EFO vs. NAIL

Last updated Jun 13, 2026

EFO (ProShares Ultra MSCI EAFE) and NAIL (Direxion Daily Homebuilders & Supplies Bull 3X Shares) are both Leveraged Equities funds - EFO tracks the MSCI EAFE Index (200%) while NAIL tracks the Dow Jones U.S. Select Home Construction Index (300%). Both are passively managed. Over the past 10 years, EFO returned 11.62%/yr vs 6.16%/yr for NAIL. A 0.52 correlation means they provide meaningful diversification when combined. EFO charges 0.95%/yr vs 0.99%/yr for NAIL.

Performance

EFO vs. NAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI EAFE (EFO) and Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFO achieves a 14.57% return, which is significantly higher than NAIL's -13.15% return. Over the past 10 years, EFO has outperformed NAIL with an annualized return of 11.62%, while NAIL has yielded a comparatively lower 6.16% annualized return.

EFO

• 1D: 0.75%
• 1M: 1.65%
• YTD: 14.57%
• 6M: 17.46%
• 1Y: 32.73%
• 3Y*: 22.90%
• 5Y*: 7.34%
• 10Y*: 11.62%

NAIL

• 1D: -2.18%
• 1M: 25.39%
• YTD: -13.15%
• 6M: -27.97%
• 1Y: -17.64%
• 3Y*: -11.92%
• 5Y*: -9.97%
• 10Y*: 6.16%

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

EFO vs. NAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	14.57%	58.51%	-2.15%	25.77%	-33.62%	19.38%	2.29%	40.93%	-30.91%	51.78%
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	-13.15%	-40.43%	-22.83%	259.61%	-75.23%	168.20%	-32.08%	184.63%	-73.96%	268.71%

Correlation

The correlation between EFO and NAIL is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.52

The correlation between EFO and NAIL has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.

EFO vs. NAIL - Sectors Allocation Comparison

Sectors	EFO	NAIL
Financial Services	40.7%	-
Basic Materials	-	8.6%
Communication Services	-	-
Consumer Cyclical	-	71.8%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	19.1%
Real Estate	-	0.5%
Technology	-	-
Utilities	-	-

Return for Risk

EFO vs. NAIL — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 34
EFO Sharpe Ratio Rank: 32
EFO Sortino Ratio Rank: 33
EFO Omega Ratio Rank: 32
EFO Calmar Ratio Rank: 34
EFO Martin Ratio Rank: 37

NAIL

NAIL Risk / Return Rank: 9
NAIL Sharpe Ratio Rank: 7
NAIL Sortino Ratio Rank: 11
NAIL Omega Ratio Rank: 11
NAIL Calmar Ratio Rank: 7
NAIL Martin Ratio Rank: 7

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. NAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL). 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	NAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.03	-0.20	+1.23
Sortino ratio: Return per unit of downside risk	1.59	0.35	+1.24
Omega ratio: Gain probability vs. loss probability	1.19	1.04	+0.15
Calmar ratio: Return relative to maximum drawdown	1.48	-0.26	+1.74
Martin ratio: Return relative to average drawdown	5.06	-0.45	+5.51

EFO vs. NAIL - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.03, which is higher than the NAIL Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of EFO and NAIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFO vs. NAIL - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum NAIL drawdown of -93.75%. Use the drawdown chart below to compare losses from any high point for EFO and NAIL.

Drawdown Indicators

	EFO	NAIL	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-93.75%	+30.23%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-67.85%	+45.67%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-82.09%	+55.24%
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	-84.40%	+30.45%
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	-93.75%	+30.23%
Current Drawdown Current decline from peak	-4.12%	-75.18%	+71.06%
Average Drawdown Average peak-to-trough decline	-18.64%	-43.87%	+25.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	39.36%	-32.85%

Volatility

EFO vs. NAIL - Volatility Comparison

The current volatility for ProShares Ultra MSCI EAFE (EFO) is 11.44%, while Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) has a volatility of 26.93%. This indicates that EFO experiences smaller price fluctuations and is considered to be less risky than NAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	NAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.44%	26.93%	-15.49%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	61.98%	-35.31%
Volatility (1Y) Calculated over the trailing 1-year period	31.80%	88.92%	-57.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.20%	87.27%	-54.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.13%	89.35%	-55.22%

EFO vs. NAIL - Expense Ratio Comparison

EFO has a 0.95% expense ratio, which is lower than NAIL's 0.99% expense ratio.

Dividends

EFO vs. NAIL - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.51%, more than NAIL's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	1.51%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%	0.00%
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	0.91%	1.55%	0.63%	0.22%	0.00%	0.00%	0.01%	0.17%	0.35%	1.25%

Frequently Asked Questions

Can I hold both EFO and NAIL in my portfolio?

EFO and NAIL have a correlation of 0.57, 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 NAIL?

NAIL has higher volatility (26.93%) compared to EFO (11.44%). In terms of maximum drawdown, EFO dropped -63.52% vs NAIL's -93.75%.

Which ETF is better, EFO or NAIL?

On 10-year performance, EFO leads with 11.62% vs 6.16% for NAIL. On fees, EFO is cheaper at 0.95% per year. On volatility, EFO has been the lower-risk option at 11.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFO or NAIL?

Over the 10-year period, EFO has performed better with a 11.62% return vs 6.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFO or NAIL?

EFO is cheaper with a 0.95% expense ratio, compared with 0.99% for NAIL.

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

EFO has the higher dividend yield at 1.51%, compared with 0.91% for NAIL.

What is the main difference between EFO and NAIL?

EFO tracks MSCI EAFE Index (200%), while NAIL tracks Dow Jones U.S. Select Home Construction Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EFO and 0.99% for NAIL.

Which has better risk-adjusted returns?

EFO currently has the higher Sharpe Ratio (1.03 vs -0.20), 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.