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 10.61%/yr vs -72.05%/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
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Returns By Period
In the year-to-date period, EFO achieves a 13.39% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, EFO has outperformed UVXY with an annualized return of 10.61%, while UVXY has yielded a comparatively lower -72.05% 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%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
EFO vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -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 -0.60, 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 | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.83 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | -0.98 | +2.43 |
| Martin ratioReturn relative to average drawdown | 4.91 | -1.46 | +6.37 |
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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% | -73.42% | +51.24% |
Max Drawdown (3Y)Largest decline over 3 years | -26.85% | -95.32% | +68.47% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -99.74% | +45.79% |
Max Drawdown (10Y)Largest decline over 10 years | -63.52% | -100.00% | +36.48% |
Current DrawdownCurrent decline from peak | -5.11% | -100.00% | +94.89% |
Average DrawdownAverage peak-to-trough decline | -18.58% | -98.75% | +80.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.55% | 48.91% | -42.36% |
Volatility
EFO vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra MSCI EAFE (EFO) is 9.64%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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 | 9.64% | 21.23% | -11.59% |
Volatility (6M)Calculated over the trailing 6-month period | 27.19% | 66.69% | -39.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.79% | 85.49% | -53.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.20% | 103.84% | -70.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.52% | 112.03% | -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 1.64%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 1.64% | 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 -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to EFO (9.64%). In terms of maximum drawdown, EFO dropped -63.52% vs UVXY's -100.00%.
On 10-year performance, EFO leads with 10.61% vs -72.05% for UVXY. 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.
Over the 10-year period, EFO has performed better with a 10.61% return vs -72.05%. 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 1.64%, 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 (1.02 vs -0.84), 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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