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 -19.60%/yr vs 30.09%/yr for UPRO. At a correlation of -0.78, they often move in opposite directions. 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 -16.12% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, EFU has underperformed UPRO with an annualized return of -19.60%, while UPRO has yielded a comparatively higher 30.09% 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%
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
EFU vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 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 -0.74, 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 | -0.74 |
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 26, 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.
| EFU | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.28 | ||
| Sortino ratioReturn per unit of downside risk | -4.12 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.36 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 3.03 | -3.92 |
| Martin ratioReturn relative to average drawdown | -1.50 | 12.80 | -14.31 |
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 | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 2.30 | -3.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.46 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | 0.56 | -1.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.65 | -1.09 |
Drawdowns
EFU vs. UPRO - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, 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 | -99.36% | -76.82% | -22.54% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -26.78% | -7.41% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -48.87% | -15.42% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -63.94% | -11.48% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | -76.82% | -13.59% |
Current DrawdownCurrent decline from peak | -99.35% | -2.09% | -97.26% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -14.42% | -72.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 6.33% | +13.81% |
Volatility
EFU vs. UPRO - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 10.10% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier 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 | 10.10% | 8.45% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 26.06% | 26.60% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.91% | 35.35% | -4.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.34% | 50.32% | -16.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.20% | 53.74% | -19.54% |
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 5.38%, more than UPRO's 0.68% 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% |
UPRO ProShares UltraPro S&P 500 | 0.68% | 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 -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFU has higher volatility (10.10%) compared to UPRO (8.45%). In terms of maximum drawdown, EFU dropped -99.36% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.09% vs -19.60% for EFU. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. 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 30.09% return vs -19.60%. 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 5.38%, compared with 0.68% 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 (2.30 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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