EFA vs. EFZ
EFA (iShares MSCI EAFE ETF) and EFZ (ProShares Short MSCI EAFE) are both exchange-traded funds - EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net), while EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%). Both are passively managed. Over the past 10 years, EFA returned 9.11%/yr vs -8.29%/yr for EFZ. At a correlation of -0.98, they often move in opposite directions. EFA charges 0.32%/yr vs 0.95%/yr for EFZ.
Performance
EFA vs. EFZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EFA achieves a 8.42% return, which is significantly higher than EFZ's -6.98% return. Over the past 10 years, EFA has outperformed EFZ with an annualized return of 9.11%, while EFZ has yielded a comparatively lower -8.29% annualized return.
EFA
- 1D
- -0.86%
- 1M
- 3.40%
- YTD
- 8.42%
- 6M
- 10.94%
- 1Y
- 21.06%
- 3Y*
- 16.44%
- 5Y*
- 8.29%
- 10Y*
- 9.11%
EFZ
- 1D
- 0.88%
- 1M
- -3.23%
- YTD
- -6.98%
- 6M
- -8.53%
- 1Y
- -14.24%
- 3Y*
- -9.77%
- 5Y*
- -5.38%
- 10Y*
- -8.29%
EFA vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFA iShares MSCI EAFE ETF | 8.42% | 31.55% | 3.49% | 18.36% | -14.39% | 11.45% | 7.60% | 22.04% | -13.82% | 25.07% |
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
Correlation
The correlation between EFA and EFZ is -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2007 | -0.98 |
The correlation between EFA and EFZ has been stable across timeframes, ranging from -0.99 to -0.94 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EFA vs. EFZ — Risk / Return Rank
EFA
EFZ
EFA vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE ETF (EFA) and ProShares Short MSCI EAFE (EFZ). 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.
| EFA | EFZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.41 | -0.88 | +2.28 |
Sortino ratioReturn per unit of downside risk | 2.04 | -1.18 | +3.22 |
Omega ratioGain probability vs. loss probability | 1.26 | 0.86 | +0.39 |
Calmar ratioReturn relative to maximum drawdown | 1.85 | -0.82 | +2.68 |
Martin ratioReturn relative to average drawdown | 6.94 | -1.47 | +8.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EFA | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | -0.88 | +2.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | -0.32 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | -0.48 | +1.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | -0.34 | +0.65 |
Drawdowns
EFA vs. EFZ - Drawdown Comparison
The maximum EFA drawdown since its inception was -61.04%, smaller than the maximum EFZ drawdown of -88.08%. Use the drawdown chart below to compare losses from any high point for EFA and EFZ.
Loading charts...
Drawdown Indicators
| EFA | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.04% | -88.08% | +27.04% |
Max Drawdown (1Y)Largest decline over 1 year | -11.42% | -17.36% | +5.94% |
Max Drawdown (3Y)Largest decline over 3 years | -14.05% | -35.42% | +21.37% |
Max Drawdown (5Y)Largest decline over 5 years | -29.53% | -43.77% | +14.24% |
Max Drawdown (10Y)Largest decline over 10 years | -34.19% | -61.88% | +27.69% |
Current DrawdownCurrent decline from peak | -1.46% | -87.82% | +86.36% |
Average DrawdownAverage peak-to-trough decline | -11.93% | -67.08% | +55.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 9.71% | -6.67% |
Volatility
EFA vs. EFZ - Volatility Comparison
iShares MSCI EAFE ETF (EFA) and ProShares Short MSCI EAFE (EFZ) have volatilities of 4.98% and 5.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EFA | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.98% | 5.19% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.51% | 13.49% | -0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.05% | 16.35% | -1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.48% | 16.72% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 17.38% | -0.12% |
EFA vs. EFZ - Expense Ratio Comparison
EFA has a 0.32% expense ratio, which is lower than EFZ's 0.95% expense ratio.
Dividends
EFA vs. EFZ - Dividend Comparison
EFA's dividend yield for the trailing twelve months is around 3.12%, less than EFZ's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFA iShares MSCI EAFE ETF | 3.12% | 3.38% | 3.24% | 2.98% | 2.69% | 3.33% | 2.13% | 3.10% | 3.39% | 2.57% | 3.07% | 2.76% |
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFA and EFZ have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.19%) compared to EFA (4.98%). In terms of maximum drawdown, EFA dropped -61.04% vs EFZ's -88.08%.
On 10-year performance, EFA leads with 9.11% vs -8.29% for EFZ. On fees, EFA is cheaper at 0.32% per year. On volatility, EFA has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFA has performed better with a 9.11% return vs -8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFA is cheaper with a 0.32% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.04%, compared with 3.12% for EFA.
EFA is categorized as Foreign Large Cap Equities, while EFZ is Inverse Equities. EFA tracks MSCI EAFE Index (Net), while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.32% for EFA and 0.95% for EFZ.
EFA currently has the higher Sharpe Ratio (1.41 vs -0.88), 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.
Find the right allocation for EFA and EFZ
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