EFU vs. VIXY
EFU (ProShares UltraShort MSCI EAFE) and VIXY (ProShares VIX Short-Term Futures ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%), while VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index. Both are passively managed. Over the past 10 years, EFU returned -19.44%/yr vs -47.17%/yr for VIXY. A 0.65 correlation means they provide meaningful diversification when combined. EFU charges 0.95%/yr vs 0.85%/yr for VIXY.
Performance
EFU vs. VIXY - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -16.99% return, which is significantly higher than VIXY's -18.02% return. Over the past 10 years, EFU has outperformed VIXY with an annualized return of -19.44%, while VIXY has yielded a comparatively lower -47.17% annualized return.
EFU
- 1D
- 2.21%
- 1M
- 0.63%
- 6M
- -11.26%
- YTD
- -16.99%
- 1Y
- -29.23%
- 3Y*
- -22.50%
- 5Y*
- -15.55%
- 10Y*
- -19.44%
VIXY
- 1D
- 3.34%
- 1M
- -9.75%
- 6M
- -16.02%
- YTD
- -18.02%
- 1Y
- -52.30%
- 3Y*
- -39.72%
- 5Y*
- -46.37%
- 10Y*
- -47.17%
EFU vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -16.99% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
VIXY ProShares VIX Short-Term Futures ETF | -18.02% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
Correlation
The correlation between EFU and VIXY is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
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 Jan 4, 2011 | 0.65 |
The correlation between EFU and VIXY has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.
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Return for Risk
EFU vs. VIXY — Risk / Return Rank
EFU
VIXY
EFU vs. VIXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) and ProShares VIX Short-Term Futures ETF (VIXY). 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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.83 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.96 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.54 | +0.18 |
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Drawdowns
EFU vs. VIXY - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.38%, roughly equal to the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EFU and VIXY.
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Drawdown Indicators
| EFU | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.38% | -100.00% | +0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -35.10% | -54.62% | +19.52% |
Max Drawdown (3Y)Largest decline over 3 years | -65.34% | -81.19% | +15.85% |
Max Drawdown (5Y)Largest decline over 5 years | -76.14% | -96.44% | +20.30% |
Max Drawdown (10Y)Largest decline over 10 years | -89.28% | -99.84% | +10.56% |
Current DrawdownCurrent decline from peak | -99.35% | -100.00% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -87.18% | -92.21% | +5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.61% | 34.02% | -12.41% |
Volatility
EFU vs. VIXY - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 10.45%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 14.22%. This indicates that EFU experiences smaller price fluctuations and is considered to be less risky than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFU | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 14.22% | -3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 28.49% | 44.20% | -15.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.59% | 56.45% | -23.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.63% | 70.29% | -36.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.57% | 71.84% | -38.27% |
EFU vs. VIXY - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than VIXY's 0.85% expense ratio.
Dividends
EFU vs. VIXY - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 4.94%, while VIXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 4.94% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% |
VIXY ProShares 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 VIXY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.22%) compared to EFU (10.45%). In terms of maximum drawdown, EFU dropped -99.38% vs VIXY's -100.00%.
On 10-year performance, EFU leads with -19.44% vs -47.17% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, EFU has been the lower-risk option at 10.45%. 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 -19.44% return vs -47.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 4.94%, compared with 0.00% for VIXY.
EFU is categorized as Leveraged Equities, while VIXY is Volatility. EFU tracks MSCI EAFE Index (-200%), while VIXY tracks S&P 500 VIX Short-Term Futures Index. Their fees differ too: 0.95% for EFU and 0.85% for VIXY.
EFU currently has the higher Sharpe Ratio (-0.90 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.
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