EEV vs. IFED
EEV (ProShares UltraShort MSCI Emerging Markets) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - EEV tracks the MSCI Emerging Markets Index (-200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, EEV returned -29.70%/yr vs 14.75%/yr for IFED. At a correlation of -0.55, they often move in opposite directions. EEV charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
EEV vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, EEV achieves a -34.75% return, which is significantly lower than IFED's -2.92% return.
EEV
- 1D
- 4.65%
- 1M
- 12.17%
- 6M
- -26.43%
- YTD
- -34.75%
- 1Y
- -48.40%
- 3Y*
- -29.70%
- 5Y*
- -14.81%
- 10Y*
- -21.92%
IFED
- 1D
- 0.81%
- 1M
- -0.83%
- 6M
- -2.70%
- YTD
- -2.92%
- 1Y
- 0.79%
- 3Y*
- 14.75%
- 5Y*
- —
- 10Y*
- —
EEV vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -34.75% | -43.35% | -8.08% | -13.08% | 37.05% | 7.34% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -2.92% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between EEV and IFED is -0.43, 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 | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.55 |
The correlation between EEV and IFED shifts across timeframes, from -0.55 (all time) to -0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EEV vs. IFED — Risk / Return Rank
EEV
IFED
EEV vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.02 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 0.05 | -0.88 |
| Martin ratioReturn relative to average drawdown | -1.45 | 0.13 | -1.58 |
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Drawdowns
EEV vs. IFED - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.88%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for EEV and IFED.
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Drawdown Indicators
| EEV | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -22.36% | -77.52% |
Max Drawdown (1Y)Largest decline over 1 year | -58.51% | -14.65% | -43.86% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -22.36% | -55.15% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.39% | — | — |
Current DrawdownCurrent decline from peak | -99.85% | -4.91% | -94.94% |
Average DrawdownAverage peak-to-trough decline | -93.03% | -5.83% | -87.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.47% | 6.04% | +27.43% |
Volatility
EEV vs. IFED - Volatility Comparison
ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 20.16% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 6.87%. This indicates that EEV's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEV | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.16% | 6.87% | +13.29% |
Volatility (6M)Calculated over the trailing 6-month period | 43.69% | 15.11% | +28.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.95% | 17.72% | +30.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.95% | 20.00% | +19.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.58% | 20.00% | +21.58% |
EEV vs. IFED - Expense Ratio Comparison
EEV has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
EEV vs. IFED - Dividend Comparison
EEV's dividend yield for the trailing twelve months is around 7.18%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.18% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EEV and IFED have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEV has higher volatility (20.16%) compared to IFED (6.87%). In terms of maximum drawdown, EEV dropped -99.88% vs IFED's -22.36%.
On 3-year performance, IFED leads with 14.75% vs -29.70% for EEV. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 14.75% return vs -29.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for EEV.
EEV has the higher dividend yield at 7.18%, compared with 0.00% for IFED.
EEV tracks MSCI Emerging Markets Index (-200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for EEV and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.04 vs -1.01), 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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