PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EEV vs. ESGE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEV vs. ESGE

Last updated Jun 24, 2026

EEV (ProShares UltraShort MSCI Emerging Markets) and ESGE (iShares ESG Aware MSCI EM ETF) are both exchange-traded funds - EEV is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-200%), while ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index. Both are passively managed. Over the past 5 years, EEV returned -15.31%/yr vs 6.26%/yr for ESGE. At a correlation of -0.96, they often move in opposite directions. EEV charges 0.95%/yr vs 0.25%/yr for ESGE.

Performance

EEV vs. ESGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Emerging Markets (EEV) and iShares ESG Aware MSCI EM ETF (ESGE). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EEV achieves a -39.72% return, which is significantly lower than ESGE's 22.27% 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%

ESGE

1D
-5.62%
1M
2.83%
YTD
22.27%
6M
23.13%
1Y
44.92%
3Y*
22.70%
5Y*
6.26%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEV vs. ESGE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
ESGE
iShares ESG Aware MSCI EM ETF		22.27%35.86%6.63%9.51%-22.41%-2.87%18.60%20.37%-15.24%38.86%

Correlation

The correlation between EEV and ESGE is -0.99, 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

-0.99

Correlation (3Y)
Calculated over the trailing 3-year period

-0.98

Correlation (5Y)
Calculated over the trailing 5-year period

-0.99

Correlation (All Time)
Calculated using the full available price history since Jul 20, 2016

-0.96

The correlation between EEV and ESGE has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.

EEV vs. ESGE - Sectors Allocation Comparison

Sectors
EEV
ESGE

Financial Services

72.4%
22.0%

Technology

43.6%
43.9%

Consumer Cyclical

8.1%
7.5%

Industrials

6.2%
5.7%

Basic Materials

6.1%
5.0%

Communication Services

5.7%
7.4%

Energy

3.3%
1.9%

Consumer Defensive

2.7%
2.1%

Healthcare

2.5%
2.2%

Utilities

2.0%
1.3%

Real Estate

0.9%
1.0%

Financial Services

EEV
72.4%
ESGE
22.0%

Technology

EEV
43.6%
ESGE
43.9%

Consumer Cyclical

EEV
8.1%
ESGE
7.5%

Industrials

EEV
6.2%
ESGE
5.7%

Basic Materials

EEV
6.1%
ESGE
5.0%

Communication Services

EEV
5.7%
ESGE
7.4%

Energy

EEV
3.3%
ESGE
1.9%

Consumer Defensive

EEV
2.7%
ESGE
2.1%

Healthcare

EEV
2.5%
ESGE
2.2%

Utilities

EEV
2.0%
ESGE
1.3%

Real Estate

EEV
0.9%
ESGE
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort MSCI Emerging Markets

iShares ESG Aware MSCI EM ETF

Often compared with EEV:
EEV vs. EFUEEV vs. SHRTEEV vs. ULEEEV vs. UJBEEV vs. SSGVXEEV vs. USTEEV vs. AMDG
Often compared with ESGE:
ESGE vs. ESGUESGE vs. IEMGESGE vs. SPEMESGE vs. EEMXESGE vs. NUEMESGE vs. SUSLESGE vs. FNDE

Return for Risk

EEV vs. ESGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEV
EEV Risk / Return Rank: 00
Overall Rank
EEV Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EEV Sortino Ratio Rank: 00
Sortino Ratio Rank
EEV Omega Ratio Rank: 00
Omega Ratio Rank
EEV Calmar Ratio Rank: 11
Calmar Ratio Rank
EEV Martin Ratio Rank: 00
Martin Ratio Rank
ESGE
ESGE Risk / Return Rank: 6565
Overall Rank
ESGE Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ESGE Sortino Ratio Rank: 5757
Sortino Ratio Rank
ESGE Omega Ratio Rank: 6868
Omega Ratio Rank
ESGE Calmar Ratio Rank: 6868
Calmar Ratio Rank
ESGE Martin Ratio Rank: 7070
Martin Ratio Rank
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. ESGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) and iShares ESG Aware MSCI EM ETF (ESGE). 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.

