EFO vs. SCHF

Last updated Jun 24, 2026

EFO (ProShares Ultra MSCI EAFE) and SCHF (Schwab International Equity ETF) are both exchange-traded funds - EFO is a Leveraged Equities fund tracking the MSCI EAFE Index (200%), while SCHF is a Foreign Large Cap Equities fund tracking the FTSE Developed ex U.S. Index. Both are passively managed. Over the past 10 years, EFO returned 11.79%/yr vs 10.82%/yr for SCHF. Their correlation of 0.86 suggests significant overlap in exposure. EFO charges 0.95%/yr vs 0.06%/yr for SCHF.

Performance

EFO vs. SCHF - Performance Comparison

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

Returns By Period

In the year-to-date period, EFO achieves a 12.32% return, which is significantly lower than SCHF's 13.98% return. Over the past 10 years, EFO has outperformed SCHF with an annualized return of 11.79%, while SCHF has yielded a comparatively lower 10.82% annualized return.

EFO

• 1D: -3.85%
• 1M: -0.37%
• YTD: 12.32%
• 6M: 11.55%
• 1Y: 36.54%
• 3Y*: 23.94%
• 5Y*: 7.59%
• 10Y*: 11.79%

SCHF

• 1D: -3.15%
• 1M: 0.55%
• YTD: 13.98%
• 6M: 13.74%
• 1Y: 31.16%
• 3Y*: 19.61%
• 5Y*: 9.76%
• 10Y*: 10.82%

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

EFO vs. SCHF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	12.32%	58.51%	-2.15%	25.77%	-33.62%	19.38%	2.29%	40.93%	-30.91%	51.78%
SCHF Schwab International Equity ETF	13.98%	34.55%	3.28%	18.35%	-14.80%	11.40%	9.48%	22.26%	-14.29%	26.03%

Correlation

The correlation between EFO and SCHF is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
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	0.95
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.86

The correlation between EFO and SCHF shifts across timeframes, from 0.86 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.

EFO vs. SCHF - Sectors Allocation Comparison

Sectors	EFO	SCHF
Financial Services	41.0%	23.3%
Basic Materials	-	7.4%
Communication Services	-	3.6%
Consumer Cyclical	-	7.3%
Consumer Defensive	-	5.7%
Energy	-	4.7%
Healthcare	-	7.0%
Industrials	-	18.1%
Real Estate	-	2.0%
Technology	-	17.6%
Utilities	-	3.2%

Return for Risk

EFO vs. SCHF — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 35
EFO Sharpe Ratio Rank: 34
EFO Sortino Ratio Rank: 35
EFO Omega Ratio Rank: 33
EFO Calmar Ratio Rank: 35
EFO Martin Ratio Rank: 38

SCHF

SCHF Risk / Return Rank: 57
SCHF Sharpe Ratio Rank: 56
SCHF Sortino Ratio Rank: 54
SCHF Omega Ratio Rank: 56
SCHF Calmar Ratio Rank: 57
SCHF Martin Ratio Rank: 60

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. SCHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and Schwab International Equity ETF (SCHF). 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	SCHF	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.85	-0.69
Sortino ratio: Return per unit of downside risk	1.73	2.52	-0.79
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	1.66	2.73	-1.07
Martin ratio: Return relative to average drawdown	5.64	10.46	-4.82

EFO vs. SCHF - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.16, which is lower than the SCHF Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of EFO and SCHF, 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. SCHF - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, which is greater than SCHF's maximum drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for EFO and SCHF.

Drawdown Indicators

	EFO	SCHF	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-34.87%	-28.65%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-11.48%	-10.70%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-13.41%	-13.44%
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	-29.14%	-24.81%
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	-34.87%	-28.65%
Current Drawdown Current decline from peak	-6.00%	-3.15%	-2.85%
Average Drawdown Average peak-to-trough decline	-18.62%	-7.36%	-11.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	2.99%	+3.50%

Volatility

EFO vs. SCHF - Volatility Comparison

ProShares Ultra MSCI EAFE (EFO) has a higher volatility of 10.89% compared to Schwab International Equity ETF (SCHF) at 7.22%. This indicates that EFO's price experiences larger fluctuations and is considered to be riskier than SCHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	SCHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	7.22%	+3.67%
Volatility (6M) Calculated over the trailing 6-month period	26.85%	14.80%	+12.05%
Volatility (1Y) Calculated over the trailing 1-year period	31.71%	16.92%	+14.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.20%	16.61%	+16.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.65%	17.05%	+16.60%

EFO vs. SCHF - Expense Ratio Comparison

EFO has a 0.95% expense ratio, which is higher than SCHF's 0.06% expense ratio.

Dividends

EFO vs. SCHF - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.54%, less than SCHF's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFO ProShares Ultra MSCI EAFE	1.54%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%	0.00%	0.00%	0.00%
SCHF Schwab International Equity ETF	3.00%	3.42%	3.26%	2.97%	2.80%	3.19%	2.08%	2.95%	3.06%	2.35%	2.58%	2.26%

Frequently Asked Questions

Can I hold both EFO and SCHF in my portfolio?

With a correlation of 0.96, EFO and SCHF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EFO or SCHF?

EFO has higher volatility (10.89%) compared to SCHF (7.22%). In terms of maximum drawdown, EFO dropped -63.52% vs SCHF's -34.87%.

Which ETF is better, EFO or SCHF?

On 10-year performance, EFO leads with 11.79% vs 10.82% for SCHF. On fees, SCHF is cheaper at 0.06% per year. On volatility, SCHF has been the lower-risk option at 7.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFO or SCHF?

Over the 10-year period, EFO has performed better with a 11.79% return vs 10.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFO or SCHF?

SCHF is cheaper with a 0.06% expense ratio, compared with 0.95% for EFO.

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

SCHF has the higher dividend yield at 3.00%, compared with 1.54% for EFO.

What is the main difference between EFO and SCHF?

EFO is categorized as Leveraged Equities, while SCHF is Foreign Large Cap Equities. EFO tracks MSCI EAFE Index (200%), while SCHF tracks FTSE Developed ex U.S. Index. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.95% for EFO and 0.06% for SCHF.

Which has better risk-adjusted returns?

SCHF currently has the higher Sharpe Ratio (1.85 vs 1.16), 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.