EFU vs. SPDW
EFU (ProShares UltraShort MSCI EAFE) and SPDW (SPDR Portfolio World ex-US ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%), while SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, EFU returned -20.39%/yr vs 10.63%/yr for SPDW. At a correlation of -0.93, they often move in opposite directions. EFU charges 0.95%/yr vs 0.04%/yr for SPDW.
Performance
EFU vs. SPDW - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -15.95% return, which is significantly lower than SPDW's 13.29% return. Over the past 10 years, EFU has underperformed SPDW with an annualized return of -20.39%, while SPDW has yielded a comparatively higher 10.63% annualized 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%
SPDW
- 1D
- -2.99%
- 1M
- 0.20%
- YTD
- 13.29%
- 6M
- 13.11%
- 1Y
- 30.23%
- 3Y*
- 19.45%
- 5Y*
- 9.30%
- 10Y*
- 10.63%
EFU vs. SPDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -15.95% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
SPDW SPDR Portfolio World ex-US ETF | 13.29% | 34.75% | 3.55% | 17.81% | -15.98% | 11.45% | 9.90% | 22.41% | -14.22% | 25.81% |
Correlation
The correlation between EFU and SPDW 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 (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | -0.93 |
The correlation between EFU and SPDW has been stable across timeframes, ranging from -0.98 to -0.93 - a consistent structural relationship.
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Return for Risk
EFU vs. SPDW — Risk / Return Rank
EFU
SPDW
EFU vs. SPDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and SPDR Portfolio World ex-US ETF (SPDW). 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 | SPDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -3.84 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.33 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.63 | -3.55 |
| Martin ratioReturn relative to average drawdown | -1.53 | 10.15 | -11.68 |
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Drawdowns
EFU vs. SPDW - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.37%, which is greater than SPDW's maximum drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for EFU and SPDW.
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Drawdown Indicators
| EFU | SPDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.37% | -60.02% | -39.35% |
Max Drawdown (1Y)Largest decline over 1 year | -33.76% | -11.55% | -22.21% |
Max Drawdown (3Y)Largest decline over 3 years | -64.63% | -13.53% | -51.10% |
Max Drawdown (5Y)Largest decline over 5 years | -75.65% | -30.21% | -45.44% |
Max Drawdown (10Y)Largest decline over 10 years | -90.50% | -34.98% | -55.52% |
Current DrawdownCurrent decline from peak | -99.35% | -2.99% | -96.36% |
Average DrawdownAverage peak-to-trough decline | -87.14% | -12.88% | -74.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.36% | 2.99% | +17.37% |
Volatility
EFU vs. SPDW - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 11.55% compared to SPDR Portfolio World ex-US ETF (SPDW) at 7.05%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | SPDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.55% | 7.05% | +4.50% |
Volatility (6M)Calculated over the trailing 6-month period | 27.96% | 14.59% | +13.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.36% | 16.72% | +15.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.60% | 16.70% | +16.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.66% | 17.13% | +16.53% |
EFU vs. SPDW - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than SPDW's 0.04% expense ratio.
Dividends
EFU vs. SPDW - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.37%, more than SPDW's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.37% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% | 0.00% |
SPDW SPDR Portfolio World ex-US ETF | 3.06% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
Frequently Asked Questions
EFU and SPDW 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.
EFU has higher volatility (11.55%) compared to SPDW (7.05%). In terms of maximum drawdown, EFU dropped -99.37% vs SPDW's -60.02%.
On 10-year performance, SPDW leads with 10.63% vs -20.39% for EFU. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 7.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDW has performed better with a 10.63% return vs -20.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.37%, compared with 3.06% for SPDW.
EFU is categorized as Leveraged Equities, while SPDW is Foreign Large Cap Equities. EFU tracks MSCI EAFE Index (-200%), while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for EFU and 0.04% for SPDW.
SPDW currently has the higher Sharpe Ratio (1.82 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.
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