EEM vs. EET

Last updated Jun 4, 2026

EEM (iShares MSCI Emerging Markets ETF) and EET (ProShares Ultra MSCI Emerging Markets) are both exchange-traded funds - EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while EET is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (200%). Both are passively managed. Over the past 10 years, EEM returned 9.93%/yr vs 11.03%/yr for EET. With a 0.99 correlation, they move nearly in lockstep. EEM charges 0.72%/yr vs 0.95%/yr for EET.

Performance

EEM vs. EET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ETF (EEM) and ProShares Ultra MSCI Emerging Markets (EET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEM achieves a 27.80% return, which is significantly lower than EET's 54.14% return. Over the past 10 years, EEM has underperformed EET with an annualized return of 9.93%, while EET has yielded a comparatively higher 11.03% annualized return.

EEM

• 1D: -1.24%
• 1M: 9.08%
• YTD: 27.80%
• 6M: 30.51%
• 1Y: 55.80%
• 3Y*: 23.95%
• 5Y*: 7.01%
• 10Y*: 9.93%

EET

• 1D: -2.52%
• 1M: 17.51%
• YTD: 54.14%
• 6M: 60.18%
• 1Y: 118.88%
• 3Y*: 38.53%
• 5Y*: 4.07%
• 10Y*: 11.03%

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

EEM vs. EET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEM iShares MSCI Emerging Markets ETF	27.80%	33.98%	6.49%	8.95%	-20.56%	-3.63%	17.02%	18.22%	-15.31%	37.26%
EET ProShares Ultra MSCI Emerging Markets	54.14%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%

Correlation

The correlation between EEM and EET is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.99

The correlation between EEM and EET has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

EEM vs. EET - Sectors Allocation Comparison

Sectors	EEM	EET
Technology	43.6%	-
Financial Services	17.5%	51.5%
Consumer Cyclical	8.1%	-
Industrials	6.2%	-
Basic Materials	6.1%	-
Communication Services	5.7%	-
Energy	3.3%	-
Consumer Defensive	2.7%	-
Healthcare	2.5%	-
Utilities	2.0%	-
Real Estate	0.9%	-

Return for Risk

EEM vs. EET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EEM

EEM Risk / Return Rank: 81
EEM Sharpe Ratio Rank: 84
EEM Sortino Ratio Rank: 79
EEM Omega Ratio Rank: 83
EEM Calmar Ratio Rank: 79
EEM Martin Ratio Rank: 80

EET

EET Risk / Return Rank: 81
EET Sharpe Ratio Rank: 88
EET Sortino Ratio Rank: 73
EET Omega Ratio Rank: 77
EET Calmar Ratio Rank: 84
EET Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EEM vs. EET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) and ProShares Ultra MSCI Emerging Markets (EET). 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.

	EEM	EET	Difference
Sharpe ratio Return per unit of total volatility	2.81	3.02	-0.21
Sortino ratio Return per unit of downside risk	3.62	3.33	+0.29
Omega ratio Gain probability vs. loss probability	1.51	1.46	+0.05
Calmar ratio Return relative to maximum drawdown	4.15	4.53	-0.39
Martin ratio Return relative to average drawdown	15.99	16.64	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEM vs. EET - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 2.81, which is comparable to the EET Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of EEM and EET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EEM	EET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	3.02	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.11	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.27	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.12	+0.26

Drawdowns

EEM vs. EET - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, smaller than the maximum EET drawdown of -71.66%. Use the drawdown chart below to compare losses from any high point for EEM and EET.

Drawdown Indicators

	EEM	EET	Difference
Max Drawdown Largest peak-to-trough decline	-66.43%	-71.66%	+5.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-26.38%	+12.86%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-34.89%	+17.60%
Max Drawdown (5Y) Largest decline over 5 years	-37.71%	-64.88%	+27.17%
Max Drawdown (10Y) Largest decline over 10 years	-39.82%	-69.07%	+29.25%
Current Drawdown Current decline from peak	-1.24%	-2.52%	+1.28%
Average Drawdown Average peak-to-trough decline	-16.02%	-37.27%	+21.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	7.17%	-3.67%

Volatility

EEM vs. EET - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets ETF (EEM) is 8.52%, while ProShares Ultra MSCI Emerging Markets (EET) has a volatility of 17.46%. This indicates that EEM experiences smaller price fluctuations and is considered to be less risky than EET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEM	EET	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	17.46%	-8.94%
Volatility (6M) Calculated over the trailing 6-month period	17.42%	34.52%	-17.10%
Volatility (1Y) Calculated over the trailing 1-year period	19.97%	39.66%	-19.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	37.78%	-18.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	40.60%	-20.10%

EEM vs. EET - Expense Ratio Comparison

EEM has a 0.72% expense ratio, which is lower than EET's 0.95% expense ratio.

Dividends

EEM vs. EET - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 1.74%, more than EET's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEM iShares MSCI Emerging Markets ETF	1.74%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%
EET ProShares Ultra MSCI Emerging Markets	1.23%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EEM and EET in my portfolio?

With a correlation of 0.99, EEM and EET move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EEM or EET?

EET has higher volatility (17.46%) compared to EEM (8.52%). In terms of maximum drawdown, EEM dropped -66.43% vs EET's -71.66%.

Which ETF is better, EEM or EET?

On 10-year performance, EET leads with 11.03% vs 9.93% for EEM. On fees, EEM is cheaper at 0.72% per year. On volatility, EEM has been the lower-risk option at 8.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEM or EET?

Over the 10-year period, EET has performed better with a 11.03% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEM or EET?

EEM is cheaper with a 0.72% expense ratio, compared with 0.95% for EET.

Which ETF pays a higher dividend yield, EEM or EET?

EEM has the higher dividend yield at 1.74%, compared with 1.23% for EET.

What is the main difference between EEM and EET?

EEM is categorized as Emerging Markets Diversified, while EET is Leveraged Equities. EEM tracks MSCI Emerging Markets Index, while EET tracks MSCI Emerging Markets Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.72% for EEM and 0.95% for EET.

Which has better risk-adjusted returns?

EET currently has the higher Sharpe Ratio (3.02 vs 2.81), 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.