AMZD vs. EFZ

Last updated Aug 2, 2026

AMZD (Direxion Daily AMZN Bear 1X Shares) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds - AMZD tracks the Amazon.com, Inc. (-100%) while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past 3 years, AMZD returned -24.09%/yr vs -9.95%/yr for EFZ. Their 0.44 correlation means their historical movements had little consistent relationship. AMZD charges 1.09%/yr vs 0.95%/yr for EFZ.

Performance

AMZD vs. EFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMZN Bear 1X Shares (AMZD) and ProShares Short MSCI EAFE (EFZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZD achieves a -18.67% return, which is significantly lower than EFZ's -9.46% return.

AMZD

• 1D: -15.20%
• 1M: -13.01%
• 6M: -15.74%
• YTD: -18.67%
• 1Y: -25.04%
• 3Y*: -24.09%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.25%

EFZ

• 1D: -0.25%
• 1M: -1.24%
• 6M: -5.50%
• YTD: -9.46%
• 1Y: -17.52%
• 3Y*: -9.95%
• 5Y*: -6.08%
• 10Y*: -8.43%
• ALL TIME*: -7.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMZD Direxion Daily AMZN Bear 1X Shares	$135.48M	$132.64M	$131.29M
EFZ ProShares Short MSCI EAFE	$154.74K	$246.78K	$380.96K

AMZD vs. EFZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AMZD Direxion Daily AMZN Bear 1X Shares	-18.67%	-9.84%	-30.80%	-46.50%	45.25%
EFZ ProShares Short MSCI EAFE	-9.46%	-20.92%	2.90%	-10.38%	-8.86%

Correlation

The correlation between AMZD and EFZ is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.44

Return for Risk

AMZD vs. EFZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AMZD

AMZD Risk / Return Rank: 4
AMZD Sharpe Ratio Rank: 5
AMZD Sortino Ratio Rank: 5
AMZD Omega Ratio Rank: 5
AMZD Calmar Ratio Rank: 4
AMZD Martin Ratio Rank: 1

EFZ

EFZ Risk / Return Rank: 1
EFZ Sharpe Ratio Rank: 1
EFZ Sortino Ratio Rank: 2
EFZ Omega Ratio Rank: 2
EFZ Calmar Ratio Rank: 0
EFZ Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AMZD vs. EFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) and ProShares Short MSCI EAFE (EFZ). 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.

	AMZD	EFZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-1.06	+0.51
Sortino ratio: Return per unit of downside risk	-0.55	-1.48	+0.93
Omega ratio: Gain probability vs. loss probability	0.93	0.83	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.65	-1.00	+0.35
Martin ratio: Return relative to average drawdown	-1.37	-1.55	+0.18

AMZD vs. EFZ - Sharpe Ratio Comparison

The current AMZD Sharpe Ratio is -0.54, which is higher than the EFZ Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of AMZD and EFZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMZD vs. EFZ - Drawdown Comparison

The maximum AMZD drawdown since its inception was -73.54%, smaller than the maximum EFZ drawdown of -88.15%. Use the drawdown chart below to compare losses from any high point for AMZD and EFZ.

Drawdown Indicators

	AMZD	EFZ	Difference
Max Drawdown Largest peak-to-trough decline	-73.54%	-88.15%	+14.61%
Max Drawdown (1Y) Largest decline over 1 year	-29.56%	-17.58%	-11.98%
Max Drawdown (3Y) Largest decline over 3 years	-59.93%	-35.82%	-24.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-44.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.58%	—
Current Drawdown Current decline from peak	-73.54%	-88.14%	+14.60%
Average Drawdown Average peak-to-trough decline	-49.89%	-67.25%	+17.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.01%	11.35%	+2.66%

Volatility

AMZD vs. EFZ - Volatility Comparison

Direxion Daily AMZN Bear 1X Shares (AMZD) has a higher volatility of 18.51% compared to ProShares Short MSCI EAFE (EFZ) at 4.14%. This indicates that AMZD's price experiences larger fluctuations and is considered to be riskier than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZD	EFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.51%	4.14%	+14.37%
Volatility (6M) Calculated over the trailing 6-month period	27.88%	14.10%	+13.78%
Volatility (1Y) Calculated over the trailing 1-year period	35.31%	16.71%	+18.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.25%	16.83%	+17.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.25%	17.11%	+17.14%

AMZD vs. EFZ - Expense Ratio Comparison

AMZD has a 1.09% expense ratio, which is higher than EFZ's 0.95% expense ratio.

Dividends

AMZD vs. EFZ - Dividend Comparison

AMZD's dividend yield for the trailing twelve months is around 3.81%, less than EFZ's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AMZD Direxion Daily AMZN Bear 1X Shares	3.81%	3.61%	5.15%	6.83%	2.45%	0.00%	0.00%	0.00%	0.00%
EFZ ProShares Short MSCI EAFE	4.04%	4.55%	5.29%	4.66%	0.57%	0.00%	0.04%	1.56%	0.34%

Frequently Asked Questions

Can I hold both AMZD and EFZ in my portfolio?

AMZD and EFZ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZD or EFZ?

AMZD has higher volatility (18.51%) compared to EFZ (4.14%). In terms of maximum drawdown, AMZD dropped -73.54% vs EFZ's -88.15%.

Which ETF is better, AMZD or EFZ?

On 3-year performance, EFZ leads with -9.95% vs -24.09% for AMZD. On fees, EFZ is cheaper at 0.95% per year. On volatility, EFZ has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZD or EFZ?

Over the 3-year period, EFZ has performed better with a -9.95% return vs -24.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZD or EFZ?

EFZ is cheaper with a 0.95% expense ratio, compared with 1.09% for AMZD.

Which ETF pays a higher dividend yield, AMZD or EFZ?

EFZ has the higher dividend yield at 4.04%, compared with 3.81% for AMZD.

What is the main difference between AMZD and EFZ?

AMZD tracks Amazon.com, Inc. (-100%), while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.09% for AMZD and 0.95% for EFZ.

Which has better risk-adjusted returns?

AMZD currently has the higher Sharpe Ratio (-0.54 vs -1.06), 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.