issuers: Tradr and ProShares. Their fees differ too: 1.49% for SMZ and 0.95% for SEF.