EFO vs. EFA

Last updated Jun 4, 2026

EFO (ProShares Ultra MSCI EAFE) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - EFO is a Leveraged Equities fund tracking the MSCI EAFE Index (200%), while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, EFO returned 10.16%/yr vs 9.11%/yr for EFA. Their correlation of 0.87 suggests significant overlap in exposure. EFO charges 0.95%/yr vs 0.32%/yr for EFA.

Performance

EFO vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI EAFE (EFO) and iShares MSCI EAFE ETF (EFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFO achieves a 12.87% return, which is significantly higher than EFA's 8.42% return. Over the past 10 years, EFO has outperformed EFA with an annualized return of 10.16%, while EFA has yielded a comparatively lower 9.11% annualized return.

EFO

• 1D: -1.58%
• 1M: 6.17%
• YTD: 12.87%
• 6M: 17.60%
• 1Y: 34.57%
• 3Y*: 23.50%
• 5Y*: 7.18%
• 10Y*: 10.16%

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%

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

EFO vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	12.87%	58.51%	-2.15%	25.77%	-33.62%	19.38%	2.29%	40.93%	-30.91%	51.78%
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%

Correlation

The correlation between EFO and EFA is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.87

The correlation between EFO and EFA shifts across timeframes, from 0.87 (all time) to 0.99 (5 years), reflecting how their relationship changes across market environments.

EFO vs. EFA - Sectors Allocation Comparison

Sectors	EFO	EFA
Financial Services	40.7%	24.6%
Basic Materials	-	5.9%
Communication Services	-	4.5%
Consumer Cyclical	-	7.6%
Consumer Defensive	-	6.7%
Energy	-	4.0%
Healthcare	-	10.6%
Industrials	-	19.9%
Real Estate	-	1.9%
Technology	-	10.4%
Utilities	-	4.0%

Return for Risk

EFO vs. EFA — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 32
EFO Sharpe Ratio Rank: 31
EFO Sortino Ratio Rank: 31
EFO Omega Ratio Rank: 30
EFO Calmar Ratio Rank: 32
EFO Martin Ratio Rank: 35

EFA

EFA Risk / Return Rank: 39
EFA Sharpe Ratio Rank: 39
EFA Sortino Ratio Rank: 39
EFA Omega Ratio Rank: 38
EFA Calmar Ratio Rank: 37
EFA Martin Ratio Rank: 42

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. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and iShares MSCI EAFE ETF (EFA). 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	EFA	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.41	-0.27
Sortino ratio Return per unit of downside risk	1.71	2.04	-0.32
Omega ratio Gain probability vs. loss probability	1.21	1.26	-0.05
Calmar ratio Return relative to maximum drawdown	1.57	1.85	-0.29
Martin ratio Return relative to average drawdown	5.42	6.94	-1.52
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. EFA - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.14, which is comparable to the EFA Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EFO and EFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EFO	EFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.41	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.51	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.53	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.31	-0.08

Drawdowns

EFO vs. EFA - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, roughly equal to the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for EFO and EFA.

Drawdown Indicators

	EFO	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-61.04%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-11.42%	-10.76%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-14.05%	-12.80%
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	-29.53%	-24.42%
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	-34.19%	-29.33%
Current Drawdown Current decline from peak	-5.54%	-1.46%	-4.08%
Average Drawdown Average peak-to-trough decline	-18.67%	-11.93%	-6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.39%	3.04%	+3.35%

Volatility

EFO vs. EFA - Volatility Comparison

ProShares Ultra MSCI EAFE (EFO) has a higher volatility of 10.08% compared to iShares MSCI EAFE ETF (EFA) at 4.98%. This indicates that EFO's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.08%	4.98%	+5.10%
Volatility (6M) Calculated over the trailing 6-month period	25.18%	12.51%	+12.67%
Volatility (1Y) Calculated over the trailing 1-year period	30.54%	15.05%	+15.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.98%	16.48%	+16.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.09%	17.26%	+16.83%

EFO vs. EFA - Expense Ratio Comparison

EFO has a 0.95% expense ratio, which is higher than EFA's 0.32% expense ratio.

Dividends

EFO vs. EFA - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.54%, less than EFA's 3.12% 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%
EFO ProShares Ultra MSCI EAFE	1.54%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFO and EFA in my portfolio?

With a correlation of 0.98, EFO and EFA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EFO or EFA?

EFO has higher volatility (10.08%) compared to EFA (4.98%). In terms of maximum drawdown, EFO dropped -63.52% vs EFA's -61.04%.

Which ETF is better, EFO or EFA?

On 10-year performance, EFO leads with 10.16% vs 9.11% for EFA. 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.

Which ETF has performed better, EFO or EFA?

Over the 10-year period, EFO has performed better with a 10.16% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFO or EFA?

EFA is cheaper with a 0.32% expense ratio, compared with 0.95% for EFO.

Which ETF pays a higher dividend yield, EFO or EFA?

EFA has the higher dividend yield at 3.12%, compared with 1.54% for EFO.

What is the main difference between EFO and EFA?

EFO is categorized as Leveraged Equities, while EFA is Foreign Large Cap Equities. EFO tracks MSCI EAFE Index (200%), while EFA tracks MSCI EAFE Index (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EFO and 0.32% for EFA.

Which has better risk-adjusted returns?

EFA currently has the higher Sharpe Ratio (1.41 vs 1.14), 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.