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SEF vs SVXY

ProShares Short Financials

SEFBNYSE Arca

ProShares Short VIX Short-Term Futures ETF

SVXYBCboe

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

SEF0.95%SVXY0.95%

Avg volume · 30D

SVXY 109.2×the volume

SEF14.5KSVXY1.58M

10Y return · a year

SVXY +9.3pt

SEF−11.9%SVXY−2.6%

SEF vs SVXY Performance

Nov 9, 2021 – Nov 9, 2026

−27.4%SEF+89.5%SVXY

Nov 9, 2021 to Nov 9, 2026. SEF −27.4%. SVXY +89.5%. Use the arrow keys to read each point.0%25%50%Nov 2021May 2024Nov 2026
Expense ratio
SEF 0.95%
SVXY 0.95%
Fund size
SEF $13M
SVXY $185M
1Y total return
SEF −6.5%
SVXY +19.5%, better
Yield (12M)
SEF 3.11%
SVXY No data
Holdings
SEF 2
SVXY 1
Avg volume (30D)
SEF 14.5K sh
SVXY 1.58M sh, better
NAV per share
SEF $29.58
SVXY $54.78
52W range

ETF.net Grade

SEF: Cost 50, Risk 65, Mission not scored, Tradability 68, Holdings 44, Durability 56. SVXY: Cost 50, Risk 71, Mission not scored, Tradability 88, Holdings not scored, Durability 76.
Pillar letters and Scores for SEF, SVXY, with each pillar’s weight
PillarSEFSVXY
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightB65A71Higher
Tradability15% weightB68A88Higher
Holdings10% weightC44Not scored
Durability5% weightB56A76Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SEF and SVXY are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds
See all 53 ›

SVXY ranks 1st and SEF 9th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 9BEUMProShares Short MSCI Emerging MarketsScore 58
  6. Rank 9BSEFProShares Short FinancialsScore 58
  7. Rank 11BQIDProShares UltraShort QQQScore 57

Our read on each fund

ETF.net Research

SEFBProShares Short Financials

SVXYBProShares Short VIX Short-Term Futures ETF

In short

SEF Launched in June 2008, in the thick of the financial crisis, SEF is the plain-vanilla short on US financials: one index, one times inverse, reset every day. No leverage stacked on top.

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

Stated mandate

SEF The fund seeks inverse daily results, before fees and expenses, relative to the S&P Financial Select Sector Index.

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

Why people hold it

  • SEF Same index as ProShares' SKF, but no leverage on top: SEF's mandate is the inverse of the S&P Financial Select Sector Index's daily move, before fees and expenses.
  • 0.95% net of a waiver through September 30, 2027 (1.58% gross), near the category median and level with ProShares' DOG, PSQ, SJB and RWM, all waived to that same date.
  • Listed since June 2008 and still running, and it rates as one of the stronger builds in a crowded field of inverse funds.
  • SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
  • 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
  • Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.

Worth knowing

  • SEF The one times inverse target resets daily. Over longer holds, compounding can push results away from the index's simple inverse, especially in choppy markets.
  • Small and thinly traded next to the headline inverse names, so the bid-ask spread is a real part of the cost of getting in and out.
  • That 0.95% rides on a fee waiver; the gross expense ratio is 1.58% if it is not renewed past September 30, 2027.
  • SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
  • It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
  • Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.

Full SEF profile⁠

Full SVXY profile⁠

SEF vs SVXY Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SEF vs SVXY Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SEF 0.95%

    $17,869

  • SVXY 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SEF 0.95%
  • SVXY 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SEF $17,869SVXY $17,869

Year by year

YearSEFSVXY
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%SEF
  • 0.95%SVXY
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

SEF 6th cheapest of 53 funds

SVXY 6th cheapest of 53 funds

SEF vs SVXY Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
SEF 3.11%
SVXY No data
Payout (12M)
SEF $0.91
SVXY None
Last payment
SEF $0.22
SVXY No data
Ex-dividend
SEF Sep 23, 2026
SVXY No data
Paid on
SEF Sep 29, 2026
SVXY No data
Frequency
SEF Quarterly
SVXY No data

Distribution history

Per share, 2017 to 2026, same scale for both

SEFQuarterly · 23 paymentsAll SEF payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Sep 26, 2018 $0.13; Dec 26, 2018 $0.28; Mar 20, 2019 $0.22; Jun 25, 2019 $0.30; Sep 25, 2019 $0.24; Dec 24, 2019 $0.20; Mar 25, 2020 $0.08; Dec 22, 2022 $0.20; Mar 22, 2023 $0.25; Jun 21, 2023 $0.44; Sep 20, 2023 $0.55; Dec 20, 2023 $0.77; Mar 20, 2024 $0.45; Jun 26, 2024 $0.66; Sep 25, 2024 $0.39; Dec 23, 2024 $0.54; Mar 26, 2025 $0.32; Jun 25, 2025 $0.35; Sep 24, 2025 $0.33; Dec 24, 2025 $0.33; Mar 25, 2026 $0.11; Jun 24, 2026 $0.25; Sep 23, 2026 $0.22. Use the arrow keys to read each point.$0$0.502017202020232026YTD
SVXYAll SVXY payments⁠

No distribution history available.

SEF vs SVXY Risk

Fall from peak · 5 years

  • SEF
  • SVXY
Nov 9, 2021 to Nov 9, 2026. Worst fall: SVXY −46.4% · Apr 2025. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
SEF 14.5%, betterSVXY 26.5%
Return per unit of riskSharpe ratio, 3 years
SEF −1.27SVXY 0.42, better
Worst fallMax drawdown, 5 years
SEF −43.1%, betterSVXY −46.4%
Market sensitivityBeta, 5 years
SEF −0.74SVXY 1.30

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