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 -19.70%/yr vs 61.24%/yr for USD. At a correlation of -0.61, they often move in opposite directions. 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 -17.12% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, EFU has underperformed USD with an annualized return of -19.70%, while USD has yielded a comparatively higher 61.24% annualized return.
EFU
- 1D
- -1.19%
- 1M
- -5.46%
- YTD
- -17.12%
- 6M
- -20.10%
- 1Y
- -30.37%
- 3Y*
- -24.51%
- 5Y*
- -15.28%
- 10Y*
- -19.70%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
EFU vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -17.12% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
USD ProShares Ultra Semiconductors | 103.32% | 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 -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2007 | -0.61 |
The correlation between EFU and USD shifts across timeframes, from -0.61 (all time) to -0.47 (1 year), 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.
| EFU | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.11 | ||
| Sortino ratioReturn per unit of downside risk | -4.98 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.48 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 7.94 | -8.83 |
| Martin ratioReturn relative to average drawdown | -1.50 | 22.96 | -24.46 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.99 | 4.12 | -5.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | 0.89 | -1.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | 0.89 | -1.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.49 | -0.93 |
Drawdowns
EFU vs. USD - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, 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 | -99.36% | -88.63% | -10.73% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -31.80% | -2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -64.46% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -77.85% | +2.43% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | -77.85% | -12.56% |
Current DrawdownCurrent decline from peak | -99.35% | -6.07% | -93.28% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -32.35% | -54.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.24% | 10.98% | +9.26% |
Volatility
EFU vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 9.80%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. 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 | 9.80% | 21.29% | -11.49% |
Volatility (6M)Calculated over the trailing 6-month period | 26.08% | 46.74% | -20.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.88% | 61.28% | -30.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.33% | 76.56% | -43.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.19% | 69.24% | -35.05% |
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 5.45%, more than USD's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.45% | 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 | 0.23% | 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 -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to EFU (9.80%). In terms of maximum drawdown, EFU dropped -99.36% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -19.70% for EFU. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 9.80%. 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 61.24% return vs -19.70%. 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 5.45%, compared with 0.23% 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 (4.12 vs -0.99), 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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