SPXS vs. SEF
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SEF (ProShares Short Financials) are both Inverse Equities funds - SPXS tracks the S&P 500 Index (-300%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, SPXS returned -41.24%/yr vs -12.30%/yr for SEF. Their correlation of 0.83 suggests significant overlap in exposure. SPXS charges 1.08%/yr vs 0.95%/yr for SEF.
Performance
SPXS vs. SEF - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -24.88% return, which is significantly lower than SEF's -2.09% return. Over the past 10 years, SPXS has underperformed SEF with an annualized return of -41.24%, while SEF has yielded a comparatively higher -12.30% annualized return.
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
SEF
- 1D
- -0.30%
- 1M
- -4.14%
- 6M
- -3.05%
- YTD
- -2.09%
- 1Y
- -5.36%
- 3Y*
- -12.03%
- 5Y*
- -7.58%
- 10Y*
- -12.30%
SPXS vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SEF ProShares Short Financials | -2.09% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
Correlation
The correlation between SPXS and SEF is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
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 Nov 19, 2008 | 0.83 |
Over the past year, the correlation between SPXS and SEF has dropped to 0.53 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
SPXS vs. SEF — Risk / Return Rank
SPXS
SEF
SPXS vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.95 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.36 | -0.58 |
| Martin ratioReturn relative to average drawdown | -1.62 | -0.95 | -0.67 |
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Drawdowns
SPXS vs. SEF - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for SPXS and SEF.
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Drawdown Indicators
| SPXS | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -96.51% | -3.49% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -14.82% | -28.82% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -39.40% | -44.73% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -41.62% | -48.49% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -73.40% | -26.16% |
Current DrawdownCurrent decline from peak | -100.00% | -96.48% | -3.52% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -82.78% | -13.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 5.65% | +19.75% |
Volatility
SPXS vs. SEF - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 10.70% compared to ProShares Short Financials (SEF) at 4.21%. This indicates that SPXS'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.
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Volatility by Period
| SPXS | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 4.21% | +6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 11.14% | +18.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.65% | 14.52% | +23.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 17.97% | +32.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 20.44% | +33.06% |
SPXS vs. SEF - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SEF's 0.95% expense ratio.
Dividends
SPXS vs. SEF - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.52%, more than SEF's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.43% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and SEF have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (10.70%) compared to SEF (4.21%). In terms of maximum drawdown, SPXS dropped -100.00% vs SEF's -96.51%.
On 10-year performance, SEF leads with -12.30% vs -41.24% for SPXS. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 4.21%. 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 -12.30% return vs -41.24%. 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 1.08% for SPXS.
SPXS has the higher dividend yield at 4.52%, compared with 3.43% for SEF.
SPXS tracks S&P 500 Index (-300%), while SEF tracks Dow Jones U.S. Financials Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.95% for SEF.
SEF currently has the higher Sharpe Ratio (-0.37 vs -1.09), 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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