EFU vs. FMAG
EFU (ProShares UltraShort MSCI EAFE) and FMAG (Fidelity Magellan ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%), while FMAG is a Large Cap Growth Equities fund actively managed by Fidelity. EFU is passively managed, while FMAG is actively managed. Over the past 5 years, EFU returned -16.61%/yr vs 9.80%/yr for FMAG. Their -0.68 correlation means they have often moved in opposite directions in the past. EFU charges 0.95%/yr vs 0.57%/yr for FMAG.
Performance
EFU vs. FMAG - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -23.56% return, which is significantly lower than FMAG's 8.50% return.
EFU
- 1D
- -0.23%
- 1M
- -3.48%
- 6M
- -14.39%
- YTD
- -23.56%
- 1Y
- -35.78%
- 3Y*
- -25.89%
- 5Y*
- -16.61%
- 10Y*
- -19.87%
- ALL TIME*
- -19.21%
FMAG
- 1D
- -0.19%
- 1M
- 1.95%
- 6M
- 12.04%
- YTD
- 8.50%
- 1Y
- 6.87%
- 3Y*
- 19.29%
- 5Y*
- 9.80%
- 10Y*
- —
- ALL TIME*
- 11.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.11K | $34.17K | $53.85K | |
| $617.51K | $695.15K | $752.66K |
EFU vs. FMAG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -23.56% | -41.07% | -1.04% | -25.36% | 24.26% | -21.52% |
FMAG Fidelity Magellan ETF | 8.50% | 10.40% | 28.52% | 31.25% | -26.92% | 26.06% |
Correlation
The correlation between EFU and FMAG is -0.65, 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. | -0.65 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | -0.68 |
The correlation between EFU and FMAG has been stable across timeframes, ranging from -0.69 to -0.62 - a consistent structural relationship.
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Return for Risk
EFU vs. FMAG — Risk / Return Rank
EFU
FMAG
EFU vs. FMAG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and Fidelity Magellan ETF (FMAG). 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 | FMAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.08 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 0.49 | -1.52 |
| Martin ratioReturn relative to average drawdown | -1.74 | 1.64 | -3.38 |
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Drawdowns
EFU vs. FMAG - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.40%, which is greater than FMAG's maximum drawdown of -32.93%. Use the drawdown chart below to compare losses from any high point for EFU and FMAG.
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Drawdown Indicators
| EFU | FMAG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -32.93% | -66.47% |
Max Drawdown (1Y)Largest decline over 1 year | -34.86% | -13.97% | -20.89% |
Max Drawdown (3Y)Largest decline over 3 years | -66.55% | -20.12% | -46.43% |
Max Drawdown (5Y)Largest decline over 5 years | -76.97% | -32.93% | -44.04% |
Max Drawdown (10Y)Largest decline over 10 years | -89.65% | — | — |
Current DrawdownCurrent decline from peak | -99.40% | -0.27% | -99.13% |
Average DrawdownAverage peak-to-trough decline | -87.22% | -8.80% | -78.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.58% | 4.19% | +17.39% |
Volatility
EFU vs. FMAG - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 8.56% compared to Fidelity Magellan ETF (FMAG) at 6.19%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than FMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | FMAG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.56% | 6.19% | +2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 28.84% | 13.80% | +15.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.49% | 16.34% | +16.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.68% | 20.20% | +13.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.62% | 19.79% | +13.83% |
EFU vs. FMAG - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than FMAG's 0.57% expense ratio.
Dividends
EFU vs. FMAG - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.36%, more than FMAG's 0.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.36% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% |
FMAG Fidelity Magellan ETF | 0.08% | 0.09% | 0.15% | 0.34% | 0.23% | 0.03% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFU and FMAG have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFU has higher volatility (8.56%) compared to FMAG (6.19%). In terms of maximum drawdown, EFU dropped -99.40% vs FMAG's -32.93%.
On 5-year performance, FMAG leads with 9.80% vs -16.61% for EFU. On fees, FMAG is cheaper at 0.57% per year. On volatility, FMAG has been the lower-risk option at 6.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FMAG has performed better with a 9.80% return vs -16.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMAG is cheaper with a 0.57% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.36%, compared with 0.08% for FMAG.
EFU is categorized as Leveraged Equities, while FMAG is Large Cap Growth Equities. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for EFU and 0.57% for FMAG.
FMAG currently has the higher Sharpe Ratio (0.42 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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