EFO vs. ARMG

Last updated Apr 3, 2026

Compare and contrast key facts about ProShares Ultra MSCI EAFE (EFO) and Leverage Shares 2X Long ARM Daily ETF (ARMG).

EFO and ARMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EFO is a passively managed fund by ProShares that tracks the performance of the MSCI EAFE Index (200%). It was launched on Jun 2, 2009. ARMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

EFO vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI EAFE (EFO) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

EFO vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
EFO ProShares Ultra MSCI EAFE	1.57%	60.10%
ARMG Leverage Shares 2X Long ARM Daily ETF	64.91%	-61.80%

Returns By Period

In the year-to-date period, EFO achieves a 1.57% return, which is significantly lower than ARMG's 64.91% return.

EFO

• 1D: -1.03%
• 1M: -5.88%
• YTD: 1.57%
• 6M: 7.23%
• 1Y: 38.91%
• 3Y*: 19.24%
• 5Y*: 7.41%
• 10Y*: 9.73%

ARMG

• 1D: -7.84%
• 1M: 40.51%
• YTD: 64.91%
• 6M: -21.79%
• 1Y: 21.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EFO vs. ARMG - Expense Ratio Comparison

EFO has a 0.95% expense ratio, which is higher than ARMG's 0.75% expense ratio.

EFO

ProShares Ultra MSCI EAFE

ARMG

Leverage Shares 2X Long ARM Daily ETF

Return for Risk

EFO vs. ARMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFO

EFO Risk / Return Rank: 59
EFO Sharpe Ratio Rank: 59
EFO Sortino Ratio Rank: 60
EFO Omega Ratio Rank: 57
EFO Calmar Ratio Rank: 60
EFO Martin Ratio Rank: 56

ARMG

ARMG Risk / Return Rank: 24
ARMG Sharpe Ratio Rank: 16
ARMG Sortino Ratio Rank: 39
ARMG Omega Ratio Rank: 33
ARMG Calmar Ratio Rank: 17
ARMG Martin Ratio Rank: 14

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.

EFO vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	EFO	ARMG	Difference
Sharpe ratio Return per unit of total volatility	1.11	0.18	+0.93
Sortino ratio Return per unit of downside risk	1.64	1.20	+0.44
Omega ratio Gain probability vs. loss probability	1.23	1.15	+0.08
Calmar ratio Return relative to maximum drawdown	1.78	0.35	+1.43
Martin ratio Return relative to average drawdown	6.44	0.63	+5.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFO vs. ARMG - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.11, which is higher than the ARMG Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of EFO and ARMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EFO	ARMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	0.18	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	-0.26	+0.47

Correlation

The correlation between EFO and ARMG is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EFO vs. ARMG - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.71%, less than ARMG's 2.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EFO ProShares Ultra MSCI EAFE	1.71%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%
ARMG Leverage Shares 2X Long ARM Daily ETF	2.95%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

EFO vs. ARMG - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum ARMG drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for EFO and ARMG.

Drawdown Indicators

	EFO	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-80.28%	+16.76%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-68.13%	+45.95%
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	—	—
Current Drawdown Current decline from peak	-15.00%	-60.93%	+45.93%
Average Drawdown Average peak-to-trough decline	-18.78%	-56.39%	+37.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	37.86%	-31.73%

Volatility

EFO vs. ARMG - Volatility Comparison

The current volatility for ProShares Ultra MSCI EAFE (EFO) is 14.46%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 46.43%. This indicates that EFO experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.46%	46.43%	-31.97%
Volatility (6M) Calculated over the trailing 6-month period	22.00%	76.48%	-54.48%
Volatility (1Y) Calculated over the trailing 1-year period	35.18%	118.00%	-82.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.56%	123.24%	-90.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.87%	123.24%	-89.37%