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 -42.08%/yr vs -12.45%/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
Loading charts...
Returns By Period
In the year-to-date period, SPXS achieves a -20.76% return, which is significantly lower than SEF's 2.80% return. Over the past 10 years, SPXS has underperformed SEF with an annualized return of -42.08%, while SEF has yielded a comparatively higher -12.45% annualized return.
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
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%
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 | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
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 SPXS and SEF is 0.57, 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 | 0.57 |
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 Nov 19, 2008 | 0.83 |
Over the past year, the correlation between SPXS and SEF has dropped to 0.57 - well below their long-term average of 0.83, 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
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 | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.98 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.23 | -0.71 |
| Martin ratioReturn relative to average drawdown | -1.63 | -0.55 | -1.08 |
Loading charts...
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.
Loading charts...
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 | -46.94% | -11.14% | -35.80% |
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 | -99.63% | -75.66% | -23.97% |
Current DrawdownCurrent decline from peak | -100.00% | -96.31% | -3.69% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -82.74% | -13.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.25% | 4.81% | +24.44% |
Volatility
SPXS vs. SEF - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 14.08% compared to ProShares Short Financials (SEF) at 4.04%. 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.
Loading charts...
Volatility by Period
| SPXS | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.08% | 4.04% | +10.04% |
Volatility (6M)Calculated over the trailing 6-month period | 29.38% | 11.16% | +18.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.37% | 14.51% | +22.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.68% | 17.97% | +32.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.59% | 20.48% | +33.11% |
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 4.62%, more than SEF's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.54% | 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 | 4.62% | 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 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.08%) compared to SEF (4.04%). In terms of maximum drawdown, SPXS dropped -100.00% vs SEF's -96.51%.
On 10-year performance, SEF leads with -12.45% vs -42.08% for SPXS. On fees, SEF is cheaper at 0.95% 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 -42.08%. 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 4.62%, compared with 3.54% 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 (-0.18 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 SPXS 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