EEV vs. DLLL

Last updated Jun 4, 2026

EEV (ProShares UltraShort MSCI Emerging Markets) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - EEV tracks the MSCI Emerging Markets Index (-200%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, EEV returned -60.04% vs 850.63% for DLLL. At a correlation of -0.44, they often move in opposite directions. EEV charges 0.95%/yr vs 1.50%/yr for DLLL.

Performance

EEV vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Emerging Markets (EEV) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEV achieves a -42.06% return, which is significantly lower than DLLL's 757.76% return.

EEV

• 1D: 2.35%
• 1M: -17.39%
• YTD: -42.06%
• 6M: -44.23%
• 1Y: -60.04%
• 3Y*: -34.25%
• 5Y*: -15.62%
• 10Y*: -24.13%

DLLL

• 1D: -6.45%
• 1M: 245.92%
• YTD: 757.76%
• 6M: 648.38%
• 1Y: 850.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EEV vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
EEV ProShares UltraShort MSCI Emerging Markets	-42.06%	-37.63%
DLLL GraniteShares 2x Long DELL Daily ETF	757.76%	-3.72%

Correlation

The correlation between EEV and DLLL is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.44

EEV vs. DLLL - Sectors Allocation Comparison

Sectors	EEV	DLLL
Technology	43.6%	66.7%
Financial Services	17.5%	-
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

EEV vs. DLLL — Risk / Return Rank

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

EEV

EEV Risk / Return Rank: 0
EEV Sharpe Ratio Rank: 0
EEV Sortino Ratio Rank: 0
EEV Omega Ratio Rank: 0
EEV Calmar Ratio Rank: 0
EEV Martin Ratio Rank: 0

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 91
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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.

EEV vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.

	EEV	DLLL	Difference
Sharpe ratio Return per unit of total volatility	-1.49	6.65	-8.14
Sortino ratio Return per unit of downside risk	-2.69	4.81	-7.50
Omega ratio Gain probability vs. loss probability	0.69	1.60	-0.91
Calmar ratio Return relative to maximum drawdown	-1.01	15.02	-16.03
Martin ratio Return relative to average drawdown	-1.85	31.34	-33.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEV vs. DLLL - Sharpe Ratio Comparison

The current EEV Sharpe Ratio is -1.49, which is lower than the DLLL Sharpe Ratio of 6.65. The chart below compares the historical Sharpe Ratios of EEV and DLLL, 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

	EEV	DLLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.49	6.65	-8.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	3.16	-3.63

Drawdowns

EEV vs. DLLL - Drawdown Comparison

The maximum EEV drawdown since its inception was -99.87%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for EEV and DLLL.

Drawdown Indicators

	EEV	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-99.87%	-68.58%	-31.29%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	-57.19%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-76.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-80.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.21%	—	—
Current Drawdown Current decline from peak	-99.87%	-18.86%	-81.01%
Average Drawdown Average peak-to-trough decline	-93.00%	-25.91%	-67.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.15%	27.36%	+6.79%

Volatility

EEV vs. DLLL - Volatility Comparison

The current volatility for ProShares UltraShort MSCI Emerging Markets (EEV) is 17.59%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 69.39%. This indicates that EEV experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEV	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.59%	69.39%	-51.80%
Volatility (6M) Calculated over the trailing 6-month period	35.59%	102.08%	-66.49%
Volatility (1Y) Calculated over the trailing 1-year period	40.37%	129.28%	-88.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.25%	130.55%	-92.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.13%	130.55%	-89.42%

EEV vs. DLLL - Expense Ratio Comparison

EEV has a 0.95% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

EEV vs. DLLL - Dividend Comparison

EEV's dividend yield for the trailing twelve months is around 7.46%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EEV ProShares UltraShort MSCI Emerging Markets	7.46%	5.40%	4.45%	3.45%	0.27%	0.00%	0.14%	1.34%	0.38%

Frequently Asked Questions

Can I hold both EEV and DLLL in my portfolio?

EEV and DLLL have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEV or DLLL?

DLLL has higher volatility (69.39%) compared to EEV (17.59%). In terms of maximum drawdown, EEV dropped -99.87% vs DLLL's -68.58%.

Which ETF is better, EEV or DLLL?

On 1-year performance, DLLL leads with 850.63% vs -60.04% for EEV. On fees, EEV is cheaper at 0.95% per year. On volatility, EEV has been the lower-risk option at 17.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEV or DLLL?

Over the 1-year period, DLLL has performed better with a 850.63% return vs -60.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEV or DLLL?

EEV is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.

Which ETF pays a higher dividend yield, EEV or DLLL?

EEV has the higher dividend yield at 7.46%, compared with 0.00% for DLLL.

What is the main difference between EEV and DLLL?

EEV tracks MSCI Emerging Markets Index (-200%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for EEV and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (6.65 vs -1.49), 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.