SPDN vs. SEF
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SEF (ProShares Short Financials) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, SPDN returned -12.66%/yr vs -12.45%/yr for SEF. A 0.77 correlation means they provide meaningful diversification when combined. SPDN charges 0.50%/yr vs 0.95%/yr for SEF.
Performance
SPDN vs. SEF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPDN achieves a -6.10% return, which is significantly lower than SEF's 2.80% return. Both investments have delivered pretty close results over the past 10 years, with SPDN having a -12.66% annualized return and SEF not far ahead at -12.45%.
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
SEF
- 1D
- -0.25%
- 1M
- -3.52%
- YTD
- 2.80%
- 6M
- 4.11%
- 1Y
- -2.58%
- 3Y*
- -12.09%
- 5Y*
- -6.78%
- 10Y*
- -12.45%
SPDN vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SEF ProShares Short Financials | 2.80% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
Correlation
The correlation between SPDN and SEF is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.77 |
Over the past year, the correlation between SPDN and SEF has dropped to 0.56 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPDN vs. SEF — Risk / Return Rank
SPDN
SEF
SPDN vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.98 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.23 | -0.70 |
| Martin ratioReturn relative to average drawdown | -1.75 | -0.55 | -1.20 |
Loading charts...
Drawdowns
SPDN vs. SEF - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for SPDN and SEF.
Loading charts...
Drawdown Indicators
| SPDN | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -96.51% | +21.20% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -11.14% | -4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -39.40% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -41.62% | -2.23% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -75.66% | +0.35% |
Current DrawdownCurrent decline from peak | -74.71% | -96.31% | +21.60% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -82.74% | +34.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 4.81% | +4.63% |
Volatility
SPDN vs. SEF - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 4.51% compared to ProShares Short Financials (SEF) at 4.04%. This indicates that SPDN's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPDN | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 4.04% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 11.16% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 14.51% | -1.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 17.97% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 20.48% | -2.44% |
SPDN vs. SEF - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SEF's 0.95% expense ratio.
Dividends
SPDN vs. SEF - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, more than SEF's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.54% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN and SEF have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (4.51%) compared to SEF (4.04%). In terms of maximum drawdown, SPDN dropped -75.31% vs SEF's -96.51%.
On 10-year performance, SEF leads with -12.45% vs -12.66% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SEF has been the lower-risk option at 4.04%. 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 -12.45% return vs -12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for SEF.
SPDN has the higher dividend yield at 4.02%, compared with 3.54% for SEF.
SPDN tracks S&P 500 Index, while SEF tracks Dow Jones U.S. Financials Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.95% for SEF.
SEF currently has the higher Sharpe Ratio (-0.18 vs -1.19), 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.
Find the right allocation for SPDN and SEF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer