- ISIN
- US74347R3701
- CUSIP
- 74347R370
- Issuer
- ProShares
- Inception Date
- Oct 23, 2007
- Region
- Developed Markets (EAFE)
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- MSCI EAFE Index (-100%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $13M
Share Price Chart
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Performance
EFZ Performance Chart
ProShares Short MSCI EAFE (EFZ) is down 8.8% since the beginning of the year. EFZ is currently trading at $23 per share. Investors who bought $1,000 worth of EFZ shares 5 years ago would now be looking at an investment worth $730.
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Returns By Period
ProShares Short MSCI EAFE (EFZ) has returned -8.77% so far this year and -17.18% over the past 12 months. Over the last ten years, EFZ has returned -9.00% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares Short MSCI EAFE
- 1D
- 0.13%
- 1M
- -1.95%
- YTD
- -8.77%
- 6M
- -9.09%
- 1Y
- -17.18%
- 3Y*
- -10.58%
- 5Y*
- -6.10%
- 10Y*
- -9.00%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
EFZ Monthly Returns History
Based on dividend-adjusted daily data since Oct 25, 2007, EFZ's average daily return is -0.02%, while the average monthly return is -0.53%.
Historically, 40% of months were positive and 60% were negative. The best month was Oct 2008 with a return of +14.3%, while the worst month was Nov 2020 at -13.0%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 8 months.
On a daily basis, EFZ closed higher 47% of trading days. The best single day was Mar 12, 2020 with a return of +10.8%, while the worst single day was Oct 13, 2008 at -16.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -4.18% | -4.45% | 8.61% | -4.93% | -2.27% | -1.25% | -8.77% | ||||||
| 2025 | -4.07% | -2.27% | -0.06% | -4.38% | -4.07% | -2.16% | 3.26% | -3.89% | -1.70% | -0.93% | -0.76% | -1.96% | -20.92% |
| 2024 | 1.08% | -2.44% | -2.73% | 3.85% | -4.13% | 2.46% | -2.12% | -2.86% | -0.05% | 6.15% | 0.74% | 3.49% | 2.90% |
| 2023 | -8.00% | 3.59% | -2.70% | -2.17% | 4.69% | -3.82% | -2.09% | 4.59% | 4.44% | 3.55% | -7.07% | -4.67% | -10.38% |
| 2022 | 3.51% | 3.19% | -1.37% | 7.05% | -2.59% | 9.11% | -4.93% | 6.42% | 9.79% | -5.66% | -11.82% | 2.16% | 13.15% |
| 2021 | 0.49% | -2.32% | -2.60% | -2.92% | -3.87% | 1.00% | -1.03% | -1.66% | 3.23% | -3.35% | 4.49% | -4.57% | -12.75% |
Benchmark Metrics
ProShares Short MSCI EAFE has an annualized alpha of 4.85%, beta of -0.96, and R2 of 0.77 versus S&P 500 Index. Calculated based on daily prices since October 25, 2007.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -146.90%), but participation in market rallies was also limited (-62.64%) - a profile typical of counter-cyclical assets.
- This ETF generated an annualized alpha of 4.85% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of -0.96 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 4.85%
- Beta
- -0.96
- R²
- 0.77
- Upside Capture
- -62.64%
- Downside Capture
- -146.90%
Expense Ratio
EFZ has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
EFZ ranks 1 for risk / return — in the bottom 1% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and compare them to S&P 500 Index.
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.
| EFZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -4.18 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.37 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.78 | -3.79 |
| Martin ratioReturn relative to average drawdown | -1.71 | 12.44 | -14.15 |
Dividends
Dividend History
ProShares Short MSCI EAFE provided a 4.12% dividend yield over the last twelve months, with an annual payout of $0.95 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.95 | $1.15 | $1.77 | $1.60 | $0.23 | $0.00 | $0.02 | $0.76 | $0.20 |
Dividend yield | 4.12% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares Short MSCI EAFE. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.00 | $0.06 | ||||||
| 2025 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.30 | $1.15 |
| 2024 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.47 | $0.00 | $0.00 | $0.63 | $0.00 | $0.00 | $0.40 | $1.77 |
| 2023 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.56 | $1.60 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.23 | $0.23 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Short MSCI EAFE. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Short MSCI EAFE was 88.08%, occurring on Feb 25, 2026. The portfolio has not yet recovered.
The current ProShares Short MSCI EAFE drawdown is 88.05%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -88.08%Feb 2026 | 16y 11mo | — | 17y 3moMar 2009 - now |
Financial crisis2007–2009 | -25.67%Jan 2009 | 2mo 6d | 2mo 6d | 4mo 12dOct 2008 - Mar 2009 |
Financial crisis2007–2009 | -16.09%Oct 2008 | 0s | 14d | 14dOct 2008 - Oct 2008 |
Financial crisis2007–2009 | -12.93%May 2008 | 3mo 5d | 1mo 17d | 4mo 22dFeb 2008 - Jul 2008 |
Financial crisis2007–2009 | -11.25%Sep 2008 | 1d | 10d | 11dSep 2008 - Sep 2008 |
Drawdown Indicators
| EFZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -56.78% | -31.30% |
Max Drawdown (1Y)Largest decline over 1 year | -17.09% | -9.10% | -7.99% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -18.90% | -16.52% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -25.43% | -18.34% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -33.92% | -27.96% |
Current DrawdownCurrent decline from peak | -88.05% | -1.80% | -86.25% |
Average DrawdownAverage peak-to-trough decline | -67.12% | -10.71% | -56.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.31% | 2.03% | +8.28% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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