EFO vs. EFU
EFO (ProShares Ultra MSCI EAFE) and EFU (ProShares UltraShort MSCI EAFE) are both Leveraged Equities funds from ProShares - EFO tracks the MSCI EAFE Index (200%) while EFU tracks the MSCI EAFE Index (-200%). Both are passively managed. Over the past 10 years, EFO returned 10.16%/yr vs -19.60%/yr for EFU. At a correlation of -0.85, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EFO vs. EFU - Performance Comparison
Loading charts...
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%
EFO vs. EFU - 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% |
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.
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
EFO vs. EFU — Risk / Return Rank
EFO
EFU
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.
| EFO | EFU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | -0.98 | +2.12 |
Sortino ratioReturn per unit of downside risk | 1.71 | -1.36 | +3.08 |
Omega ratioGain probability vs. loss probability | 1.21 | 0.84 | +0.36 |
Calmar ratioReturn relative to maximum drawdown | 1.57 | -0.89 | +2.45 |
Martin ratioReturn relative to average drawdown | 5.42 | -1.50 | +6.93 |
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
| EFO | EFU | Difference | |
|---|---|---|---|
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.
Loading charts...
Drawdown Indicators
| EFO | EFU | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -5.54% | -99.35% | +93.81% |
Average DrawdownAverage peak-to-trough decline | -18.67% | -87.13% | +68.46% |
Ulcer IndexDepth 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.
Loading charts...
Volatility by Period
| EFO | EFU | Difference | |
|---|---|---|---|
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.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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.
Find the right allocation for EFO and EFU
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