EFO vs. GABC

Last updated Jun 9, 2026

EFO (ProShares Ultra MSCI EAFE) is Leveraged Equities fund tracking the MSCI EAFE Index (200%), while GABC (German American Bancorp, Inc.) is a stock. Over the past 10 years, EFO returned 10.47%/yr vs 10.14%/yr for GABC. At a 0.37 correlation, their price movements are largely independent.

Performance

EFO vs. GABC - Performance Comparison

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

Returns By Period

In the year-to-date period, EFO achieves a 9.90% return, which is significantly lower than GABC's 14.93% return. Both investments have delivered pretty close results over the past 10 years, with EFO having a 10.47% annualized return and GABC not far behind at 10.14%.

EFO

• 1D: 1.50%
• 1M: -2.69%
• YTD: 9.90%
• 6M: 14.74%
• 1Y: 29.17%
• 3Y*: 22.32%
• 5Y*: 6.70%
• 10Y*: 10.47%

GABC

• 1D: 0.27%
• 1M: 1.86%
• YTD: 14.93%
• 6M: 13.80%
• 1Y: 19.50%
• 3Y*: 17.36%
• 5Y*: 4.94%
• 10Y*: 10.14%

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

EFO vs. GABC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	9.90%	58.51%	-2.15%	25.77%	-33.62%	19.38%	2.29%	40.93%	-30.91%	51.78%
GABC German American Bancorp, Inc.	14.93%	0.34%	27.90%	-10.24%	-1.96%	20.32%	-4.72%	31.11%	-20.02%	2.31%

Correlation

The correlation between EFO and GABC is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	0.37

Return for Risk

EFO vs. GABC — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 30
EFO Sharpe Ratio Rank: 29
EFO Sortino Ratio Rank: 30
EFO Omega Ratio Rank: 28
EFO Calmar Ratio Rank: 30
EFO Martin Ratio Rank: 33

GABC

GABC Risk / Return Rank: 68
GABC Sharpe Ratio Rank: 70
GABC Sortino Ratio Rank: 64
GABC Omega Ratio Rank: 61
GABC Calmar Ratio Rank: 73
GABC Martin Ratio Rank: 73

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. GABC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and German American Bancorp, Inc. (GABC). 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	GABC	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.85	+0.09
Sortino ratio: Return per unit of downside risk	1.46	1.37	+0.09
Omega ratio: Gain probability vs. loss probability	1.18	1.16	+0.02
Calmar ratio: Return relative to maximum drawdown	1.32	1.73	-0.41
Martin ratio: Return relative to average drawdown	4.54	4.24	+0.30
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. GABC - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 0.94, which is comparable to the GABC Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of EFO and GABC, 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	GABC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.85	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.19	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.35	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.26	-0.04

Drawdowns

EFO vs. GABC - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, roughly equal to the maximum GABC drawdown of -63.37%. Use the drawdown chart below to compare losses from any high point for EFO and GABC.

Drawdown Indicators

	EFO	GABC	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-63.37%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-11.30%	-10.88%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-25.32%	-1.53%
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	-38.28%	-15.67%
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	-45.47%	-18.05%
Current Drawdown Current decline from peak	-8.03%	0.00%	-8.03%
Average Drawdown Average peak-to-trough decline	-18.66%	-22.05%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.45%	4.61%	+1.84%

Volatility

EFO vs. GABC - Volatility Comparison

ProShares Ultra MSCI EAFE (EFO) has a higher volatility of 9.48% compared to German American Bancorp, Inc. (GABC) at 5.83%. This indicates that EFO's price experiences larger fluctuations and is considered to be riskier than GABC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	GABC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	5.83%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	25.91%	15.92%	+9.99%
Volatility (1Y) Calculated over the trailing 1-year period	31.13%	23.01%	+8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.08%	26.67%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.14%	28.87%	+5.27%

Dividends

EFO vs. GABC - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.58%, less than GABC's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFO ProShares Ultra MSCI EAFE	1.58%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%	0.00%	0.00%	0.00%
GABC German American Bancorp, Inc.	2.70%	2.96%	2.69%	3.09%	2.47%	2.15%	2.30%	1.91%	2.16%	1.46%	1.37%	2.04%

Frequently Asked Questions

Can I hold both EFO and GABC in my portfolio?

EFO and GABC have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFO or GABC?

EFO has higher volatility (9.48%) compared to GABC (5.83%). In terms of maximum drawdown, EFO dropped -63.52% vs GABC's -63.37%.

Which has better risk-adjusted returns?

EFO currently has the higher Sharpe Ratio (0.94 vs 0.85), 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.