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 -19.60%/yr vs 10.16%/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 -16.12% return, which is significantly lower than EFO's 12.87% return. Over the past 10 years, EFU has underperformed EFO with an annualized return of -19.60%, while EFO has yielded a comparatively higher 10.16% 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%
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%
EFU vs. EFO - 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% |
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% |
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 | -0.98 |
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 5, 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.
| EFU | EFO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.98 | 1.14 | -2.12 |
Sortino ratioReturn per unit of downside risk | -1.36 | 1.71 | -3.08 |
Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.36 |
Calmar ratioReturn relative to maximum drawdown | -0.89 | 1.57 | -2.45 |
Martin ratioReturn relative to average drawdown | -1.50 | 5.42 | -6.93 |
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 | EFO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 1.14 | -2.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.22 | -0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | 0.30 | -0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.23 | -0.67 |
Drawdowns
EFU vs. EFO - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, 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 | -99.36% | -63.52% | -35.84% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -22.18% | -12.01% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -26.85% | -37.44% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -53.95% | -21.47% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | -63.52% | -26.89% |
Current DrawdownCurrent decline from peak | -99.35% | -5.54% | -93.81% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -18.67% | -68.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 6.39% | +13.75% |
Volatility
EFU vs. EFO - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) and ProShares Ultra MSCI EAFE (EFO) have volatilities of 10.10% and 10.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 10.10% | 10.08% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 26.06% | 25.18% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.91% | 30.54% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.34% | 32.98% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.20% | 34.09% | +0.11% |
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 5.38%, 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 | 5.38% | 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 (10.10%) compared to EFO (10.08%). In terms of maximum drawdown, EFU dropped -99.36% vs EFO's -63.52%.
On 10-year performance, EFO leads with 10.16% vs -19.60% for EFU. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. 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 -19.60%. 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 5.38%, 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 (1.14 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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