EFU vs. IEFA
EFU (ProShares UltraShort MSCI EAFE) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%), while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, EFU returned -19.65%/yr vs 9.52%/yr for IEFA. Their -0.95 correlation means they have often moved in opposite directions in the past. EFU charges 0.95%/yr vs 0.07%/yr for IEFA.
Performance
EFU vs. IEFA - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -21.36% return, which is significantly lower than IEFA's 12.10% return. Over the past 10 years, EFU has underperformed IEFA with an annualized return of -19.65%, while IEFA has yielded a comparatively higher 9.52% annualized return.
EFU
- 1D
- -0.66%
- 1M
- -3.30%
- 6M
- -12.53%
- YTD
- -21.36%
- 1Y
- -35.56%
- 3Y*
- -25.18%
- 5Y*
- -16.16%
- 10Y*
- -19.65%
- ALL TIME*
- -19.09%
IEFA
- 1D
- 0.43%
- 1M
- 1.41%
- 6M
- 6.08%
- YTD
- 12.10%
- 1Y
- 25.11%
- 3Y*
- 17.33%
- 5Y*
- 8.81%
- 10Y*
- 9.52%
- ALL TIME*
- 8.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.57K | $37.75K | $56.26K | |
| $866.09M | $876.15M | $940.56M |
EFU vs. IEFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -21.36% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
IEFA iShares Core MSCI EAFE ETF | 12.10% | 32.08% | 3.26% | 17.95% | -15.24% | 11.63% | 8.18% | 22.64% | -14.14% | 26.57% |
Correlation
The correlation between EFU and IEFA is -0.97, 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. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | -0.95 |
The correlation between EFU and IEFA has been stable across timeframes, ranging from -0.98 to -0.95 - a consistent structural relationship.
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Return for Risk
EFU vs. IEFA — Risk / Return Rank
EFU
IEFA
EFU vs. IEFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and iShares Core MSCI EAFE ETF (IEFA). 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 | IEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.29 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 2.19 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.67 | 8.42 | -10.08 |
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Drawdowns
EFU vs. IEFA - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for EFU and IEFA.
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Drawdown Indicators
| EFU | IEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.39% | -34.78% | -64.61% |
Max Drawdown (1Y)Largest decline over 1 year | -34.17% | -11.50% | -22.67% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -13.76% | -51.93% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -30.41% | -45.98% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | -34.78% | -54.61% |
Current DrawdownCurrent decline from peak | -99.39% | -0.21% | -99.18% |
Average DrawdownAverage peak-to-trough decline | -87.22% | -6.63% | -80.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.06% | 2.99% | +20.07% |
Volatility
EFU vs. IEFA - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 9.16% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.60%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 4.60% | +4.56% |
Volatility (6M)Calculated over the trailing 6-month period | 28.75% | 13.60% | +15.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 15.68% | +16.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.67% | 16.64% | +17.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.62% | 17.04% | +16.58% |
EFU vs. IEFA - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than IEFA's 0.07% expense ratio.
Dividends
EFU vs. IEFA - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.21%, more than IEFA's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.21% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% | 0.00% |
IEFA iShares Core MSCI EAFE ETF | 3.33% | 3.55% | 3.47% | 3.20% | 2.70% | 3.32% | 1.90% | 3.18% | 3.46% | 2.57% | 2.96% | 2.63% |
Frequently Asked Questions
EFU and IEFA 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 (9.16%) compared to IEFA (4.60%). In terms of maximum drawdown, EFU dropped -99.39% vs IEFA's -34.78%.
On 10-year performance, IEFA leads with 9.52% vs -19.65% for EFU. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEFA has performed better with a 9.52% return vs -19.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEFA is cheaper with a 0.07% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.21%, compared with 3.33% for IEFA.
EFU is categorized as Leveraged Equities, while IEFA is Foreign Large Cap Equities. EFU tracks MSCI EAFE Index (-200%), while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EFU and 0.07% for IEFA.
IEFA currently has the higher Sharpe Ratio (1.61 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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