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EFO vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFO vs. SQQQ

Last updated Aug 2, 2026
Documentation

EFO (ProShares Ultra MSCI EAFE) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - EFO tracks the MSCI EAFE Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EFO returned 10.93%/yr vs -54.48%/yr for SQQQ. Their -0.60 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

EFO vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI EAFE (EFO) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EFO achieves a 18.24% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, EFO has outperformed SQQQ with an annualized return of 10.93%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

EFO

1D
-1.03%
1M
1.60%
6M
8.37%
YTD
18.24%
1Y
44.10%
3Y*
23.54%
5Y*
8.97%
10Y*
10.93%
ALL TIME*
8.79%

SQQQ

1D
-1.99%
1M
9.46%
6M
-32.40%
YTD
-34.61%
1Y
-52.32%
3Y*
-49.83%
5Y*
-44.46%
10Y*
-54.48%
ALL TIME*
-52.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFO

ProShares Ultra MSCI EAFE
$261.38K$262.27K$430.81K

SQQQ

ProShares UltraPro Short QQQ
$2.40B$2.29B$2.66B

EFO vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFO
ProShares Ultra MSCI EAFE		18.24%58.51%-2.15%25.77%-33.62%19.38%2.29%40.93%-30.91%51.78%
SQQQ
ProShares UltraPro Short QQQ		-34.61%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between EFO and SQQQ is -0.68, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.68

Correlation (3Y)
Balances recent behavior with more history.

-0.63

Correlation (5Y)
Shows whether the relationship held over a longer period.

-0.67

Correlation (10Y)
Provides a long-term view across more market conditions.

-0.64

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-0.60

The correlation between EFO and SQQQ has been stable across timeframes, ranging from -0.68 to -0.60 - a consistent structural relationship.

EFO vs. SQQQ - Sectors Allocation Comparison

Sectors
EFO
SQQQ

Financial Services

41.2%
89.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

EFO
41.2%
SQQQ
89.7%

Basic Materials

EFO

-

SQQQ

-

Communication Services

EFO

-

SQQQ

-

Consumer Cyclical

EFO

-

SQQQ

-

Consumer Defensive

EFO

-

SQQQ

-

Energy

EFO

-

SQQQ

-

Healthcare

EFO

-

SQQQ

-

Industrials

EFO

-

SQQQ

-

Real Estate

EFO

-

SQQQ

-

Technology

EFO

-

SQQQ

-

Utilities

EFO

-

SQQQ

-

Compare stocks, funds, or ETFs

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ProShares Ultra MSCI EAFE

ProShares UltraPro Short QQQ

Often compared with EFO:
EFO vs. EFAEFO vs. EETEFO vs. EFUEFO vs. SAAEFO vs. XCEFO vs. VXUSEFO vs. EFG
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXY

Return for Risk

EFO vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EFO
EFO Risk / Return Rank: 5656
Overall Rank
EFO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
EFO Sortino Ratio Rank: 5757
Sortino Ratio Rank
EFO Omega Ratio Rank: 5454
Omega Ratio Rank
EFO Calmar Ratio Rank: 5555
Calmar Ratio Rank
EFO Martin Ratio Rank: 5656
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 22
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 33
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 22
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EFO vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and ProShares UltraPro Short QQQ (SQQQ). 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.

EFOSQQQDifference
Sharpe ratioReturn per unit of total volatility
1.36
-0.86

+2.21

Sortino ratioReturn per unit of downside risk
1.96
-1.25

+3.21

Omega ratioGain probability vs. loss probability

1.24

0.86

+0.37

Calmar ratioReturn relative to maximum drawdown

1.95

-0.81

+2.76

Martin ratioReturn relative to average drawdown

6.65

-1.41

+8.06

EFO vs. SQQQ - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.36, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of EFO and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EFO vs. SQQQ - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EFO and SQQQ.

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Drawdown Indicators

EFOSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-63.52%

-100.00%

+36.48%

Max Drawdown (1Y)

Largest decline over 1 year

-22.18%

-61.03%

+38.85%

Max Drawdown (3Y)

Largest decline over 3 years

-26.85%

-92.51%

+65.66%

Max Drawdown (5Y)

Largest decline over 5 years

-53.95%

-97.27%

+43.32%

Max Drawdown (10Y)

Largest decline over 10 years

-63.52%

-99.97%

+36.45%

Current Drawdown

Current decline from peak

-1.05%

-100.00%

+98.95%

Average Drawdown

Average peak-to-trough decline

-18.53%

-92.78%

+74.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.49%

35.08%

-28.59%

Volatility

EFO vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra MSCI EAFE (EFO) is 9.36%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that EFO experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFOSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.36%

20.82%

-11.46%

Volatility (6M)

Calculated over the trailing 6-month period

27.57%

48.09%

-20.52%

Volatility (1Y)

Calculated over the trailing 1-year period

31.88%

57.98%

-26.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.25%

68.18%

-34.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.58%

66.74%

-33.16%

EFO vs. SQQQ - Expense Ratio Comparison

Both EFO and SQQQ have an expense ratio of 0.95%.

Dividends

EFO vs. SQQQ - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.57%, less than SQQQ's 9.14% yield.

PositionTTM202520242023202220212020201920182017
EFO
ProShares Ultra MSCI EAFE		1.57%1.65%2.24%1.93%0.00%0.00%0.00%0.37%0.11%0.00%
SQQQ
ProShares UltraPro Short QQQ		9.14%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

EFO and SQQQ have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (20.82%) compared to EFO (9.36%). In terms of maximum drawdown, EFO dropped -63.52% vs SQQQ's -100.00%.

On 10-year performance, EFO leads with 10.93% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EFO has been the lower-risk option at 9.36%. 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 10.93% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFO and SQQQ have the same expense ratio: 0.95% per year.

SQQQ has the higher dividend yield at 9.14%, compared with 1.57% for EFO.

EFO tracks MSCI EAFE Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

EFO currently has the higher Sharpe Ratio (1.36 vs -0.86), 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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