EFO vs. USD

Last updated Jun 4, 2026

EFO (ProShares Ultra MSCI EAFE) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - EFO tracks the MSCI EAFE Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, EFO returned 10.16%/yr vs 62.16%/yr for USD. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

EFO vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, EFO achieves a 12.87% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, EFO has underperformed USD with an annualized return of 10.16%, while USD has yielded a comparatively higher 62.16% annualized return.

EFO

• 1D: -1.58%
• 1M: 6.17%
• YTD: 12.87%
• 6M: 17.60%
• 1Y: 34.57%
• 3Y*: 23.50%
• 5Y*: 7.18%
• 10Y*: 10.16%

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

EFO vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	12.87%	58.51%	-2.15%	25.77%	-33.62%	19.38%	2.29%	40.93%	-30.91%	51.78%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between EFO and USD is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.54

The correlation between EFO and USD has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

EFO vs. USD - Sectors Allocation Comparison

Sectors	EFO	USD
Financial Services	40.7%	27.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

EFO vs. USD — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 32
EFO Sharpe Ratio Rank: 31
EFO Sortino Ratio Rank: 31
EFO Omega Ratio Rank: 30
EFO Calmar Ratio Rank: 32
EFO Martin Ratio Rank: 35

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio Return per unit of total volatility	1.14	4.53	-3.39
Sortino ratio Return per unit of downside risk	1.71	3.81	-2.09
Omega ratio Gain probability vs. loss probability	1.21	1.51	-0.31
Calmar ratio Return relative to maximum drawdown	1.57	8.70	-7.13
Martin ratio Return relative to average drawdown	5.42	25.16	-19.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFO vs. USD - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.14, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of EFO and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EFO	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	4.53	-3.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.91	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.90	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.49	-0.26

Drawdowns

EFO vs. USD - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EFO and USD.

Drawdown Indicators

	EFO	USD	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-88.63%	+25.11%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-31.80%	+9.62%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-64.46%	+37.61%
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	-77.85%	+23.90%
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	-77.85%	+14.33%
Current Drawdown Current decline from peak	-5.54%	-1.14%	-4.40%
Average Drawdown Average peak-to-trough decline	-18.67%	-32.35%	+13.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.39%	10.97%	-4.58%

Volatility

EFO vs. USD - Volatility Comparison

The current volatility for ProShares Ultra MSCI EAFE (EFO) is 10.08%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that EFO experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.08%	20.36%	-10.28%
Volatility (6M) Calculated over the trailing 6-month period	25.18%	46.39%	-21.21%
Volatility (1Y) Calculated over the trailing 1-year period	30.54%	61.22%	-30.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.98%	76.55%	-43.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.09%	69.23%	-35.14%

EFO vs. USD - Expense Ratio Comparison

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

Dividends

EFO vs. USD - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.54%, more than USD's 0.21% 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%
USD ProShares Ultra Semiconductors	0.21%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both EFO and USD in my portfolio?

EFO and USD have a correlation of 0.48, 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 USD?

USD has higher volatility (20.36%) compared to EFO (10.08%). In terms of maximum drawdown, EFO dropped -63.52% vs USD's -88.63%.

Which ETF is better, EFO or USD?

On 10-year performance, USD leads with 62.16% vs 10.16% for EFO. Both ETFs have the same 0.95% expense ratio. On volatility, EFO has been the lower-risk option at 10.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFO or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs 10.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFO or USD?

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

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

EFO has the higher dividend yield at 1.54%, compared with 0.21% for USD.

What is the main difference between EFO and USD?

EFO tracks MSCI EAFE Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 vs 1.14), 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.