EFO vs. SQQQ

Last updated Jul 14, 2026

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 10.61%/yr vs -55.28%/yr for SQQQ. At a correlation of -0.60, they often move in opposite directions. 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.

Returns By Period

In the year-to-date period, EFO achieves a 13.39% return, which is significantly higher than SQQQ's -40.27% return. Over the past 10 years, EFO has outperformed SQQQ with an annualized return of 10.61%, while SQQQ has yielded a comparatively lower -55.28% annualized return.

EFO

• 1D: -1.93%
• 1M: -1.03%
• 6M: 5.97%
• YTD: 13.39%
• 1Y: 32.06%
• 3Y*: 21.35%
• 5Y*: 7.89%
• 10Y*: 10.61%

SQQQ

• 1D: 5.74%
• 1M: 1.37%
• 6M: -36.57%
• YTD: -40.27%
• 1Y: -56.10%
• 3Y*: -51.78%
• 5Y*: -45.66%
• 10Y*: -55.28%

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

EFO vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	13.39%	58.51%	-2.15%	25.77%	-33.62%	19.38%	2.29%	40.93%	-30.91%	51.78%
SQQQ ProShares UltraPro Short QQQ	-40.27%	-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 -0.67, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.67
Correlation (3Y) Calculated over the trailing 3-year period	-0.63
Correlation (5Y) Calculated over the trailing 5-year period	-0.67
Correlation (10Y) Calculated over the trailing 10-year period	-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 -0.67 to -0.60 - a consistent structural relationship.

EFO vs. SQQQ - Sectors Allocation Comparison

Sectors	EFO	SQQQ
Financial Services	41.3%	109.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EFO vs. SQQQ — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 36
EFO Sharpe Ratio Rank: 35
EFO Sortino Ratio Rank: 36
EFO Omega Ratio Rank: 35
EFO Calmar Ratio Rank: 36
EFO Martin Ratio Rank: 39

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

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. 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.

	EFO	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.02	-1.01	+2.03
Sortino ratio: Return per unit of downside risk	1.56	-1.69	+3.25
Omega ratio: Gain probability vs. loss probability	1.19	0.82	+0.37
Calmar ratio: Return relative to maximum drawdown	1.45	-0.92	+2.37
Martin ratio: Return relative to average drawdown	4.91	-1.71	+6.62

EFO vs. SQQQ - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.02, which is higher than the SQQQ Sharpe Ratio of -1.01. 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.

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.

Drawdown Indicators

	EFO	SQQQ	Difference
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	-5.11%	-100.00%	+94.89%
Average Drawdown Average peak-to-trough decline	-18.58%	-92.75%	+74.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.55%	32.78%	-26.23%

Volatility

EFO vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra MSCI EAFE (EFO) is 9.64%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. 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.

Volatility by Period

	EFO	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.64%	26.05%	-16.41%
Volatility (6M) Calculated over the trailing 6-month period	27.19%	45.88%	-18.69%
Volatility (1Y) Calculated over the trailing 1-year period	31.79%	55.64%	-23.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.20%	67.87%	-34.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.52%	66.56%	-33.04%

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 1.64%, less than SQQQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	1.64%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.00%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both EFO and SQQQ in my portfolio?

EFO and SQQQ have a correlation of -0.67, 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 SQQQ?

SQQQ has higher volatility (26.05%) compared to EFO (9.64%). In terms of maximum drawdown, EFO dropped -63.52% vs SQQQ's -100.00%.

Which ETF is better, EFO or SQQQ?

On 10-year performance, EFO leads with 10.61% vs -55.28% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EFO has been the lower-risk option at 9.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFO or SQQQ?

Over the 10-year period, EFO has performed better with a 10.61% return vs -55.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFO or SQQQ?

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

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

SQQQ has the higher dividend yield at 10.00%, compared with 1.64% for EFO.

What is the main difference between EFO and SQQQ?

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

Which has better risk-adjusted returns?

EFO currently has the higher Sharpe Ratio (1.02 vs -1.01), 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.