EFU vs. UVXY

Last updated Jul 15, 2026

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 -19.56%/yr vs -72.11%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI EAFE (EFU) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFU achieves a -18.17% return, which is significantly higher than UVXY's -33.76% return. Over the past 10 years, EFU has outperformed UVXY with an annualized return of -19.56%, while UVXY has yielded a comparatively lower -72.11% annualized return.

EFU

• 1D: -1.43%
• 1M: -0.81%
• 6M: -13.34%
• YTD: -18.17%
• 1Y: -30.27%
• 3Y*: -22.87%
• 5Y*: -16.11%
• 10Y*: -19.56%

UVXY

• 1D: -2.14%
• 1M: -17.16%
• 6M: -33.16%
• YTD: -33.76%
• 1Y: -72.68%
• 3Y*: -62.00%
• 5Y*: -67.84%
• 10Y*: -72.11%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EFU vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFU ProShares UltraShort MSCI EAFE	-18.17%	-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	-33.76%	-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 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.64

The correlation between EFU and UVXY has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.

Return for Risk

EFU vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFU

EFU Risk / Return Rank: 2
EFU Sharpe Ratio Rank: 2
EFU Sortino Ratio Rank: 3
EFU Omega Ratio Rank: 3
EFU Calmar Ratio Rank: 2
EFU Martin Ratio Rank: 2

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	-0.85	-0.08
Sortino ratio: Return per unit of downside risk	-1.28	-1.57	+0.28
Omega ratio: Gain probability vs. loss probability	0.85	0.82	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.99	+0.13
Martin ratio: Return relative to average drawdown	-1.40	-1.48	+0.08

EFU vs. UVXY - Sharpe Ratio Comparison

The current EFU Sharpe Ratio is -0.93, which is comparable to the UVXY Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of EFU and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFU vs. UVXY - Drawdown Comparison

The maximum EFU drawdown since its inception was -99.38%, 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.

Drawdown Indicators

	EFU	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-99.38%	-100.00%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-35.10%	-73.42%	+38.32%
Max Drawdown (3Y) Largest decline over 3 years	-65.34%	-95.32%	+29.98%
Max Drawdown (5Y) Largest decline over 5 years	-76.14%	-99.74%	+23.60%
Max Drawdown (10Y) Largest decline over 10 years	-89.28%	-100.00%	+10.72%
Current Drawdown Current decline from peak	-99.36%	-100.00%	+0.64%
Average Drawdown Average peak-to-trough decline	-87.18%	-98.75%	+11.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.71%	49.12%	-27.41%

Volatility

EFU vs. UVXY - Volatility Comparison

The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 8.27%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 20.24%. 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.

Volatility by Period

	EFU	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	20.24%	-11.97%
Volatility (6M) Calculated over the trailing 6-month period	28.47%	66.67%	-38.20%
Volatility (1Y) Calculated over the trailing 1-year period	32.55%	85.34%	-52.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.63%	103.83%	-70.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.57%	112.04%	-78.47%

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 5.01%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EFU ProShares UltraShort MSCI EAFE	5.01%	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

Can I hold both EFU and UVXY in my portfolio?

EFU and UVXY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFU or UVXY?

UVXY has higher volatility (20.24%) compared to EFU (8.27%). In terms of maximum drawdown, EFU dropped -99.38% vs UVXY's -100.00%.

Which ETF is better, EFU or UVXY?

On 10-year performance, EFU leads with -19.56% vs -72.11% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 8.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFU or UVXY?

Over the 10-year period, EFU has performed better with a -19.56% return vs -72.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFU or UVXY?

EFU and UVXY have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, EFU or UVXY?

EFU has the higher dividend yield at 5.01%, compared with 0.00% for UVXY.

What is the main difference between EFU and 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%).

Which has better risk-adjusted returns?

UVXY currently has the higher Sharpe Ratio (-0.85 vs -0.93), 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.