TSMZ vs. SEF
TSMZ (Direxion Daily TSM Bear 1X Shares) and SEF (ProShares Short Financials) are both Inverse Equities funds. TSMZ is actively managed, while SEF is passively managed. Over the past year, TSMZ returned -59.11% vs -3.56% for SEF. At a 0.20 correlation, their price movements are largely independent. TSMZ charges 0.98%/yr vs 0.95%/yr for SEF.
Performance
TSMZ vs. SEF - Performance Comparison
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Returns By Period
In the year-to-date period, TSMZ achieves a -38.97% return, which is significantly lower than SEF's 3.06% return.
TSMZ
- 1D
- -0.98%
- 1M
- -15.14%
- YTD
- -38.97%
- 6M
- -41.14%
- 1Y
- -59.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SEF
- 1D
- -0.57%
- 1M
- -3.27%
- YTD
- 3.06%
- 6M
- 4.18%
- 1Y
- -3.56%
- 3Y*
- -12.02%
- 5Y*
- -6.88%
- 10Y*
- -12.43%
TSMZ vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -38.97% | -41.91% | -11.25% |
SEF ProShares Short Financials | 3.06% | -9.82% | -5.98% |
Correlation
The correlation between TSMZ and SEF is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | 0.20 |
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Return for Risk
TSMZ vs. SEF — Risk / Return Rank
TSMZ
SEF
TSMZ vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) 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.
| TSMZ | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.97 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.32 | -0.68 |
| Martin ratioReturn relative to average drawdown | -1.65 | -0.75 | -0.90 |
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Drawdowns
TSMZ vs. SEF - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -73.32%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for TSMZ and SEF.
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Drawdown Indicators
| TSMZ | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.32% | -96.51% | +23.19% |
Max Drawdown (1Y)Largest decline over 1 year | -59.01% | -11.14% | -47.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -39.40% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.66% | — |
Current DrawdownCurrent decline from peak | -73.32% | -96.30% | +22.98% |
Average DrawdownAverage peak-to-trough decline | -38.61% | -82.73% | +44.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.95% | 5.11% | +30.84% |
Volatility
TSMZ vs. SEF - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 13.95% compared to ProShares Short Financials (SEF) at 4.04%. This indicates that TSMZ'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
| TSMZ | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.95% | 4.04% | +9.91% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 11.16% | +18.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.56% | 14.53% | +23.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.91% | 17.97% | +22.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.91% | 20.54% | +20.37% |
TSMZ vs. SEF - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than SEF's 0.95% expense ratio.
Dividends
TSMZ vs. SEF - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 5.74%, 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% |
TSMZ Direxion Daily TSM Bear 1X Shares | 5.74% | 4.88% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMZ and SEF have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMZ has higher volatility (13.95%) compared to SEF (4.04%). In terms of maximum drawdown, TSMZ dropped -73.32% vs SEF's -96.51%.
On 1-year performance, SEF leads with -3.56% vs -59.11% for TSMZ. 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 1-year period, SEF has performed better with a -3.56% return vs -59.11%. 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 0.98% for TSMZ.
TSMZ has the higher dividend yield at 5.74%, compared with 3.54% for SEF.
They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for TSMZ and 0.95% for SEF.
SEF currently has the higher Sharpe Ratio (-0.25 vs -1.58), 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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