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 Global Equities fund actively managed by Fidelity. EFU is passively managed, while FMAG is actively managed. Over the past 5 years, EFU returned -15.08%/yr vs 11.90%/yr for FMAG. At a correlation of -0.68, they often move in opposite directions. EFU charges 0.95%/yr vs 0.59%/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 -16.12% return, which is significantly lower than FMAG's 8.06% 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%
FMAG
- 1D
- -0.67%
- 1M
- 3.83%
- YTD
- 8.06%
- 6M
- 7.93%
- 1Y
- 11.99%
- 3Y*
- 20.89%
- 5Y*
- 11.90%
- 10Y*
- —
EFU vs. FMAG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -16.12% | -41.07% | -1.04% | -25.36% | 24.26% | -21.38% |
FMAG Fidelity Magellan ETF | 8.06% | 10.40% | 28.52% | 31.25% | -26.92% | 25.37% |
Correlation
The correlation between EFU and FMAG is -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | -0.68 |
The correlation between EFU and FMAG has been stable across timeframes, ranging from -0.68 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.
| EFU | FMAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.15 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 0.86 | -1.75 |
| Martin ratioReturn relative to average drawdown | -1.50 | 3.05 | -4.55 |
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 | FMAG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 0.85 | -1.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.60 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.62 | -1.06 |
Drawdowns
EFU vs. FMAG - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, 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 | -99.36% | -32.93% | -66.43% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -13.97% | -20.22% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -20.12% | -44.17% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -32.93% | -42.49% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | — | — |
Current DrawdownCurrent decline from peak | -99.35% | -0.67% | -98.68% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -8.99% | -78.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 3.95% | +16.19% |
Volatility
EFU vs. FMAG - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 10.10% compared to Fidelity Magellan ETF (FMAG) at 3.65%. 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 | 10.10% | 3.65% | +6.45% |
Volatility (6M)Calculated over the trailing 6-month period | 26.06% | 11.33% | +14.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.91% | 14.23% | +16.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.34% | 19.85% | +13.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.20% | 19.69% | +14.51% |
EFU vs. FMAG - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than FMAG's 0.59% expense ratio.
Dividends
EFU vs. FMAG - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.38%, more than FMAG's 0.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.38% | 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 -0.62, 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 FMAG (3.65%). In terms of maximum drawdown, EFU dropped -99.36% vs FMAG's -32.93%.
On 5-year performance, FMAG leads with 11.90% vs -15.08% for EFU. On fees, FMAG is cheaper at 0.59% per year. On volatility, FMAG has been the lower-risk option at 3.65%. 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 11.90% return vs -15.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMAG is cheaper with a 0.59% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.38%, compared with 0.08% for FMAG.
EFU is categorized as Leveraged Equities, while FMAG is Global Equities. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for EFU and 0.59% for FMAG.
FMAG currently has the higher Sharpe Ratio (0.85 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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