EFU vs. EFAX
EFU (ProShares UltraShort MSCI EAFE) and EFAX (SPDR MSCI EAFE Fossil Fuel Free ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%), while EFAX is a Foreign Large Cap Equities fund tracking the MSCI EAFE ex Fossil Fuels Index. Both are passively managed. Over the past 5 years, EFU returned -16.16%/yr vs 8.32%/yr for EFAX. Their -0.91 correlation means they have often moved in opposite directions in the past. EFU charges 0.95%/yr vs 0.20%/yr for EFAX.
Performance
EFU vs. EFAX - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -21.36% return, which is significantly lower than EFAX's 10.52% return.
EFU
- 1D
- -0.66%
- 1M
- -3.30%
- 6M
- -12.53%
- YTD
- -21.36%
- 1Y
- -35.56%
- 3Y*
- -25.18%
- 5Y*
- -16.16%
- 10Y*
- -19.65%
- ALL TIME*
- -19.09%
EFAX
- 1D
- 0.55%
- 1M
- 0.97%
- 6M
- 5.36%
- YTD
- 10.52%
- 1Y
- 23.30%
- 3Y*
- 16.89%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 9.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.45M | $1.48M | $1.24M | |
| $26.57K | $37.75K | $56.26K |
EFU vs. EFAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -21.36% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF | 10.52% | 31.30% | 4.78% | 18.02% | -16.72% | 10.50% | 9.57% | 23.52% | -14.78% | 23.93% |
Correlation
The correlation between EFU and EFAX is -0.97, 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. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016 | -0.91 |
The correlation between EFU and EFAX has been stable across timeframes, ranging from -0.98 to -0.91 - a consistent structural relationship.
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Return for Risk
EFU vs. EFAX — Risk / Return Rank
EFU
EFAX
EFU vs. EFAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and SPDR MSCI EAFE Fossil Fuel Free ETF (EFAX). 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.
| EFU | EFAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.26 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 1.89 | -2.93 |
| Martin ratioReturn relative to average drawdown | -1.67 | 7.00 | -8.67 |
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Drawdowns
EFU vs. EFAX - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, which is greater than EFAX's maximum drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for EFU and EFAX.
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Drawdown Indicators
| EFU | EFAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.39% | -32.53% | -66.86% |
Max Drawdown (1Y)Largest decline over 1 year | -34.17% | -12.38% | -21.79% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -13.52% | -52.17% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -31.67% | -44.72% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | — | — |
Current DrawdownCurrent decline from peak | -99.39% | -0.11% | -99.28% |
Average DrawdownAverage peak-to-trough decline | -87.22% | -6.87% | -80.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.06% | 3.34% | +19.72% |
Volatility
EFU vs. EFAX - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 9.16% compared to SPDR MSCI EAFE Fossil Fuel Free ETF (EFAX) at 4.78%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than EFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | EFAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 4.78% | +4.38% |
Volatility (6M)Calculated over the trailing 6-month period | 28.75% | 14.41% | +14.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 16.45% | +16.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.67% | 16.83% | +16.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.62% | 17.11% | +16.51% |
EFU vs. EFAX - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than EFAX's 0.20% expense ratio.
Dividends
EFU vs. EFAX - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.21%, more than EFAX's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF | 3.10% | 3.31% | 2.74% | 2.71% | 2.81% | 2.58% | 1.69% | 2.71% | 3.05% | 2.89% | 0.26% |
EFU ProShares UltraShort MSCI EAFE | 5.21% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% |
Frequently Asked Questions
EFU and EFAX have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFU has higher volatility (9.16%) compared to EFAX (4.78%). In terms of maximum drawdown, EFU dropped -99.39% vs EFAX's -32.53%.
On 5-year performance, EFAX leads with 8.32% vs -16.16% for EFU. On fees, EFAX is cheaper at 0.20% per year. On volatility, EFAX has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EFAX has performed better with a 8.32% return vs -16.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFAX is cheaper with a 0.20% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.21%, compared with 3.10% for EFAX.
EFU is categorized as Leveraged Equities, while EFAX is Foreign Large Cap Equities. EFU tracks MSCI EAFE Index (-200%), while EFAX tracks MSCI EAFE ex Fossil Fuels Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for EFU and 0.20% for EFAX.
EFAX currently has the higher Sharpe Ratio (1.43 vs -1.10), 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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