EFU vs. DIG
EFU (ProShares UltraShort MSCI EAFE) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, EFU returned -19.60%/yr vs 5.32%/yr for DIG. At a correlation of -0.57, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EFU vs. DIG - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -16.12% return, which is significantly lower than DIG's 66.35% return. Over the past 10 years, EFU has underperformed DIG with an annualized return of -19.60%, while DIG has yielded a comparatively higher 5.32% annualized return.
EFU
- 1D
- 1.27%
- 1M
- -7.02%
- YTD
- -16.12%
- 6M
- -19.44%
- 1Y
- -30.25%
- 3Y*
- -23.88%
- 5Y*
- -15.08%
- 10Y*
- -19.60%
DIG
- 1D
- 2.57%
- 1M
- -3.48%
- YTD
- 66.35%
- 6M
- 59.45%
- 1Y
- 90.00%
- 3Y*
- 23.37%
- 5Y*
- 28.29%
- 10Y*
- 5.32%
EFU vs. DIG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -16.12% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
DIG ProShares Ultra Oil & Gas | 66.35% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
Correlation
The correlation between EFU and DIG is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2007 | -0.57 |
The correlation between EFU and DIG shifts across timeframes, from -0.57 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EFU vs. DIG — Risk / Return Rank
EFU
DIG
EFU vs. DIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares Ultra Oil & Gas (DIG). 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.
| EFU | DIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.97 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.33 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 3.89 | -4.77 |
| Martin ratioReturn relative to average drawdown | -1.50 | 10.65 | -12.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EFU | DIG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 2.22 | -3.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.55 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | 0.09 | -0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | -0.00 | -0.44 |
Drawdowns
EFU vs. DIG - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, roughly equal to the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for EFU and DIG.
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Drawdown Indicators
| EFU | DIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -97.04% | -2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -23.29% | -10.90% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -42.41% | -21.88% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -46.02% | -29.40% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | -92.53% | +2.12% |
Current DrawdownCurrent decline from peak | -99.35% | -51.27% | -48.08% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -64.37% | -22.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 8.49% | +11.65% |
Volatility
EFU vs. DIG - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 10.10%, while ProShares Ultra Oil & Gas (DIG) has a volatility of 16.56%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | DIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.10% | 16.56% | -6.46% |
Volatility (6M)Calculated over the trailing 6-month period | 26.06% | 33.14% | -7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.91% | 40.88% | -9.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.34% | 51.59% | -18.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.20% | 57.81% | -23.61% |
EFU vs. DIG - Expense Ratio Comparison
Both EFU and DIG have an expense ratio of 0.95%.
Dividends
EFU vs. DIG - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.38%, more than DIG's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.50% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
EFU ProShares UltraShort MSCI EAFE | 5.38% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFU and DIG have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (16.56%) compared to EFU (10.10%). In terms of maximum drawdown, EFU dropped -99.36% vs DIG's -97.04%.
On 10-year performance, DIG leads with 5.32% vs -19.60% for EFU. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIG has performed better with a 5.32% return vs -19.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and DIG have the same expense ratio: 0.95% per year.
EFU has the higher dividend yield at 5.38%, compared with 1.50% for DIG.
EFU tracks MSCI EAFE Index (-200%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%).
DIG currently has the higher Sharpe Ratio (2.22 vs -0.98), 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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