EFU vs. UVXY
EFU (ProShares UltraShort MSCI EAFE) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, EFU returned -19.70%/yr vs -72.73%/yr for UVXY. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EFU vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -17.12% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, EFU has outperformed UVXY with an annualized return of -19.70%, while UVXY has yielded a comparatively lower -72.73% 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%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
EFU vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between EFU and UVXY is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.64 |
The correlation between EFU and UVXY has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
EFU vs. UVXY — Risk / Return Rank
EFU
UVXY
EFU vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.81 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.97 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.33 | -0.18 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.99 | -0.88 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.66 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | -0.64 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | -0.68 | +0.24 |
Drawdowns
EFU vs. UVXY - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EFU and UVXY.
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Drawdown Indicators
| EFU | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -100.00% | +0.64% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -76.19% | +42.00% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -95.25% | +30.96% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -99.69% | +24.27% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | -100.00% | +9.59% |
Current DrawdownCurrent decline from peak | -99.35% | -100.00% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -98.55% | +11.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.24% | 55.83% | -35.59% |
Volatility
EFU vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 9.80%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 12.26% | -2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 26.08% | 62.79% | -36.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.88% | 84.51% | -53.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.33% | 103.82% | -70.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.19% | 113.81% | -79.62% |
EFU vs. UVXY - Expense Ratio Comparison
Both EFU and UVXY have an expense ratio of 0.95%.
Dividends
EFU vs. UVXY - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.45%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.45% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFU and UVXY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to EFU (9.80%). In terms of maximum drawdown, EFU dropped -99.36% vs UVXY's -100.00%.
On 10-year performance, EFU leads with -19.70% vs -72.73% for UVXY. 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, EFU has performed better with a -19.70% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and UVXY have the same expense ratio: 0.95% per year.
EFU has the higher dividend yield at 5.45%, compared with 0.00% for UVXY.
EFU is categorized as Leveraged Equities, while UVXY is Volatility. EFU tracks MSCI EAFE Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.88 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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