EFO vs. UST

Last updated Jun 13, 2026

EFO (ProShares Ultra MSCI EAFE) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - EFO is a Leveraged Equities fund tracking the MSCI EAFE Index (200%), while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, EFO returned 11.62%/yr vs -2.25%/yr for UST. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EFO vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI EAFE (EFO) and ProShares Ultra 7-10 Year Treasury (UST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFO achieves a 14.57% return, which is significantly higher than UST's -2.66% return. Over the past 10 years, EFO has outperformed UST with an annualized return of 11.62%, while UST has yielded a comparatively lower -2.25% annualized return.

EFO

• 1D: 0.75%
• 1M: 1.65%
• YTD: 14.57%
• 6M: 17.46%
• 1Y: 32.73%
• 3Y*: 22.90%
• 5Y*: 7.34%
• 10Y*: 11.62%

UST

• 1D: -0.42%
• 1M: -0.04%
• YTD: -2.66%
• 6M: -2.37%
• 1Y: 2.47%
• 3Y*: 0.27%
• 5Y*: -6.96%
• 10Y*: -2.25%

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

EFO vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFO ProShares Ultra MSCI EAFE	14.57%	58.51%	-2.15%	25.77%	-33.62%	19.38%	2.29%	40.93%	-30.91%	51.78%
UST ProShares Ultra 7-10 Year Treasury	-2.66%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%

Correlation

The correlation between EFO and UST is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010	-0.14

The correlation between EFO and UST shifts across timeframes, from -0.14 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

EFO vs. UST - Sectors Allocation Comparison

Sectors	EFO	UST
Financial Services	40.7%	96.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EFO vs. UST — Risk / Return Rank

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

EFO

EFO Risk / Return Rank: 34
EFO Sharpe Ratio Rank: 32
EFO Sortino Ratio Rank: 33
EFO Omega Ratio Rank: 32
EFO Calmar Ratio Rank: 34
EFO Martin Ratio Rank: 37

UST

UST Risk / Return Rank: 13
UST Sharpe Ratio Rank: 14
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 12
UST Calmar Ratio Rank: 13
UST Martin Ratio Rank: 13

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. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and ProShares Ultra 7-10 Year Treasury (UST). 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	UST	Difference
Sharpe ratio: Return per unit of total volatility	1.03	0.27	+0.77
Sortino ratio: Return per unit of downside risk	1.59	0.45	+1.14
Omega ratio: Gain probability vs. loss probability	1.19	1.05	+0.14
Calmar ratio: Return relative to maximum drawdown	1.48	0.28	+1.20
Martin ratio: Return relative to average drawdown	5.06	0.77	+4.29

EFO vs. UST - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.03, which is higher than the UST Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of EFO and UST, 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. UST - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for EFO and UST.

Drawdown Indicators

	EFO	UST	Difference
Max Drawdown Largest peak-to-trough decline	-63.52%	-47.99%	-15.53%
Max Drawdown (1Y) Largest decline over 1 year	-22.18%	-8.75%	-13.43%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-16.74%	-10.11%
Max Drawdown (5Y) Largest decline over 5 years	-53.95%	-43.97%	-9.98%
Max Drawdown (10Y) Largest decline over 10 years	-63.52%	-47.99%	-15.53%
Current Drawdown Current decline from peak	-4.12%	-38.19%	+34.07%
Average Drawdown Average peak-to-trough decline	-18.64%	-15.16%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	3.22%	+3.29%

Volatility

EFO vs. UST - Volatility Comparison

ProShares Ultra MSCI EAFE (EFO) has a higher volatility of 11.44% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.25%. This indicates that EFO's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFO	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.44%	3.25%	+8.19%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	6.75%	+19.92%
Volatility (1Y) Calculated over the trailing 1-year period	31.80%	9.35%	+22.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.20%	15.47%	+17.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.13%	13.18%	+20.95%

EFO vs. UST - Expense Ratio Comparison

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

Dividends

EFO vs. UST - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.51%, less than UST's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFO ProShares Ultra MSCI EAFE	1.51%	1.65%	2.24%	1.93%	0.00%	0.00%	0.00%	0.37%	0.11%	0.00%	0.00%	0.00%
UST ProShares Ultra 7-10 Year Treasury	3.48%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Frequently Asked Questions

Can I hold both EFO and UST in my portfolio?

EFO and UST have a correlation of 0.37, 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 UST?

EFO has higher volatility (11.44%) compared to UST (3.25%). In terms of maximum drawdown, EFO dropped -63.52% vs UST's -47.99%.

Which ETF is better, EFO or UST?

On 10-year performance, EFO leads with 11.62% vs -2.25% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFO or UST?

Over the 10-year period, EFO has performed better with a 11.62% return vs -2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFO or UST?

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

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

UST has the higher dividend yield at 3.48%, compared with 1.51% for EFO.

What is the main difference between EFO and UST?

EFO is categorized as Leveraged Equities, while UST is Leveraged Bonds. EFO tracks MSCI EAFE Index (200%), while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%).

Which has better risk-adjusted returns?

EFO currently has the higher Sharpe Ratio (1.03 vs 0.27), 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.