EEVESGEDifference
Sharpe ratioReturn per unit of total volatility
-1.23
1.98

-3.21

Sortino ratioReturn per unit of downside risk
-2.16
2.56

-4.72

Omega ratioGain probability vs. loss probability

0.75

1.38

-0.63

Calmar ratioReturn relative to maximum drawdown

-0.96

3.25

-4.21

Martin ratioReturn relative to average drawdown

-1.82

12.10

-13.92

EEV vs. ESGE - Sharpe Ratio Comparison

The current EEV Sharpe Ratio is -1.23, which is lower than the ESGE Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EEV and ESGE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EEV vs. ESGE - Drawdown Comparison

The maximum EEV drawdown since its inception was -99.88%, which is greater than ESGE's maximum drawdown of -41.07%. Use the drawdown chart below to compare losses from any high point for EEV and ESGE.

Loading charts...

Drawdown Indicators

EEVESGEDifference

Max Drawdown

Largest peak-to-trough decline

-99.88%

-41.07%

-58.81%

Max Drawdown (1Y)

Largest decline over 1 year

-58.68%

-13.90%

-44.78%

Max Drawdown (3Y)

Largest decline over 3 years

-77.51%

-16.71%

-60.80%

Max Drawdown (5Y)

Largest decline over 5 years

-81.14%

-39.18%

-41.96%

Max Drawdown (10Y)

Largest decline over 10 years

-94.47%

—

—

Current Drawdown

Current decline from peak

-99.87%

-5.62%

-94.25%

Average Drawdown

Average peak-to-trough decline

-93.00%

-14.41%

-78.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

33.75%

3.72%

+30.03%

Volatility

EEV vs. ESGE - Volatility Comparison

ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 24.52% compared to iShares ESG Aware MSCI EM ETF (ESGE) at 12.44%. This indicates that EEV's price experiences larger fluctuations and is considered to be riskier than ESGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EEVESGEDifference

Volatility (1M)

Calculated over the trailing 1-month period

24.52%

12.44%

+12.08%

Volatility (6M)

Calculated over the trailing 6-month period

41.58%

20.66%

+20.92%

Volatility (1Y)

Calculated over the trailing 1-year period

45.86%

22.76%

+23.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.50%

19.71%

+19.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.47%

20.19%

+21.28%

EEV vs. ESGE - Expense Ratio Comparison

EEV has a 0.95% expense ratio, which is higher than ESGE's 0.25% expense ratio.

Dividends

EEV vs. ESGE - Dividend Comparison

EEV's dividend yield for the trailing twelve months is around 7.17%, more than ESGE's 2.12% yield.

PositionTTM2025202420232022202120202019201820172016
EEV
ProShares UltraShort MSCI Emerging Markets		7.17%5.40%4.45%3.45%0.27%0.00%0.14%1.34%0.38%0.00%0.00%
ESGE
iShares ESG Aware MSCI EM ETF		2.12%2.50%2.41%2.64%2.68%2.66%1.31%2.59%2.19%1.86%0.27%

Frequently Asked Questions

EEV and ESGE have a correlation of -0.99, 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 ESGE (12.44%). In terms of maximum drawdown, EEV dropped -99.88% vs ESGE's -41.07%.

On 5-year performance, ESGE leads with 6.26% vs -15.31% for EEV. On fees, ESGE is cheaper at 0.25% per year. On volatility, ESGE has been the lower-risk option at 12.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ESGE has performed better with a 6.26% return vs -15.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ESGE is cheaper with a 0.25% expense ratio, compared with 0.95% for EEV.

EEV has the higher dividend yield at 7.17%, compared with 2.12% for ESGE.

EEV is categorized as Leveraged Equities, while ESGE is Emerging Markets Equities. EEV tracks MSCI Emerging Markets Index (-200%), while ESGE tracks MSCI EM Extended ESG Focus Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EEV and 0.25% for ESGE.

ESGE currently has the higher Sharpe Ratio (1.98 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.

Portfolio Optimizer

Find the right allocation for EEV and ESGE

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer