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EFU vs. SPDW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFU vs. SPDW

Last updated Jun 4, 2026

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 -19.60%/yr vs 10.09%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI EAFE (EFU) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EFU achieves a -16.12% return, which is significantly lower than SPDW's 15.00% return. Over the past 10 years, EFU has underperformed SPDW with an annualized return of -19.60%, while SPDW has yielded a comparatively higher 10.09% annualized 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%

SPDW

1D
-0.87%
1M
5.56%
YTD
15.00%
6M
18.06%
1Y
32.15%
3Y*
19.77%
5Y*
9.38%
10Y*
10.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFU vs. SPDW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFU
ProShares UltraShort MSCI EAFE		-16.12%-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		15.00%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 26, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort MSCI EAFE

SPDR Portfolio World ex-US ETF

Often compared with EFU:
EFU vs. EEVEFU vs. EFOEFU vs. VIXYEFU vs. EETHEFU vs. FMAGEFU vs. IDMOEFU vs. GGLL
Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS

Return for Risk

EFU vs. SPDW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFU
EFU Risk / Return Rank: 11
Overall Rank
EFU Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EFU Sortino Ratio Rank: 22
Sortino Ratio Rank
EFU Omega Ratio Rank: 22
Omega Ratio Rank
EFU Calmar Ratio Rank: 11
Calmar Ratio Rank
EFU Martin Ratio Rank: 11
Martin Ratio Rank
SPDW
SPDW Risk / Return Rank: 5959
Overall Rank
SPDW Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 5959
Sortino Ratio Rank
SPDW Omega Ratio Rank: 5959
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5555
Calmar Ratio Rank
SPDW Martin Ratio Rank: 6060
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

EFUSPDWDifference
Sharpe ratioReturn per unit of total volatility
-0.98
2.07

-3.06

Sortino ratioReturn per unit of downside risk
-1.36
2.87

-4.23

Omega ratioGain probability vs. loss probability

0.84

1.37

-0.53

Calmar ratioReturn relative to maximum drawdown

-0.89

2.80

-3.68

Martin ratioReturn relative to average drawdown

-1.50

10.93

-12.43

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFU vs. SPDW - Sharpe Ratio Comparison

The current EFU Sharpe Ratio is -0.98, which is lower than the SPDW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of EFU and SPDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EFUSPDWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.98

2.07

-3.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

0.57

-1.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.57

0.59

-1.16

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

0.24

-0.68

Drawdowns

EFU vs. SPDW - Drawdown Comparison

The maximum EFU drawdown since its inception was -99.36%, 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

EFUSPDWDifference

Max Drawdown

Largest peak-to-trough decline

-99.36%

-60.02%

-39.34%

Max Drawdown (1Y)

Largest decline over 1 year

-34.19%

-11.55%

-22.64%

Max Drawdown (3Y)

Largest decline over 3 years

-64.29%

-13.53%

-50.76%

Max Drawdown (5Y)

Largest decline over 5 years

-75.42%

-30.21%

-45.21%

Max Drawdown (10Y)

Largest decline over 10 years

-90.41%

-34.98%

-55.43%

Current Drawdown

Current decline from peak

-99.35%

-0.87%

-98.48%

Average Drawdown

Average peak-to-trough decline

-87.13%

-12.91%

-74.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

20.14%

2.95%

+17.19%

Volatility

EFU vs. SPDW - Volatility Comparison

ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 10.10% compared to SPDR Portfolio World ex-US ETF (SPDW) at 5.63%. 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

EFUSPDWDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.10%

5.63%

+4.47%

Volatility (6M)

Calculated over the trailing 6-month period

26.06%

13.17%

+12.89%

Volatility (1Y)

Calculated over the trailing 1-year period

30.91%

15.60%

+15.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.34%

16.49%

+16.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.20%

17.26%

+16.94%

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 5.38%, more than SPDW's 2.87% yield.

PositionTTM20252024202320222021202020192018201720162015
EFU
ProShares UltraShort MSCI EAFE		5.38%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		2.87%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 (10.10%) compared to SPDW (5.63%). In terms of maximum drawdown, EFU dropped -99.36% vs SPDW's -60.02%.

On 10-year performance, SPDW leads with 10.09% vs -19.60% for EFU. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 5.63%. 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 10.09% return vs -19.60%. 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 5.38%, compared with 2.87% 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 (2.07 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.

Portfolio Optimizer

Find the right allocation for EFU and SPDW

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