EFU vs. UPRO
EFU (ProShares UltraShort MSCI EAFE) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, EFU returned -19.65%/yr vs 28.55%/yr for UPRO. Their -0.78 correlation means they have often moved in opposite directions in the past. EFU charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
EFU vs. UPRO - 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 UPRO's 26.96% return. Over the past 10 years, EFU has underperformed UPRO with an annualized return of -19.65%, while UPRO has yielded a comparatively higher 28.55% 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%
UPRO
- 1D
- 4.31%
- 1M
- 3.94%
- 6M
- 21.04%
- YTD
- 26.96%
- 1Y
- 60.49%
- 3Y*
- 46.49%
- 5Y*
- 20.10%
- 10Y*
- 28.55%
- ALL TIME*
- 33.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.57K | $37.75K | $56.26K | |
| $303.16M | $293.07M | $361.38M |
EFU vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 26.96% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between EFU and UPRO is -0.76, 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. | -0.76 |
Correlation (3Y) Balances recent behavior with more history. | -0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.78 |
The correlation between EFU and UPRO has been stable across timeframes, ranging from -0.78 to -0.71 - a consistent structural relationship.
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Return for Risk
EFU vs. UPRO — Risk / Return Rank
EFU
UPRO
EFU vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 2.27 | -3.31 |
| Martin ratioReturn relative to average drawdown | -1.67 | 8.68 | -10.35 |
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Drawdowns
EFU vs. UPRO - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for EFU and UPRO.
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Drawdown Indicators
| EFU | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.39% | -76.82% | -22.57% |
Max Drawdown (1Y)Largest decline over 1 year | -34.17% | -26.78% | -7.39% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -48.87% | -16.82% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -63.94% | -12.45% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | -76.82% | -12.57% |
Current DrawdownCurrent decline from peak | -99.39% | -2.80% | -96.59% |
Average DrawdownAverage peak-to-trough decline | -87.22% | -14.34% | -72.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.06% | 6.99% | +16.07% |
Volatility
EFU vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 9.16%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 11.49%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 11.49% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 28.75% | 30.61% | -1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 38.43% | -5.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.67% | 50.74% | -17.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.62% | 53.81% | -20.19% |
EFU vs. UPRO - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
EFU vs. UPRO - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.21%, more than UPRO's 0.74% 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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
EFU and UPRO have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (11.49%) compared to EFU (9.16%). In terms of maximum drawdown, EFU dropped -99.39% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.55% vs -19.65% for EFU. On fees, UPRO is cheaper at 0.89% per year. 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, UPRO has performed better with a 28.55% return vs -19.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.21%, compared with 0.74% for UPRO.
EFU tracks MSCI EAFE Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for EFU and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.58 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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