EFO vs. SCZ
Compare and contrast key facts about ProShares Ultra MSCI EAFE (EFO) and iShares MSCI EAFE Small-Cap ETF (SCZ).
EFO and SCZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EFO is a passively managed fund by ProShares that tracks the performance of the MSCI EAFE Index (200%). It was launched on Jun 2, 2009. SCZ is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Small Cap Index. It was launched on Dec 10, 2007. Both EFO and SCZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
EFO vs. SCZ - Performance Comparison
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EFO vs. SCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | -0.08% | 58.51% | -2.15% | 25.77% | -33.62% | 19.38% | 2.29% | 40.93% | -30.91% | 51.78% |
SCZ iShares MSCI EAFE Small-Cap ETF | 1.14% | 32.08% | 1.52% | 12.98% | -21.27% | 10.12% | 11.71% | 24.68% | -17.64% | 32.72% |
Returns By Period
In the year-to-date period, EFO achieves a -0.08% return, which is significantly lower than SCZ's 1.14% return. Over the past 10 years, EFO has outperformed SCZ with an annualized return of 9.59%, while SCZ has yielded a comparatively lower 7.69% annualized return.
EFO
- 1D
- 6.60%
- 1M
- -16.14%
- YTD
- -0.08%
- 6M
- 7.57%
- 1Y
- 37.55%
- 3Y*
- 19.30%
- 5Y*
- 7.06%
- 10Y*
- 9.59%
SCZ
- 1D
- 3.06%
- 1M
- -8.53%
- YTD
- 1.14%
- 6M
- 4.20%
- 1Y
- 27.73%
- 3Y*
- 13.29%
- 5Y*
- 4.46%
- 10Y*
- 7.69%
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EFO vs. SCZ - Expense Ratio Comparison
EFO has a 0.95% expense ratio, which is higher than SCZ's 0.40% expense ratio.
Return for Risk
EFO vs. SCZ — Risk / Return Rank
EFO
SCZ
EFO vs. SCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and iShares MSCI EAFE Small-Cap ETF (SCZ). 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 | SCZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.08 | 1.71 | -0.63 |
Sortino ratioReturn per unit of downside risk | 1.60 | 2.31 | -0.71 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.34 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.59 | 2.29 | -0.70 |
Martin ratioReturn relative to average drawdown | 5.90 | 9.00 | -3.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EFO | SCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 1.71 | -0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.27 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.44 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.25 | -0.03 |
Correlation
The correlation between EFO and SCZ is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
EFO vs. SCZ - Dividend Comparison
EFO's dividend yield for the trailing twelve months is around 1.73%, less than SCZ's 3.26% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 1.73% | 1.65% | 2.24% | 1.93% | 0.00% | 0.00% | 0.00% | 0.37% | 0.11% | 0.00% | 0.00% | 0.00% |
SCZ iShares MSCI EAFE Small-Cap ETF | 3.26% | 3.30% | 3.50% | 2.96% | 1.99% | 2.96% | 1.52% | 3.52% | 2.79% | 2.38% | 2.82% | 2.06% |
Drawdowns
EFO vs. SCZ - Drawdown Comparison
The maximum EFO drawdown since its inception was -63.52%, roughly equal to the maximum SCZ drawdown of -61.86%. Use the drawdown chart below to compare losses from any high point for EFO and SCZ.
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Drawdown Indicators
| EFO | SCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.52% | -61.86% | -1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -11.43% | -10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -36.87% | -17.08% |
Max Drawdown (10Y)Largest decline over 10 years | -63.52% | -41.07% | -22.45% |
Current DrawdownCurrent decline from peak | -16.38% | -8.53% | -7.85% |
Average DrawdownAverage peak-to-trough decline | -18.78% | -13.17% | -5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.00% | 2.91% | +3.09% |
Volatility
EFO vs. SCZ - Volatility Comparison
ProShares Ultra MSCI EAFE (EFO) has a higher volatility of 15.10% compared to iShares MSCI EAFE Small-Cap ETF (SCZ) at 7.37%. This indicates that EFO's price experiences larger fluctuations and is considered to be riskier than SCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFO | SCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.10% | 7.37% | +7.73% |
Volatility (6M)Calculated over the trailing 6-month period | 21.89% | 10.71% | +11.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.11% | 16.38% | +18.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.58% | 16.62% | +15.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.87% | 17.35% | +16.52% |