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EET vs. EFO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EET vs. EFO

Last updated Aug 2, 2026
Documentation

EET (ProShares Ultra MSCI Emerging Markets) and EFO (ProShares Ultra MSCI EAFE) are both Leveraged Equities funds from ProShares - EET tracks the MSCI Emerging Markets Index (200%) while EFO tracks the MSCI EAFE Index (200%). Both are passively managed. Over the past 10 years, EET returned 7.59%/yr vs 10.93%/yr for EFO. Their 0.69 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

EET vs. EFO - Performance Comparison

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

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Returns By Period

In the year-to-date period, EET achieves a 26.86% return, which is significantly higher than EFO's 18.24% return. Over the past 10 years, EET has underperformed EFO with an annualized return of 7.59%, while EFO has yielded a comparatively higher 10.93% annualized return.

EET

1D
-0.53%
1M
-5.33%
6M
9.63%
YTD
26.86%
1Y
63.11%
3Y*
25.93%
5Y*
3.37%
10Y*
7.59%
ALL TIME*
4.07%

EFO

1D
-1.03%
1M
1.60%
6M
8.37%
YTD
18.24%
1Y
44.10%
3Y*
23.54%
5Y*
8.97%
10Y*
10.93%
ALL TIME*
8.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EET

ProShares Ultra MSCI Emerging Markets
$613.50K$1.38M$1.59M

EFO

ProShares Ultra MSCI EAFE
$261.38K$262.27K$430.81K

EET vs. EFO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EET
ProShares Ultra MSCI Emerging Markets		26.86%63.14%2.88%7.06%-43.07%-10.93%18.92%31.87%-33.84%82.41%
EFO
ProShares Ultra MSCI EAFE		18.24%58.51%-2.15%25.77%-33.62%19.38%2.29%40.93%-30.91%51.78%

Correlation

The correlation between EET and EFO is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.75

Correlation (3Y)
Balances recent behavior with more history.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.76

Correlation (10Y)
Provides a long-term view across more market conditions.

0.72

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2009

0.69

The correlation between EET and EFO has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

EET vs. EFO - Sectors Allocation Comparison

Sectors
EET
EFO

Financial Services

57.7%
41.2%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

EET
57.7%
EFO
41.2%

Basic Materials

EET

-

EFO

-

Communication Services

EET

-

EFO

-

Consumer Cyclical

EET

-

EFO

-

Consumer Defensive

EET

-

EFO

-

Energy

EET

-

EFO

-

Healthcare

EET

-

EFO

-

Industrials

EET

-

EFO

-

Real Estate

EET

-

EFO

-

Technology

EET

-

EFO

-

Utilities

EET

-

EFO

-

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ProShares Ultra MSCI Emerging Markets

ProShares Ultra MSCI EAFE

Often compared with EET:
EET vs. EDCEET vs. EEMEET vs. XPPEET vs. QQQEET vs. EEMAEET vs. SPEMEET vs. VOO
Often compared with EFO:
EFO vs. EFAEFO vs. EFUEFO vs. SAAEFO vs. XCEFO vs. EFGEFO vs. VXUSEFO vs. SPY

Return for Risk

EET vs. EFO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EET
EET Risk / Return Rank: 5454
Overall Rank
EET Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
EET Sortino Ratio Rank: 4848
Sortino Ratio Rank
EET Omega Ratio Rank: 5454
Omega Ratio Rank
EET Calmar Ratio Rank: 6363
Calmar Ratio Rank
EET Martin Ratio Rank: 5454
Martin Ratio Rank
EFO
EFO Risk / Return Rank: 5656
Overall Rank
EFO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
EFO Sortino Ratio Rank: 5757
Sortino Ratio Rank
EFO Omega Ratio Rank: 5454
Omega Ratio Rank
EFO Calmar Ratio Rank: 5555
Calmar Ratio Rank
EFO Martin Ratio Rank: 5656
Martin Ratio Rank
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. EFO - Risk-Adjusted Trends Comparison

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

EETEFODifference
Sharpe ratioReturn per unit of total volatility
1.22
1.36

-0.14

Sortino ratioReturn per unit of downside risk
1.73
1.96

-0.22

Omega ratioGain probability vs. loss probability

1.24

1.24

0.00

Calmar ratioReturn relative to maximum drawdown

2.19

1.95

+0.24

Martin ratioReturn relative to average drawdown

6.43

6.65

-0.22

EET vs. EFO - Sharpe Ratio Comparison

The current EET Sharpe Ratio is 1.22, which is comparable to the EFO Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of EET and EFO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EET vs. EFO - Drawdown Comparison

The maximum EET drawdown since its inception was -71.66%, which is greater than EFO's maximum drawdown of -63.52%. Use the drawdown chart below to compare losses from any high point for EET and EFO.

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Drawdown Indicators

EETEFODifference

Max Drawdown

Largest peak-to-trough decline

-71.66%

-63.52%

-8.14%

Max Drawdown (1Y)

Largest decline over 1 year

-27.43%

-22.18%

-5.25%

Max Drawdown (3Y)

Largest decline over 3 years

-34.89%

-26.85%

-8.04%

Max Drawdown (5Y)

Largest decline over 5 years

-61.36%

-53.95%

-7.41%

Max Drawdown (10Y)

Largest decline over 10 years

-69.07%

-63.52%

-5.55%

Current Drawdown

Current decline from peak

-20.33%

-1.05%

-19.28%

Average Drawdown

Average peak-to-trough decline

-37.04%

-18.53%

-18.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.34%

6.49%

+2.85%

Volatility

EET vs. EFO - Volatility Comparison

ProShares Ultra MSCI Emerging Markets (EET) has a higher volatility of 19.59% compared to ProShares Ultra MSCI EAFE (EFO) at 9.36%. This indicates that EET's price experiences larger fluctuations and is considered to be riskier than EFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EETEFODifference

Volatility (1M)

Calculated over the trailing 1-month period

19.59%

9.36%

+10.23%

Volatility (6M)

Calculated over the trailing 6-month period

45.28%

27.57%

+17.71%

Volatility (1Y)

Calculated over the trailing 1-year period

49.21%

31.88%

+17.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.76%

33.25%

+6.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.29%

33.58%

+7.71%

EET vs. EFO - Expense Ratio Comparison

Both EET and EFO have an expense ratio of 0.95%.

Dividends

EET vs. EFO - Dividend Comparison

EET's dividend yield for the trailing twelve months is around 1.58%, which matches EFO's 1.57% yield.

PositionTTM20252024202320222021202020192018
EET
ProShares Ultra MSCI Emerging Markets		1.58%1.82%3.85%2.14%0.00%0.00%0.01%1.40%0.16%
EFO
ProShares Ultra MSCI EAFE		1.57%1.65%2.24%1.93%0.00%0.00%0.00%0.37%0.11%

Frequently Asked Questions

EET and EFO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EET has higher volatility (19.59%) compared to EFO (9.36%). In terms of maximum drawdown, EET dropped -71.66% vs EFO's -63.52%.

On 10-year performance, EFO leads with 10.93% vs 7.59% for EET. Both ETFs have the same 0.95% expense ratio. On volatility, EFO has been the lower-risk option at 9.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EFO has performed better with a 10.93% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EET and EFO have the same expense ratio: 0.95% per year.

EET has the higher dividend yield at 1.58%, compared with 1.57% for EFO.

EET tracks MSCI Emerging Markets Index (200%), while EFO tracks MSCI EAFE Index (200%).

EFO currently has the higher Sharpe Ratio (1.36 vs 1.22), 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.

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