EFU vs. FENI

Last updated Jun 24, 2026

EFU (ProShares UltraShort MSCI EAFE) and FENI (Fidelity Enhanced International ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%), while FENI is a Foreign Large Cap Equities fund actively managed by Fidelity. EFU is passively managed, while FENI is actively managed. Over the past year, EFU returned -31.13% vs 26.92% for FENI. At a correlation of -0.96, they often move in opposite directions. EFU charges 0.95%/yr vs 0.28%/yr for FENI.

Performance

EFU vs. FENI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI EAFE (EFU) and Fidelity Enhanced International ETF (FENI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFU achieves a -15.95% return, which is significantly lower than FENI's 10.12% 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%

FENI

• 1D: -2.12%
• 1M: 0.07%
• YTD: 10.12%
• 6M: 9.52%
• 1Y: 26.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EFU vs. FENI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EFU ProShares UltraShort MSCI EAFE	-15.95%	-41.07%	-1.04%	-10.65%
FENI Fidelity Enhanced International ETF	10.12%	37.27%	6.95%	5.75%

Correlation

The correlation between EFU and FENI is -0.96, 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	-0.96
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	-0.96

The correlation between EFU and FENI has been stable across timeframes, ranging from -0.96 to -0.96 - a consistent structural relationship.

Return for Risk

EFU vs. FENI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFU

EFU Risk / Return Rank: 1
EFU Sharpe Ratio Rank: 1
EFU Sortino Ratio Rank: 2
EFU Omega Ratio Rank: 2
EFU Calmar Ratio Rank: 1
EFU Martin Ratio Rank: 1

FENI

FENI Risk / Return Rank: 51
FENI Sharpe Ratio Rank: 50
FENI Sortino Ratio Rank: 50
FENI Omega Ratio Rank: 50
FENI Calmar Ratio Rank: 49
FENI Martin Ratio Rank: 53

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFU vs. FENI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and Fidelity Enhanced International ETF (FENI). 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	FENI	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.67	-2.64
Sortino ratio: Return per unit of downside risk	-1.34	2.37	-3.71
Omega ratio: Gain probability vs. loss probability	0.84	1.30	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.93	2.35	-3.28
Martin ratio: Return relative to average drawdown	-1.53	8.91	-10.44

EFU vs. FENI - Sharpe Ratio Comparison

The current EFU Sharpe Ratio is -0.97, which is lower than the FENI Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of EFU and FENI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFU vs. FENI - Drawdown Comparison

The maximum EFU drawdown since its inception was -99.37%, which is greater than FENI's maximum drawdown of -14.20%. Use the drawdown chart below to compare losses from any high point for EFU and FENI.

Drawdown Indicators

	EFU	FENI	Difference
Max Drawdown Largest peak-to-trough decline	-99.37%	-14.20%	-85.17%
Max Drawdown (1Y) Largest decline over 1 year	-33.76%	-11.49%	-22.27%
Max Drawdown (3Y) Largest decline over 3 years	-64.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-90.50%	—	—
Current Drawdown Current decline from peak	-99.35%	-2.12%	-97.23%
Average Drawdown Average peak-to-trough decline	-87.14%	-2.27%	-84.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.36%	3.03%	+17.33%

Volatility

EFU vs. FENI - Volatility Comparison

ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 11.55% compared to Fidelity Enhanced International ETF (FENI) at 5.65%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than FENI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFU	FENI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.55%	5.65%	+5.90%
Volatility (6M) Calculated over the trailing 6-month period	27.96%	13.88%	+14.08%
Volatility (1Y) Calculated over the trailing 1-year period	32.36%	16.17%	+16.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.60%	15.79%	+17.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.66%	15.79%	+17.87%

EFU vs. FENI - Expense Ratio Comparison

EFU has a 0.95% expense ratio, which is higher than FENI's 0.28% expense ratio.

Dividends

EFU vs. FENI - Dividend Comparison

EFU's dividend yield for the trailing twelve months is around 5.37%, more than FENI's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EFU ProShares UltraShort MSCI EAFE	5.37%	5.57%	3.87%	6.41%	1.47%	0.00%	0.06%	0.95%	0.17%
FENI Fidelity Enhanced International ETF	2.97%	2.99%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFU and FENI in my portfolio?

EFU and FENI have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFU or FENI?

EFU has higher volatility (11.55%) compared to FENI (5.65%). In terms of maximum drawdown, EFU dropped -99.37% vs FENI's -14.20%.

Which ETF is better, EFU or FENI?

On 1-year performance, FENI leads with 26.92% vs -31.13% for EFU. On fees, FENI is cheaper at 0.28% per year. On volatility, FENI has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFU or FENI?

Over the 1-year period, FENI has performed better with a 26.92% return vs -31.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFU or FENI?

FENI is cheaper with a 0.28% expense ratio, compared with 0.95% for EFU.

Which ETF pays a higher dividend yield, EFU or FENI?

EFU has the higher dividend yield at 5.37%, compared with 2.97% for FENI.

What is the main difference between EFU and FENI?

EFU is categorized as Leveraged Equities, while FENI is Foreign Large Cap Equities. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for EFU and 0.28% for FENI.

Which has better risk-adjusted returns?

FENI currently has the higher Sharpe Ratio (1.67 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.