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 -24.12%/yr vs -20.39%/yr for EFU. A 0.79 correlation means they provide meaningful diversification when combined. 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 -39.72% return, which is significantly lower than EFU's -15.95% return. Over the past 10 years, EEV has underperformed EFU with an annualized return of -24.12%, while EFU has yielded a comparatively higher -20.39% annualized return.
EEV
- 1D
- 11.50%
- 1M
- -8.06%
- YTD
- -39.72%
- 6M
- -40.50%
- 1Y
- -56.22%
- 3Y*
- -33.55%
- 5Y*
- -15.31%
- 10Y*
- -24.12%
EFU
- 1D
- 3.98%
- 1M
- -0.13%
- YTD
- -15.95%
- 6M
- -15.28%
- 1Y
- -31.13%
- 3Y*
- -24.16%
- 5Y*
- -15.34%
- 10Y*
- -20.39%
EEV vs. EFU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -39.72% | -43.35% | -8.08% | -13.08% | 37.05% | -4.99% | -48.93% | -30.87% | 24.06% | -49.03% |
EFU ProShares UltraShort MSCI EAFE | -15.95% | -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 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.72 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 | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.84 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.93 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.82 | -1.53 | -0.29 |
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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 -99.37%. 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% | -99.37% | -0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -58.68% | -33.76% | -24.92% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -64.63% | -12.88% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | -75.65% | -5.49% |
Max Drawdown (10Y)Largest decline over 10 years | -94.47% | -90.50% | -3.97% |
Current DrawdownCurrent decline from peak | -99.87% | -99.35% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -93.00% | -87.14% | -5.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.75% | 20.36% | +13.39% |
Volatility
EEV vs. EFU - Volatility Comparison
ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 24.52% compared to ProShares UltraShort MSCI EAFE (EFU) at 11.55%. 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 | 24.52% | 11.55% | +12.97% |
Volatility (6M)Calculated over the trailing 6-month period | 41.58% | 27.96% | +13.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.86% | 32.36% | +13.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.50% | 33.60% | +5.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.47% | 33.66% | +7.81% |
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 7.17%, more than EFU's 5.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.17% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% |
EFU ProShares UltraShort MSCI EAFE | 5.37% | 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 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEV has higher volatility (24.52%) compared to EFU (11.55%). In terms of maximum drawdown, EEV dropped -99.88% vs EFU's -99.37%.
On 10-year performance, EFU leads with -20.39% vs -24.12% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 11.55%. 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 -20.39% return vs -24.12%. 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 7.17%, compared with 5.37% for EFU.
EEV tracks MSCI Emerging Markets Index (-200%), while EFU tracks MSCI EAFE Index (-200%).
EFU currently has the higher Sharpe Ratio (-0.97 vs -1.23), 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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