EET vs. EDZ

Last updated Aug 4, 2026

EET (ProShares Ultra MSCI Emerging Markets) and EDZ (Direxion Daily Emerging Markets Bear 3X Shares) are both Leveraged Equities funds - EET tracks the MSCI Emerging Markets Index (200%) while EDZ tracks the MSCI Emerging Markets Index (-300%). Both are passively managed. Over the past 10 years, EET returned 7.22%/yr vs -33.91%/yr for EDZ. Their -0.98 correlation means they have often moved in opposite directions in the past. EET charges 0.95%/yr vs 1.08%/yr for EDZ.

Performance

EET vs. EDZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Emerging Markets (EET) and Direxion Daily Emerging Markets Bear 3X Shares (EDZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EET achieves a 27.71% return, which is significantly higher than EDZ's -51.70% return. Over the past 10 years, EET has outperformed EDZ with an annualized return of 7.22%, while EDZ has yielded a comparatively lower -33.91% annualized return.

EET

• 1D: 0.67%
• 1M: -4.70%
• 6M: 9.73%
• YTD: 27.71%
• 1Y: 64.20%
• 3Y*: 28.06%
• 5Y*: 2.81%
• 10Y*: 7.22%
• ALL TIME*: 4.11%

EDZ

• 1D: -0.71%
• 1M: 3.45%
• 6M: -38.42%
• YTD: -51.70%
• 1Y: -67.92%
• 3Y*: -44.52%
• 5Y*: -25.63%
• 10Y*: -33.91%
• ALL TIME*: -40.50%

*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)
EDZ Direxion Daily Emerging Markets Bear 3X Shares	$4.63M	$3.67M	$4.34M
EET ProShares Ultra MSCI Emerging Markets	$506.00K	$1.40M	$1.55M

EET vs. EDZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EET ProShares Ultra MSCI Emerging Markets	27.71%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%
EDZ Direxion Daily Emerging Markets Bear 3X Shares	-51.70%	-59.30%	-12.71%	-20.28%	49.27%	-8.69%	-68.79%	-43.01%	32.87%	-64.12%

Correlation

The correlation between EET and EDZ is -0.98, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.98
Correlation (3Y) Balances recent behavior with more history.	-0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.99
Correlation (10Y) Provides a long-term view across more market conditions.	-0.99
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	-0.98

The correlation between EET and EDZ has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.

EET vs. EDZ - Sectors Allocation Comparison

Sectors	EET	EDZ
Financial Services	57.7%	26.2%
Basic Materials	-	3.7%
Communication Services	-	3.4%
Consumer Cyclical	-	8.0%
Consumer Defensive	-	6.0%
Energy	-	3.9%
Healthcare	-	5.9%
Industrials	-	19.7%
Real Estate	-	1.4%
Technology	-	14.6%
Utilities	-	7.2%

Return for Risk

EET vs. EDZ — Risk / Return Rank

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

EET

EET Risk / Return Rank: 55
EET Sharpe Ratio Rank: 52
EET Sortino Ratio Rank: 49
EET Omega Ratio Rank: 55
EET Calmar Ratio Rank: 64
EET Martin Ratio Rank: 55

EDZ

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

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.

EET vs. EDZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Emerging Markets (EET) and Direxion Daily Emerging Markets Bear 3X Shares (EDZ). 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.

	EET	EDZ	Difference
Sharpe ratio: Return per unit of total volatility	1.31	-0.93	+2.25
Sortino ratio: Return per unit of downside risk	1.82	-1.68	+3.49
Omega ratio: Gain probability vs. loss probability	1.25	0.81	+0.45
Calmar ratio: Return relative to maximum drawdown	2.35	-0.92	+3.27
Martin ratio: Return relative to average drawdown	6.83	-1.47	+8.30

EET vs. EDZ - Sharpe Ratio Comparison

The current EET Sharpe Ratio is 1.31, which is higher than the EDZ Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of EET and EDZ, 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

EET vs. EDZ - Drawdown Comparison

The maximum EET drawdown since its inception was -71.66%, smaller than the maximum EDZ drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for EET and EDZ.

Drawdown Indicators

	EET	EDZ	Difference
Max Drawdown Largest peak-to-trough decline	-71.66%	-99.99%	+28.33%
Max Drawdown (1Y) Largest decline over 1 year	-27.43%	-74.04%	+46.61%
Max Drawdown (3Y) Largest decline over 3 years	-34.89%	-90.46%	+55.57%
Max Drawdown (5Y) Largest decline over 5 years	-61.36%	-92.91%	+31.55%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-98.90%	+29.83%
Current Drawdown Current decline from peak	-19.80%	-99.99%	+80.19%
Average Drawdown Average peak-to-trough decline	-37.04%	-97.74%	+60.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.42%	47.78%	-38.36%

Volatility

EET vs. EDZ - Volatility Comparison

The current volatility for ProShares Ultra MSCI Emerging Markets (EET) is 19.37%, while Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a volatility of 27.36%. This indicates that EET experiences smaller price fluctuations and is considered to be less risky than EDZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EET	EDZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.37%	27.36%	-7.99%
Volatility (6M) Calculated over the trailing 6-month period	45.06%	66.08%	-21.02%
Volatility (1Y) Calculated over the trailing 1-year period	49.24%	73.06%	-23.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.77%	59.77%	-20.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.30%	61.92%	-20.62%

EET vs. EDZ - Expense Ratio Comparison

EET has a 0.95% expense ratio, which is lower than EDZ's 1.08% expense ratio.

Dividends

EET vs. EDZ - Dividend Comparison

EET's dividend yield for the trailing twelve months is around 1.57%, less than EDZ's 6.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EDZ Direxion Daily Emerging Markets Bear 3X Shares	6.93%	6.58%	4.87%	4.34%	0.00%	0.00%	0.82%	1.67%	0.68%
EET ProShares Ultra MSCI Emerging Markets	1.57%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%

Frequently Asked Questions

Can I hold both EET and EDZ in my portfolio?

EET and EDZ have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EET or EDZ?

EDZ has higher volatility (27.36%) compared to EET (19.37%). In terms of maximum drawdown, EET dropped -71.66% vs EDZ's -99.99%.

Which ETF is better, EET or EDZ?

On 10-year performance, EET leads with 7.22% vs -33.91% for EDZ. On fees, EET is cheaper at 0.95% per year. On volatility, EET has been the lower-risk option at 19.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EET or EDZ?

Over the 10-year period, EET has performed better with a 7.22% return vs -33.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EET or EDZ?

EET is cheaper with a 0.95% expense ratio, compared with 1.08% for EDZ.

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

EDZ has the higher dividend yield at 6.93%, compared with 1.57% for EET.

What is the main difference between EET and EDZ?

EET tracks MSCI Emerging Markets Index (200%), while EDZ tracks MSCI Emerging Markets Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EET and 1.08% for EDZ.

Which has better risk-adjusted returns?

EET currently has the higher Sharpe Ratio (1.31 vs -0.93), 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.