ProShares Short Financials (SEF) Performance
SEF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.4% since Dec 31, 2025
- 1 year
- −3.2% total return
- 5 years
- −5.3% a year
- 10 years
- −11.8% a year
- Since first price
- −13.8% a year since 2008
SEF trailing returns vs SPY, QQQ, AGG
| Period | SEF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.9% | −1.9% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.8% | +0.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.7% | −7.1% | +7.8% | +8.4% | −1.5% |
| YTD | +0.4% | −1.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −3.2% | −6.0% | +14.4% | +15.9% | −1.1% |
| 3 years | −36.3%−14.0%/yr | −44.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −23.7%−5.3%/yr | −34.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −71.6%−11.8%/yr | −76.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −88.5%−13.4%/yr | −90.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJun 12, 2008 | −93.4%−13.8%/yr | −94.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SEF vs SPY
From Jun 12, 2008: SEF grew to $656, SPY to $79,165.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SEF returns by calendar year
3 of 17 full years positive. Best 2022 (+11.9%), worst 2009 (−41.6%). 2026 is year to date.
SEF annual returns table
| Year | SEF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +0.4% | −16.9% | +12.3% | +15.1% | −1.0% |
| 2025 | −9.8% | −19.3% | +17.7% | +20.8% | +7.2% |
| 2024 | −17.8% | −23.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −8.8% | −16.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +11.9% | −15.9% | −18.2% | −32.6% | −13.0% |
| 2021 | −27.0% | −29.1% | +28.7% | +27.4% | −1.8% |
| 2020 | −16.9% | −45.9% | +18.3% | +48.6% | +7.5% |
| 2019 | −23.5% | −24.3% | +31.2% | +39.0% | +8.5% |
| 2018 | +10.3% | −9.7% | −4.6% | −0.1% | +0.1% |
| 2017 | −17.1% | −18.0% | +21.7% | +32.7% | +3.6% |
| 2016 | −17.2% | −31.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −3.8% | −12.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −14.9% | −20.6% | +13.5% | +19.2% | +6.0% |
| 2013 | −27.4% | −25.5% | +32.3% | +36.6% | −2.0% |
| 2012 | −24.1% | −23.3% | +16.0% | +18.1% | +3.8% |
| 2011 | +2.0% | −20.6% | +1.9% | +3.4% | +7.7% |
| 2010 | −17.4% | −21.3% | +15.1% | +19.9% | +6.4% |
| 2009 | −41.6% | −65.9% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SEF largest drawdowns
Now 96.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 6, 2009 | −96.6% | Sep 3, 2026 | not yet | 17.5 years | 17.6 years so far |
| Nov 20, 2008 | −35.1% | Dec 8, 2008 | Mar 5, 2009 | 18 days | 3 months |
| Jul 15, 2008 | −32.1% | Sep 19, 2008 | Oct 9, 2008 | 2 months | 3 months |
| Oct 27, 2008 | −20.2% | Nov 4, 2008 | Nov 12, 2008 | 8 days | 16 days |
| Oct 9, 2008 | −18.9% | Oct 14, 2008 | Oct 27, 2008 | 5 days | 18 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SEF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | −11.6% | −5.9% | −11.5% | −14.1% |
| Volatility (annualized) | 14.5% | 17.3% | 17.1% | 19.7% |
| Sharpe ratio | -1.07 | -0.47 | -0.76 | -0.73 |
| Sortino ratio | -1.22 | -0.62 | -0.95 | -0.92 |
| Best month | +8.1% | +10.3% | +13.7% | +22.5% |
| Worst month | −9.4% | −9.6% | −13.4% | −21.5% |
| Best 12 months | +3.8% | +16.0% | +16.0% | +16.0% |
| Worst 12 months | −26.3% | −26.3% | −42.1% | −59.0% |
| Positive months | 42% | 47% | 40% | 39% |
| Beta vs S&P 500 | -0.74 | -0.86 | -0.94 | — |
| Correlation with S&P 500 | -0.63 | -0.78 | -0.85 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SEF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 209 | −59.0% | −13.7% | +16.0% | 12% |
| 3-year (a year) | 185 | −32.1% | −13.3% | −2.9% | 0% |
| 5-year (a year) | 161 | −27.9% | −13.9% | −5.5% | 0% |
| 10-year (a year) | 101 | −20.0% | −13.2% | −10.8% | 0% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
SEF performance overview
ProShares Short Financials (SEF) returned −3.2% over the past year and −11.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −13.8% a year, turning $10,000 into about $656. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −96.6%, from Mar 6, 2009 to Sep 3, 2026; the fund has not yet regained that high. SEF finished 3 of its 17 full calendar years with a gain; the best year was 2022 (+11.9%) and the worst 2009 (−41.6%). Volatility has been 19.7% a year.
Related: SEF chart, SEF holdings, SEF dividends, SEF valuation. See the SEF overview for the latest quote and fund facts.
SEF performance FAQ
What is the SEF return over the past year?
SEF returned −3.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 6.0%.
What is the average annual return of SEF?
SEF has returned −5.3% a year over 5 years, −11.8% a year over 10 years, −13.8% a year since June 12, 2008 (total return, distributions reinvested).
How much would $10,000 invested in SEF be worth?
$10,000 invested in SEF at its first recorded close on June 12, 2008 would be worth about $656 on October 23, 2026 with distributions reinvested.
What was the worst year for SEF?
The worst calendar year was 2009, with a total return of −41.6%. The best was 2022 at +11.9%.
What is the biggest drawdown of SEF?
The largest peak-to-trough decline was −96.6% between March 6, 2009 and September 3, 2026. It has not yet recovered to that high; it is 96.4% below its peak.
How volatile is SEF?
Over the past 3 years SEF had an annualized volatility of 14.5% and a Sharpe ratio of -1.07 (excess return over 1–3 month T-bills per unit of risk).