EFU vs. SPUU
EFU (ProShares UltraShort MSCI EAFE) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - EFU tracks the MSCI EAFE Index (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, EFU returned -19.56%/yr vs 23.96%/yr for SPUU. At a correlation of -0.74, they often move in opposite directions. EFU charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
EFU vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -18.17% return, which is significantly lower than SPUU's 18.57% return. Over the past 10 years, EFU has underperformed SPUU with an annualized return of -19.56%, while SPUU has yielded a comparatively higher 23.96% annualized return.
EFU
- 1D
- -1.43%
- 1M
- -0.81%
- 6M
- -13.34%
- YTD
- -18.17%
- 1Y
- -30.27%
- 3Y*
- -22.87%
- 5Y*
- -16.11%
- 10Y*
- -19.56%
SPUU
- 1D
- 0.61%
- 1M
- 2.60%
- 6M
- 14.73%
- YTD
- 18.57%
- 1Y
- 38.47%
- 3Y*
- 33.35%
- 5Y*
- 18.49%
- 10Y*
- 23.96%
EFU vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -18.17% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 18.57% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between EFU and SPUU is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.74 |
The correlation between EFU and SPUU has been stable across timeframes, ranging from -0.75 to -0.71 - a consistent structural relationship.
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Return for Risk
EFU vs. SPUU — Risk / Return Rank
EFU
SPUU
EFU vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -3.34 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.27 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.13 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.40 | 8.81 | -10.20 |
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Drawdowns
EFU vs. SPUU - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.38%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for EFU and SPUU.
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Drawdown Indicators
| EFU | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.38% | -59.35% | -40.03% |
Max Drawdown (1Y)Largest decline over 1 year | -35.10% | -18.19% | -16.91% |
Max Drawdown (3Y)Largest decline over 3 years | -65.34% | -35.18% | -30.16% |
Max Drawdown (5Y)Largest decline over 5 years | -76.14% | -46.59% | -29.55% |
Max Drawdown (10Y)Largest decline over 10 years | -89.28% | -59.35% | -29.93% |
Current DrawdownCurrent decline from peak | -99.36% | -2.31% | -97.05% |
Average DrawdownAverage peak-to-trough decline | -87.18% | -9.46% | -77.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.71% | 4.38% | +17.33% |
Volatility
EFU vs. SPUU - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 8.27% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.57%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 7.57% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 28.47% | 20.10% | +8.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 25.25% | +7.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.63% | 33.69% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.57% | 35.76% | -2.19% |
EFU vs. SPUU - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
EFU vs. SPUU - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.01%, more than SPUU's 1.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.01% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.32% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
EFU and SPUU have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFU has higher volatility (8.27%) compared to SPUU (7.57%). In terms of maximum drawdown, EFU dropped -99.38% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 23.96% vs -19.56% for EFU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 23.96% return vs -19.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.01%, compared with 1.32% for SPUU.
EFU tracks MSCI EAFE Index (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EFU and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.53 vs -0.93), 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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