EEV vs. EFU
EEV (ProShares UltraShort MSCI Emerging Markets) and EFU (ProShares UltraShort MSCI EAFE) are both Leveraged Equities funds from ProShares - EEV tracks the MSCI Emerging Markets Index (-200%) while EFU tracks the MSCI EAFE Index (-200%). Both are passively managed. Over the past 10 years, EEV returned -21.99%/yr vs -19.72%/yr for EFU. Their 0.79 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
EEV vs. EFU - Performance Comparison
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Returns By Period
In the year-to-date period, EEV achieves a -35.13% return, which is significantly lower than EFU's -20.84% return. Over the past 10 years, EEV has underperformed EFU with an annualized return of -21.99%, while EFU has yielded a comparatively higher -19.72% annualized return.
EEV
- 1D
- -1.33%
- 1M
- 3.14%
- 6M
- -24.14%
- YTD
- -35.13%
- 1Y
- -50.21%
- 3Y*
- -29.41%
- 5Y*
- -16.05%
- 10Y*
- -21.99%
- ALL TIME*
- -25.39%
EFU
- 1D
- 0.98%
- 1M
- -2.66%
- 6M
- -12.99%
- YTD
- -20.84%
- 1Y
- -35.13%
- 3Y*
- -24.16%
- 5Y*
- -16.37%
- 10Y*
- -19.72%
- ALL TIME*
- -19.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $291.03K | $257.03K | $533.45K | |
| $22.02K | $35.41K | $55.57K |
EEV vs. EFU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -35.13% | -43.35% | -8.08% | -13.08% | 37.05% | -4.99% | -48.93% | -30.87% | 24.06% | -49.03% |
EFU ProShares UltraShort MSCI EAFE | -20.84% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
Correlation
The correlation between EEV and EFU is 0.73, 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. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2007 | 0.79 |
The correlation between EEV and EFU has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.
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Return for Risk
EEV vs. EFU — Risk / Return Rank
EEV
EFU
EEV vs. EFU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) and ProShares UltraShort MSCI EAFE (EFU). 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.
| EEV | EFU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.82 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.98 | +0.13 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.52 | +0.10 |
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Drawdowns
EEV vs. EFU - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.88%, roughly equal to the maximum EFU drawdown of -99.39%. Use the drawdown chart below to compare losses from any high point for EEV and EFU.
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Drawdown Indicators
| EEV | EFU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -99.39% | -0.49% |
Max Drawdown (1Y)Largest decline over 1 year | -58.51% | -35.76% | -22.75% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -65.69% | -11.82% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | -76.39% | -4.75% |
Max Drawdown (10Y)Largest decline over 10 years | -93.39% | -89.39% | -4.00% |
Current DrawdownCurrent decline from peak | -99.86% | -99.38% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -93.04% | -87.21% | -5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 22.95% | +12.06% |
Volatility
EEV vs. EFU - Volatility Comparison
ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 19.23% compared to ProShares UltraShort MSCI EAFE (EFU) at 9.53%. This indicates that EEV's price experiences larger fluctuations and is considered to be riskier than EFU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEV | EFU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.23% | 9.53% | +9.70% |
Volatility (6M)Calculated over the trailing 6-month period | 45.21% | 28.80% | +16.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.49% | 32.57% | +16.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.12% | 33.66% | +6.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.76% | 33.61% | +8.15% |
EEV vs. EFU - Expense Ratio Comparison
Both EEV and EFU have an expense ratio of 0.95%.
Dividends
EEV vs. EFU - Dividend Comparison
EEV's dividend yield for the trailing twelve months is around 7.22%, more than EFU's 5.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.22% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% |
EFU ProShares UltraShort MSCI EAFE | 5.18% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% |
Frequently Asked Questions
EEV and EFU have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEV has higher volatility (19.23%) compared to EFU (9.53%). In terms of maximum drawdown, EEV dropped -99.88% vs EFU's -99.39%.
On 10-year performance, EFU leads with -19.72% vs -21.99% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFU has performed better with a -19.72% return vs -21.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEV and EFU have the same expense ratio: 0.95% per year.
EEV has the higher dividend yield at 7.22%, compared with 5.18% for EFU.
EEV tracks MSCI Emerging Markets Index (-200%), while EFU tracks MSCI EAFE Index (-200%).
EEV currently has the higher Sharpe Ratio (-1.00 vs -1.08), 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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