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 -19.72%/yr vs -46.69%/yr for VIXY. Their 0.65 correlation means they have sometimes moved together and sometimes differently. EFU charges 0.95%/yr vs 0.85%/yr for VIXY.
Performance
EFU vs. VIXY - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with EFU having a -20.84% return and VIXY slightly higher at -20.01%. Over the past 10 years, EFU has outperformed VIXY with an annualized return of -19.72%, while VIXY has yielded a comparatively lower -46.69% annualized return.
EFU
- 1D
- 0.98%
- 1M
- -2.66%
- 6M
- -12.99%
- YTD
- -20.84%
- 1Y
- -35.13%
- 3Y*
- -24.16%
- 5Y*
- -16.37%
- 10Y*
- -19.72%
- ALL TIME*
- -19.07%
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.02K | $35.41K | $55.57K | |
| $61.09M | $56.74M | $72.28M |
EFU vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -20.84% | -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 | -20.01% | -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 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.85 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.92 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.40 | -0.12 |
Loading charts...
Drawdowns
EFU vs. VIXY - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, 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.
Loading charts...
Drawdown Indicators
| EFU | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.39% | -100.00% | +0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -35.76% | -55.18% | +19.42% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -81.45% | +15.76% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -95.91% | +19.52% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | -99.82% | +10.43% |
Current DrawdownCurrent decline from peak | -99.38% | -100.00% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -87.21% | -92.24% | +5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.95% | 36.13% | -13.18% |
Volatility
EFU vs. VIXY - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 9.53%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 14.60%. 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.
Loading charts...
Volatility by Period
| EFU | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.53% | 14.60% | -5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 28.80% | 43.36% | -14.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.57% | 57.54% | -24.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.66% | 69.97% | -36.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.61% | 71.89% | -38.28% |
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 5.18%, while VIXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.18% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.60%) compared to EFU (9.53%). In terms of maximum drawdown, EFU dropped -99.39% vs VIXY's -100.00%.
On 10-year performance, EFU leads with -19.72% vs -46.69% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, EFU has been the lower-risk option at 9.53%. 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 -19.72% return vs -46.69%. 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 5.18%, 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.
VIXY currently has the higher Sharpe Ratio (-0.88 vs -1.08), 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.
Find the right allocation for EFU and VIXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer