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 -19.65%/yr vs 39.51%/yr for TQQQ. Their -0.67 correlation means they have often moved in opposite directions in the past. 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 -21.36% return, which is significantly lower than TQQQ's 29.42% return. Over the past 10 years, EFU has underperformed TQQQ with an annualized return of -19.65%, while TQQQ has yielded a comparatively higher 39.51% annualized return.
EFU
- 1D
- -0.66%
- 1M
- -3.30%
- 6M
- -12.53%
- YTD
- -21.36%
- 1Y
- -35.56%
- 3Y*
- -25.18%
- 5Y*
- -16.16%
- 10Y*
- -19.65%
- ALL TIME*
- -19.09%
TQQQ
- 1D
- 5.17%
- 1M
- -7.35%
- 6M
- 23.83%
- YTD
- 29.42%
- 1Y
- 64.98%
- 3Y*
- 50.64%
- 5Y*
- 16.02%
- 10Y*
- 39.51%
- ALL TIME*
- 42.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.57K | $37.75K | $56.26K | |
| $4.46B | $4.47B | $5.36B |
EFU vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -21.36% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
TQQQ ProShares UltraPro QQQ | 29.42% | 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 -0.68, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.67 |
The correlation between EFU and TQQQ has been stable across timeframes, ranging from -0.68 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.
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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 1.77 | -2.81 |
| Martin ratioReturn relative to average drawdown | -1.67 | 4.90 | -6.56 |
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Drawdowns
EFU vs. TQQQ - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, 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 | -99.39% | -81.66% | -17.73% |
Max Drawdown (1Y)Largest decline over 1 year | -34.17% | -36.97% | +2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -58.04% | -7.65% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -81.66% | +5.27% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | -81.66% | -7.73% |
Current DrawdownCurrent decline from peak | -99.39% | -21.90% | -77.49% |
Average DrawdownAverage peak-to-trough decline | -87.22% | -18.50% | -68.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.06% | 13.31% | +9.75% |
Volatility
EFU vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 9.16%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.63%. 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 | 9.16% | 20.63% | -11.47% |
Volatility (6M)Calculated over the trailing 6-month period | 28.75% | 47.88% | -19.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 57.57% | -25.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.67% | 68.10% | -34.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.62% | 66.61% | -32.99% |
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 5.21%, more than TQQQ's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.21% | 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 | 0.56% | 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 -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.63%) compared to EFU (9.16%). In terms of maximum drawdown, EFU dropped -99.39% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.51% vs -19.65% for EFU. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 9.16%. 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 39.51% return vs -19.65%. 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 5.21%, compared with 0.56% for TQQQ.
EFU tracks MSCI EAFE Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.14 vs -1.10), 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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