EFU vs. VIXY

Last updated Jun 4, 2026

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 Total Return. Both are passively managed. Over the past 10 years, EFU returned -19.60%/yr vs -47.13%/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

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

Returns By Period

In the year-to-date period, EFU achieves a -16.12% return, which is significantly lower than VIXY's -8.27% return. Over the past 10 years, EFU has outperformed VIXY with an annualized return of -19.60%, while VIXY has yielded a comparatively lower -47.13% annualized return.

EFU

• 1D: 1.27%
• 1M: -7.02%
• YTD: -16.12%
• 6M: -19.44%
• 1Y: -30.25%
• 3Y*: -23.88%
• 5Y*: -15.08%
• 10Y*: -19.60%

VIXY

• 1D: 0.26%
• 1M: -15.15%
• YTD: -8.27%
• 6M: -22.71%
• 1Y: -53.80%
• 3Y*: -42.73%
• 5Y*: -46.70%
• 10Y*: -47.13%

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

EFU vs. VIXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFU ProShares UltraShort MSCI EAFE	-16.12%	-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	-8.27%	-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 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.58
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 5, 2011	0.65

The correlation between EFU and VIXY has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

EFU vs. VIXY — Risk / Return Rank

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

EFU

EFU Risk / Return Rank: 1
EFU Sharpe Ratio Rank: 1
EFU Sortino Ratio Rank: 2
EFU Omega Ratio Rank: 2
EFU Calmar Ratio Rank: 1
EFU Martin Ratio Rank: 1

VIXY

VIXY Risk / Return Rank: 1
VIXY Sharpe Ratio Rank: 1
VIXY Sortino Ratio Rank: 1
VIXY Omega Ratio Rank: 1
VIXY Calmar Ratio Rank: 1
VIXY Martin Ratio Rank: 2

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. 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.

	EFU	VIXY	Difference
Sharpe ratio Return per unit of total volatility	-0.98	-0.97	-0.02
Sortino ratio Return per unit of downside risk	-1.36	-1.56	+0.20
Omega ratio Gain probability vs. loss probability	0.84	0.82	+0.02
Calmar ratio Return relative to maximum drawdown	-0.89	-0.95	+0.06
Martin ratio Return relative to average drawdown	-1.50	-1.34	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFU vs. VIXY - Sharpe Ratio Comparison

The current EFU Sharpe Ratio is -0.98, which is comparable to the VIXY Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of EFU and VIXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EFU	VIXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	-0.97	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	-0.67	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.57	-0.65	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	-0.69	+0.26

Drawdowns

EFU vs. VIXY - Drawdown Comparison

The maximum EFU drawdown since its inception was -99.36%, 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.

Drawdown Indicators

	EFU	VIXY	Difference
Max Drawdown Largest peak-to-trough decline	-99.36%	-100.00%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-34.19%	-56.72%	+22.53%
Max Drawdown (3Y) Largest decline over 3 years	-64.29%	-81.00%	+16.71%
Max Drawdown (5Y) Largest decline over 5 years	-75.42%	-95.92%	+20.50%
Max Drawdown (10Y) Largest decline over 10 years	-90.41%	-99.87%	+9.46%
Current Drawdown Current decline from peak	-99.35%	-100.00%	+0.65%
Average Drawdown Average peak-to-trough decline	-87.13%	-92.18%	+5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.14%	40.22%	-20.08%

Volatility

EFU vs. VIXY - Volatility Comparison

ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 10.10% compared to ProShares VIX Short-Term Futures ETF (VIXY) at 8.03%. This indicates that EFU's price experiences larger fluctuations and is considered to be riskier than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFU	VIXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.10%	8.03%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	26.06%	41.47%	-15.41%
Volatility (1Y) Calculated over the trailing 1-year period	30.91%	55.89%	-24.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.34%	70.31%	-36.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.20%	72.48%	-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 5.38%, while VIXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EFU ProShares UltraShort MSCI EAFE	5.38%	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

Can I hold both EFU and VIXY in my portfolio?

EFU and VIXY have a correlation of 0.58, 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 VIXY?

EFU has higher volatility (10.10%) compared to VIXY (8.03%). In terms of maximum drawdown, EFU dropped -99.36% vs VIXY's -100.00%.

Which ETF is better, EFU or VIXY?

On 10-year performance, EFU leads with -19.60% vs -47.13% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFU or VIXY?

Over the 10-year period, EFU has performed better with a -19.60% return vs -47.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFU or VIXY?

VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for EFU.

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

EFU has the higher dividend yield at 5.38%, compared with 0.00% for VIXY.

What is the main difference between EFU and 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 Total Return. They also come from different issuers: ProShares and ProFund Advisors LLC. Their fees differ too: 0.95% for EFU and 0.85% for VIXY.

Which has better risk-adjusted returns?

VIXY currently has the higher Sharpe Ratio (-0.97 vs -0.98), 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.