EFO vs. UVXY
EFO (ProShares Ultra MSCI EAFE) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EFO is a Leveraged Equities fund tracking the MSCI EAFE Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, EFO returned 10.93%/yr vs -71.50%/yr for UVXY. Their -0.56 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EFO vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, EFO achieves a 18.24% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, EFO has outperformed UVXY with an annualized return of 10.93%, while UVXY has yielded a comparatively lower -71.50% 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%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $261.38K | $262.27K | $430.81K | |
| $190.03M | $191.90M | $239.87M |
EFO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between EFO and UVXY is -0.63, 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. | -0.63 |
Correlation (3Y) Balances recent behavior with more history. | -0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.62 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.56 |
The correlation between EFO and UVXY has been stable across timeframes, ranging from -0.63 to -0.56 - a consistent structural relationship.
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Return for Risk
EFO vs. UVXY — Risk / Return Rank
EFO
UVXY
EFO vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.16 | ||
| Sortino ratioReturn per unit of downside risk | +3.31 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.85 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | -0.95 | +2.90 |
| Martin ratioReturn relative to average drawdown | 6.65 | -1.35 | +8.00 |
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Drawdowns
EFO vs. UVXY - Drawdown Comparison
The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EFO and UVXY.
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Drawdown Indicators
| EFO | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.52% | -100.00% | +36.48% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -73.88% | +51.70% |
Max Drawdown (3Y)Largest decline over 3 years | -26.85% | -95.42% | +68.57% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -99.68% | +45.73% |
Max Drawdown (10Y)Largest decline over 10 years | -63.52% | -100.00% | +36.48% |
Current DrawdownCurrent decline from peak | -1.05% | -100.00% | +98.95% |
Average DrawdownAverage peak-to-trough decline | -18.53% | -98.76% | +80.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 51.60% | -45.11% |
Volatility
EFO vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra MSCI EAFE (EFO) is 9.36%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that EFO experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFO | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 22.30% | -12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 27.57% | 65.55% | -37.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.88% | 87.28% | -55.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.25% | 103.39% | -70.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.58% | 112.09% | -78.51% |
EFO vs. UVXY - Expense Ratio Comparison
Both EFO and UVXY have an expense ratio of 0.95%.
Dividends
EFO vs. UVXY - Dividend Comparison
EFO's dividend yield for the trailing twelve months is around 1.57%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 1.57% | 1.65% | 2.24% | 1.93% | 0.00% | 0.00% | 0.00% | 0.37% | 0.11% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFO and UVXY have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to EFO (9.36%). In terms of maximum drawdown, EFO dropped -63.52% vs UVXY's -100.00%.
On 10-year performance, EFO leads with 10.93% vs -71.50% for UVXY. 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 -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFO and UVXY have the same expense ratio: 0.95% per year.
EFO has the higher dividend yield at 1.57%, compared with 0.00% for UVXY.
EFO is categorized as Leveraged Equities, while UVXY is Volatility. EFO tracks MSCI EAFE Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
EFO currently has the higher Sharpe Ratio (1.36 vs -0.80), 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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