EFU vs. USD
EFU (ProShares UltraShort MSCI EAFE) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, EFU returned -19.65%/yr vs 53.94%/yr for USD. Their -0.61 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EFU vs. USD - 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 USD's 55.27% return. Over the past 10 years, EFU has underperformed USD with an annualized return of -19.65%, while USD has yielded a comparatively higher 53.94% 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%
USD
- 1D
- 3.34%
- 1M
- -7.07%
- 6M
- 41.04%
- YTD
- 55.27%
- 1Y
- 98.72%
- 3Y*
- 95.45%
- 5Y*
- 54.39%
- 10Y*
- 53.94%
- ALL TIME*
- 28.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.57K | $37.75K | $56.26K | |
| $71.31M | $70.59M | $96.20M |
EFU vs. USD - 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% |
USD ProShares Ultra Semiconductors | 55.27% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between EFU and USD is -0.54, 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. | -0.54 |
Correlation (3Y) Balances recent behavior with more history. | -0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | -0.61 |
The correlation between EFU and USD shifts across timeframes, from -0.61 (all time) to -0.49 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EFU vs. USD — Risk / Return Rank
EFU
USD
EFU vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.24 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 2.52 | -3.57 |
| Martin ratioReturn relative to average drawdown | -1.67 | 7.21 | -8.88 |
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Drawdowns
EFU vs. USD - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EFU and USD.
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Drawdown Indicators
| EFU | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.39% | -88.63% | -10.76% |
Max Drawdown (1Y)Largest decline over 1 year | -34.17% | -39.33% | +5.16% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -64.46% | -1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -77.85% | +1.46% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | -77.85% | -11.54% |
Current DrawdownCurrent decline from peak | -99.39% | -28.27% | -71.12% |
Average DrawdownAverage peak-to-trough decline | -87.22% | -32.23% | -54.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.06% | 13.74% | +9.32% |
Volatility
EFU vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 9.16%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.45%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 27.45% | -18.29% |
Volatility (6M)Calculated over the trailing 6-month period | 28.75% | 61.08% | -32.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 73.76% | -41.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.67% | 78.77% | -45.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.62% | 70.41% | -36.79% |
EFU vs. USD - Expense Ratio Comparison
Both EFU and USD have an expense ratio of 0.95%.
Dividends
EFU vs. USD - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.21%, more than USD's 0.37% 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% |
USD ProShares Ultra Semiconductors | 0.37% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
EFU and USD have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (27.45%) compared to EFU (9.16%). In terms of maximum drawdown, EFU dropped -99.39% vs USD's -88.63%.
On 10-year performance, USD leads with 53.94% 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, USD has performed better with a 53.94% return vs -19.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and USD have the same expense ratio: 0.95% per year.
EFU has the higher dividend yield at 5.21%, compared with 0.37% for USD.
EFU tracks MSCI EAFE Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.35 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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