EFU vs. EFO
EFU (ProShares UltraShort MSCI EAFE) and EFO (ProShares Ultra MSCI EAFE) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while EFO tracks the MSCI EAFE Index (200%). Both are passively managed. Over the past 10 years, EFU returned -20.39%/yr vs 11.79%/yr for EFO. At a correlation of -0.85, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EFU vs. EFO - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -15.95% return, which is significantly lower than EFO's 12.32% return. Over the past 10 years, EFU has underperformed EFO with an annualized return of -20.39%, while EFO has yielded a comparatively higher 11.79% annualized return.
EFU
- 1D
- 3.98%
- 1M
- -0.13%
- YTD
- -15.95%
- 6M
- -15.28%
- 1Y
- -31.13%
- 3Y*
- -24.16%
- 5Y*
- -15.34%
- 10Y*
- -20.39%
EFO
- 1D
- -3.85%
- 1M
- -0.37%
- YTD
- 12.32%
- 6M
- 11.55%
- 1Y
- 36.54%
- 3Y*
- 23.94%
- 5Y*
- 7.59%
- 10Y*
- 11.79%
EFU vs. EFO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -15.95% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
EFO ProShares Ultra MSCI EAFE | 12.32% | 58.51% | -2.15% | 25.77% | -33.62% | 19.38% | 2.29% | 40.93% | -30.91% | 51.78% |
Correlation
The correlation between EFU and EFO is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009 | -0.85 |
The correlation between EFU and EFO shifts across timeframes, from -0.98 (5 years) to -0.85 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EFU vs. EFO — Risk / Return Rank
EFU
EFO
EFU vs. EFO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares Ultra MSCI EAFE (EFO). 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 | EFO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.66 | -2.58 |
| Martin ratioReturn relative to average drawdown | -1.53 | 5.64 | -7.17 |
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Drawdowns
EFU vs. EFO - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.37%, which is greater than EFO's maximum drawdown of -63.52%. Use the drawdown chart below to compare losses from any high point for EFU and EFO.
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Drawdown Indicators
| EFU | EFO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.37% | -63.52% | -35.85% |
Max Drawdown (1Y)Largest decline over 1 year | -33.76% | -22.18% | -11.58% |
Max Drawdown (3Y)Largest decline over 3 years | -64.63% | -26.85% | -37.78% |
Max Drawdown (5Y)Largest decline over 5 years | -75.65% | -53.95% | -21.70% |
Max Drawdown (10Y)Largest decline over 10 years | -90.50% | -63.52% | -26.98% |
Current DrawdownCurrent decline from peak | -99.35% | -6.00% | -93.35% |
Average DrawdownAverage peak-to-trough decline | -87.14% | -18.62% | -68.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.36% | 6.49% | +13.87% |
Volatility
EFU vs. EFO - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 11.55% compared to ProShares Ultra MSCI EAFE (EFO) at 10.89%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than EFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | EFO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.55% | 10.89% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 27.96% | 26.85% | +1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.36% | 31.71% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.60% | 33.20% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.66% | 33.65% | +0.01% |
EFU vs. EFO - Expense Ratio Comparison
Both EFU and EFO have an expense ratio of 0.95%.
Dividends
EFU vs. EFO - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.37%, more than EFO's 1.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 1.54% | 1.65% | 2.24% | 1.93% | 0.00% | 0.00% | 0.00% | 0.37% | 0.11% |
EFU ProShares UltraShort MSCI EAFE | 5.37% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% |
Frequently Asked Questions
EFU and EFO 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 (11.55%) compared to EFO (10.89%). In terms of maximum drawdown, EFU dropped -99.37% vs EFO's -63.52%.
On 10-year performance, EFO leads with 11.79% vs -20.39% for EFU. Both ETFs have the same 0.95% expense ratio. On volatility, EFO has been the lower-risk option at 10.89%. 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 11.79% return vs -20.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and EFO have the same expense ratio: 0.95% per year.
EFU has the higher dividend yield at 5.37%, compared with 1.54% for EFO.
EFU tracks MSCI EAFE Index (-200%), while EFO tracks MSCI EAFE Index (200%).
EFO currently has the higher Sharpe Ratio (1.16 vs -0.97), 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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