EFU vs. SQQQ
EFU (ProShares UltraShort MSCI EAFE) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EFU returned -19.56%/yr vs -55.43%/yr for SQQQ. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EFU vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -18.17% return, which is significantly higher than SQQQ's -42.24% return. Over the past 10 years, EFU has outperformed SQQQ with an annualized return of -19.56%, while SQQQ has yielded a comparatively lower -55.43% 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%
SQQQ
- 1D
- -3.30%
- 1M
- -1.98%
- 6M
- -38.99%
- YTD
- -42.24%
- 1Y
- -57.13%
- 3Y*
- -52.32%
- 5Y*
- -46.24%
- 10Y*
- -55.43%
EFU vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -42.24% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between EFU and SQQQ is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.67 |
The correlation between EFU and SQQQ has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.
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Return for Risk
EFU vs. SQQQ — Risk / Return Rank
EFU
SQQQ
EFU vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.81 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.94 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.73 | +0.34 |
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Drawdowns
EFU vs. SQQQ - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.38%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EFU and SQQQ.
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Drawdown Indicators
| EFU | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.38% | -100.00% | +0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -35.10% | -61.03% | +25.93% |
Max Drawdown (3Y)Largest decline over 3 years | -65.34% | -92.51% | +27.17% |
Max Drawdown (5Y)Largest decline over 5 years | -76.14% | -97.27% | +21.13% |
Max Drawdown (10Y)Largest decline over 10 years | -89.28% | -99.97% | +10.69% |
Current DrawdownCurrent decline from peak | -99.36% | -100.00% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -87.18% | -92.75% | +5.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.71% | 32.98% | -11.27% |
Volatility
EFU vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 8.27%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 24.18%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 24.18% | -15.91% |
Volatility (6M)Calculated over the trailing 6-month period | 28.47% | 45.91% | -17.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 55.61% | -23.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.63% | 67.89% | -34.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.57% | 66.57% | -33.00% |
EFU vs. SQQQ - Expense Ratio Comparison
Both EFU and SQQQ have an expense ratio of 0.95%.
Dividends
EFU vs. SQQQ - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.01%, less than SQQQ's 10.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 10.34% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
EFU and SQQQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (24.18%) compared to EFU (8.27%). In terms of maximum drawdown, EFU dropped -99.38% vs SQQQ's -100.00%.
On 10-year performance, EFU leads with -19.56% vs -55.43% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 8.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFU has performed better with a -19.56% return vs -55.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.34%, compared with 5.01% for EFU.
EFU tracks MSCI EAFE Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
EFU currently has the higher Sharpe Ratio (-0.93 vs -1.03), 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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