EFU vs. QLD
EFU (ProShares UltraShort MSCI EAFE) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, EFU returned -19.72%/yr vs 32.56%/yr for QLD. Their -0.69 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EFU vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -20.84% return, which is significantly lower than QLD's 18.94% return. Over the past 10 years, EFU has underperformed QLD with an annualized return of -19.72%, while QLD has yielded a comparatively higher 32.56% annualized return.
EFU
- 1D
- 0.98%
- 1M
- -2.66%
- 6M
- -12.99%
- YTD
- -20.84%
- 1Y
- -35.13%
- 3Y*
- -24.16%
- 5Y*
- -16.37%
- 10Y*
- -19.72%
- ALL TIME*
- -19.07%
QLD
- 1D
- 1.20%
- 1M
- -7.66%
- 6M
- 16.78%
- YTD
- 18.94%
- 1Y
- 42.18%
- 3Y*
- 35.01%
- 5Y*
- 17.45%
- 10Y*
- 32.56%
- ALL TIME*
- 24.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.02K | $35.41K | $55.57K | |
| $408.78M | $399.91M | $439.78M |
EFU vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -20.84% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
QLD ProShares Ultra QQQ | 18.94% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between EFU and QLD is -0.68, 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. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | -0.69 |
The correlation between EFU and QLD has been stable across timeframes, ranging from -0.69 to -0.63 - a consistent structural relationship.
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Return for Risk
EFU vs. QLD — Risk / Return Rank
EFU
QLD
EFU vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.18 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.46 | -2.44 |
| Martin ratioReturn relative to average drawdown | -1.52 | 4.32 | -5.84 |
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Drawdowns
EFU vs. QLD - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for EFU and QLD.
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Drawdown Indicators
| EFU | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.39% | -83.13% | -16.26% |
Max Drawdown (1Y)Largest decline over 1 year | -35.76% | -25.13% | -10.63% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -42.29% | -23.40% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -63.68% | -12.71% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | -63.68% | -25.71% |
Current DrawdownCurrent decline from peak | -99.38% | -16.72% | -82.66% |
Average DrawdownAverage peak-to-trough decline | -87.21% | -18.11% | -69.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.95% | 8.47% | +14.48% |
Volatility
EFU vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 9.53%, while ProShares Ultra QQQ (QLD) has a volatility of 13.69%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.53% | 13.69% | -4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 28.80% | 31.99% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.57% | 38.62% | -6.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.66% | 45.76% | -12.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.61% | 44.97% | -11.36% |
EFU vs. QLD - Expense Ratio Comparison
Both EFU and QLD have an expense ratio of 0.95%.
Dividends
EFU vs. QLD - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.18%, more than QLD's 0.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.18% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% | 0.00% |
QLD ProShares Ultra QQQ | 0.14% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
Frequently Asked Questions
EFU and QLD have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (13.69%) compared to EFU (9.53%). In terms of maximum drawdown, EFU dropped -99.39% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.56% vs -19.72% for EFU. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 32.56% return vs -19.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and QLD have the same expense ratio: 0.95% per year.
EFU has the higher dividend yield at 5.18%, compared with 0.14% for QLD.
EFU tracks MSCI EAFE Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (0.95 vs -1.08), 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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