EFU vs. TQQQ
EFU (ProShares UltraShort MSCI EAFE) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, EFU returned -19.60%/yr vs 45.33%/yr for TQQQ. At a correlation of -0.67, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EFU vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -16.12% return, which is significantly lower than TQQQ's 64.46% return. Over the past 10 years, EFU has underperformed TQQQ with an annualized return of -19.60%, while TQQQ has yielded a comparatively higher 45.33% 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%
TQQQ
- 1D
- -0.76%
- 1M
- 33.35%
- YTD
- 64.46%
- 6M
- 55.93%
- 1Y
- 137.89%
- 3Y*
- 69.49%
- 5Y*
- 28.37%
- 10Y*
- 45.33%
EFU vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between EFU and TQQQ is -0.66, 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 | -0.66 |
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 12, 2010 | -0.67 |
The correlation between EFU and TQQQ has been stable across timeframes, ranging from -0.67 to -0.63 - a consistent structural relationship.
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Return for Risk
EFU vs. TQQQ — Risk / Return Rank
EFU
TQQQ
EFU vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares UltraPro QQQ (TQQQ). 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.
| EFU | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.90 | ||
| Sortino ratioReturn per unit of downside risk | -4.45 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.40 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 3.75 | -4.64 |
| Martin ratioReturn relative to average drawdown | -1.50 | 12.27 | -13.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EFU | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 2.92 | -3.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.43 | -0.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | 0.69 | -1.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.74 | -1.18 |
Drawdowns
EFU vs. TQQQ - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for EFU and TQQQ.
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Drawdown Indicators
| EFU | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -81.66% | -17.70% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -36.97% | +2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -58.04% | -6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -81.66% | +6.24% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | -81.66% | -8.75% |
Current DrawdownCurrent decline from peak | -99.35% | -0.76% | -98.59% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -18.52% | -68.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 11.28% | +8.86% |
Volatility
EFU vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 10.10%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.29%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.10% | 13.29% | -3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 26.06% | 36.04% | -9.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.91% | 47.60% | -16.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.34% | 66.53% | -33.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.20% | 65.96% | -31.76% |
EFU vs. TQQQ - Expense Ratio Comparison
Both EFU and TQQQ have an expense ratio of 0.95%.
Dividends
EFU vs. TQQQ - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.38%, more than TQQQ's 0.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
EFU and TQQQ have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (13.29%) compared to EFU (10.10%). In terms of maximum drawdown, EFU dropped -99.36% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.33% vs -19.60% for EFU. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.33% return vs -19.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and TQQQ have the same expense ratio: 0.95% per year.
EFU has the higher dividend yield at 5.38%, compared with 0.36% for TQQQ.
EFU tracks MSCI EAFE Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (2.92 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.
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