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 10.87%/yr vs -19.58%/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
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Returns By Period
In the year-to-date period, EFO achieves a 16.16% return, which is significantly higher than EFU's -18.43% return. Over the past 10 years, EFO has outperformed EFU with an annualized return of 10.87%, while EFU has yielded a comparatively lower -19.58% annualized return.
EFO
- 1D
- 0.87%
- 1M
- 0.20%
- 6M
- 9.16%
- YTD
- 16.16%
- 1Y
- 38.56%
- 3Y*
- 22.33%
- 5Y*
- 9.31%
- 10Y*
- 10.87%
EFU
- 1D
- -0.32%
- 1M
- 0.18%
- 6M
- -13.07%
- YTD
- -18.43%
- 1Y
- -31.86%
- 3Y*
- -22.95%
- 5Y*
- -16.43%
- 10Y*
- -19.58%
EFO vs. EFU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 16.16% | 58.51% | -2.15% | 25.77% | -33.62% | 19.38% | 2.29% | 40.93% | -30.91% | 51.78% |
EFU ProShares UltraShort MSCI EAFE | -18.43% | -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 | -0.97 |
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 4, 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
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EFO | EFU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.84 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -0.91 | +2.66 |
| Martin ratioReturn relative to average drawdown | 5.90 | -1.46 | +7.37 |
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Drawdowns
EFO vs. EFU - Drawdown Comparison
The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum EFU drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for EFO and EFU.
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Drawdown Indicators
| EFO | EFU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.52% | -99.38% | +35.86% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -35.10% | +12.92% |
Max Drawdown (3Y)Largest decline over 3 years | -26.85% | -65.34% | +38.49% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -76.14% | +22.19% |
Max Drawdown (10Y)Largest decline over 10 years | -63.52% | -89.28% | +25.76% |
Current DrawdownCurrent decline from peak | -2.79% | -99.36% | +96.57% |
Average DrawdownAverage peak-to-trough decline | -18.57% | -87.18% | +68.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.55% | 21.81% | -15.26% |
Volatility
EFO vs. EFU - Volatility Comparison
The current volatility for ProShares Ultra MSCI EAFE (EFO) is 7.69%, while ProShares UltraShort MSCI EAFE (EFU) has a volatility of 8.25%. This indicates that EFO experiences smaller price fluctuations and is considered to be less risky than EFU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFO | EFU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.69% | 8.25% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 27.17% | 28.45% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.76% | 32.55% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.20% | 33.62% | -0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.52% | 33.56% | -0.04% |
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 1.60%, less than EFU's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 1.60% | 1.65% | 2.24% | 1.93% | 0.00% | 0.00% | 0.00% | 0.37% | 0.11% |
EFU ProShares UltraShort MSCI EAFE | 5.03% | 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 (8.25%) compared to EFO (7.69%). In terms of maximum drawdown, EFO dropped -63.52% vs EFU's -99.38%.
On 10-year performance, EFO leads with 10.87% vs -19.58% for EFU. Both ETFs have the same 0.95% expense ratio. On volatility, EFO has been the lower-risk option at 7.69%. 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 10.87% return vs -19.58%. 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 5.03%, compared with 1.60% for EFO.
EFO tracks MSCI EAFE Index (200%), while EFU tracks MSCI EAFE Index (-200%).
EFO currently has the higher Sharpe Ratio (1.22 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.
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