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EFO vs. EFU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

EFO vs. EFU - Performance Comparison

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

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Returns By Period

In the year-to-date period, EFO achieves a 12.87% return, which is significantly higher than EFU's -16.12% return. Over the past 10 years, EFO has outperformed EFU with an annualized return of 10.16%, while EFU has yielded a comparatively lower -19.60% 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%

EFU

1D
1.27%
1M
-7.02%
YTD
-16.12%
6M
-19.44%
1Y
-30.25%
3Y*
-23.88%
5Y*
-15.08%
10Y*
-19.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFO vs. EFU - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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%
EFU
ProShares UltraShort MSCI EAFE
-16.12%-41.07%-1.04%-25.36%24.26%-24.58%-35.54%-32.71%32.32%-36.87%

Correlation

The correlation between EFO and EFU is -0.97, 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

-0.97

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

-0.98

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

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.92

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2009

-0.85

The correlation between EFO and EFU shifts across timeframes, from -0.98 (5 years) to -0.85 (all time), reflecting how their relationship changes across market environments.

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Return for Risk

EFO vs. EFU — Risk / Return Rank

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

EFO
EFO Risk / Return Rank: 3232
Overall Rank
EFO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EFO Sortino Ratio Rank: 3131
Sortino Ratio Rank
EFO Omega Ratio Rank: 3030
Omega Ratio Rank
EFO Calmar Ratio Rank: 3232
Calmar Ratio Rank
EFO Martin Ratio Rank: 3535
Martin Ratio Rank

EFU
EFU Risk / Return Rank: 11
Overall Rank
EFU Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EFU Sortino Ratio Rank: 22
Sortino Ratio Rank
EFU Omega Ratio Rank: 22
Omega Ratio Rank
EFU Calmar Ratio Rank: 11
Calmar Ratio Rank
EFU Martin Ratio Rank: 11
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.

EFO vs. EFU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and ProShares UltraShort MSCI EAFE (EFU). 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.


EFOEFUDifference

Sharpe ratio

Return per unit of total volatility

1.14

-0.98

+2.12

Sortino ratio

Return per unit of downside risk

1.71

-1.36

+3.08

Omega ratio

Gain probability vs. loss probability

1.21

0.84

+0.36

Calmar ratio

Return relative to maximum drawdown

1.57

-0.89

+2.45

Martin ratio

Return relative to average drawdown

5.42

-1.50

+6.93

EFO vs. EFU - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.14, which is higher than the EFU Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of EFO and EFU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Sharpe Ratios by Period


EFOEFUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

-0.98

+2.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

-0.45

+0.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

-0.57

+0.87

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

-0.44

+0.67

Drawdowns

EFO vs. EFU - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum EFU drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for EFO and EFU.


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Drawdown Indicators


EFOEFUDifference

Max Drawdown

Largest peak-to-trough decline

-63.52%

-99.36%

+35.84%

Max Drawdown (1Y)

Largest decline over 1 year

-22.18%

-34.19%

+12.01%

Max Drawdown (3Y)

Largest decline over 3 years

-26.85%

-64.29%

+37.44%

Max Drawdown (5Y)

Largest decline over 5 years

-53.95%

-75.42%

+21.47%

Max Drawdown (10Y)

Largest decline over 10 years

-63.52%

-90.41%

+26.89%

Current Drawdown

Current decline from peak

-5.54%

-99.35%

+93.81%

Average Drawdown

Average peak-to-trough decline

-18.67%

-87.13%

+68.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.39%

20.14%

-13.75%

Volatility

EFO vs. EFU - Volatility Comparison

ProShares Ultra MSCI EAFE (EFO) and ProShares UltraShort MSCI EAFE (EFU) have volatilities of 10.08% and 10.10%, 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.


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Volatility by Period


EFOEFUDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.08%

10.10%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

25.18%

26.06%

-0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

30.54%

30.91%

-0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.98%

33.34%

-0.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.09%

34.20%

-0.11%

EFO vs. EFU - Expense Ratio Comparison

Both EFO and EFU have an expense ratio of 0.95%.


Dividends

EFO vs. EFU - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.54%, less than EFU's 5.38% yield.


PositionTTM20252024202320222021202020192018
EFO
ProShares Ultra MSCI EAFE
1.54%1.65%2.24%1.93%0.00%0.00%0.00%0.37%0.11%
EFU
ProShares UltraShort MSCI EAFE
5.38%5.57%3.87%6.41%1.47%0.00%0.06%0.95%0.17%

Frequently Asked Questions


EFO and EFU have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFU has higher volatility (10.10%) compared to EFO (10.08%). In terms of maximum drawdown, EFO dropped -63.52% vs EFU's -99.36%.

On 10-year performance, EFO leads with 10.16% vs -19.60% for EFU. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EFO has performed better with a 10.16% return vs -19.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFO and EFU have the same expense ratio: 0.95% per year.

EFU has the higher dividend yield at 5.38%, compared with 1.54% for EFO.

EFO tracks MSCI EAFE Index (200%), while EFU tracks MSCI EAFE Index (-200%).

EFO currently has the higher Sharpe Ratio (1.14 vs -0.98), 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

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