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EFO vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFO vs. UVXY

Last updated Jun 4, 2026

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 10.16%/yr vs -72.67%/yr for UVXY. At a correlation of -0.56, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EFO vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI EAFE (EFO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 12.87% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, EFO has outperformed UVXY with an annualized return of 10.16%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFO vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-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 -0.57, 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

-0.57

Correlation (3Y)
Calculated over the trailing 3-year period

-0.57

Correlation (5Y)
Calculated over the trailing 5-year period

-0.62

Correlation (10Y)
Calculated over the trailing 10-year period

-0.60

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.56

The correlation between EFO and UVXY has been stable across timeframes, ranging from -0.62 to -0.56 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra MSCI EAFE

ProShares Ultra VIX Short-Term Futures ETF

Often compared with EFO:
EFO vs. EFAEFO vs. EETEFO vs. EFUEFO vs. SAAEFO vs. XCEFO vs. VXUSEFO vs. EFG
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

EFO vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFO
EFO Risk / Return Rank: 3232
Overall Rank
EFO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EFO Sortino Ratio Rank: 3131
Sortino Ratio Rank
EFO Omega Ratio Rank: 3030
Omega Ratio Rank
EFO Calmar Ratio Rank: 3232
Calmar Ratio Rank
EFO Martin Ratio Rank: 3535
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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. 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.

EFOUVXYDifference

Sharpe ratio

Return per unit of total volatility

1.14

-0.87

+2.01

Sortino ratio

Return per unit of downside risk

1.71

-1.60

+3.31

Omega ratio

Gain probability vs. loss probability

1.21

0.82

+0.39

Calmar ratio

Return relative to maximum drawdown

1.57

-0.97

+2.54

Martin ratio

Return relative to average drawdown

5.42

-1.31

+6.73

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. UVXY - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.14, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of EFO and UVXY, 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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Sharpe Ratios by Period

EFOUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

-0.87

+2.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

-0.66

+0.87

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

-0.64

+0.94

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

-0.68

+0.91

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

EFOUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-63.52%

-100.00%

+36.48%

Max Drawdown (1Y)

Largest decline over 1 year

-22.18%

-75.22%

+53.04%

Max Drawdown (3Y)

Largest decline over 3 years

-26.85%

-95.45%

+68.60%

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 Drawdown

Current decline from peak

-5.54%

-100.00%

+94.46%

Average Drawdown

Average peak-to-trough decline

-18.67%

-98.55%

+79.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.39%

55.63%

-49.24%

Volatility

EFO vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra MSCI EAFE (EFO) is 10.08%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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

EFOUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.08%

11.77%

-1.69%

Volatility (6M)

Calculated over the trailing 6-month period

25.18%

62.64%

-37.46%

Volatility (1Y)

Calculated over the trailing 1-year period

30.54%

84.42%

-53.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.98%

103.85%

-70.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.09%

113.82%

-79.73%

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 1.54%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
EFO
ProShares Ultra MSCI EAFE		1.54%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 -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to EFO (10.08%). In terms of maximum drawdown, EFO dropped -63.52% vs UVXY's -100.00%.

On 10-year performance, EFO leads with 10.16% vs -72.67% for UVXY. 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.

Over the 10-year period, EFO has performed better with a 10.16% return vs -72.67%. 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 1.54%, 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 (1.14 vs -0.87), 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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