EFZ vs. BERZ
EFZ (ProShares Short MSCI EAFE) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both Inverse Equities funds - EFZ tracks the MSCI EAFE Index (-100%) while BERZ tracks the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, EFZ returned -9.95%/yr vs -71.80%/yr for BERZ. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
EFZ vs. BERZ - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -9.46% return, which is significantly higher than BERZ's -51.36% return.
EFZ
- 1D
- -0.25%
- 1M
- -1.24%
- 6M
- -5.50%
- YTD
- -9.46%
- 1Y
- -17.52%
- 3Y*
- -9.95%
- 5Y*
- -6.08%
- 10Y*
- -8.43%
- ALL TIME*
- -7.52%
BERZ
- 1D
- -2.06%
- 1M
- 9.10%
- 6M
- -50.40%
- YTD
- -51.36%
- 1Y
- -76.10%
- 3Y*
- -71.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -64.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.17M | $1.82M | $2.17M | |
| $154.74K | $246.78K | $380.96K |
EFZ vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -9.46% | -20.92% | 2.90% | -10.38% | 13.15% | -1.33% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -51.36% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
Correlation
The correlation between EFZ and BERZ is 0.58, 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. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.63 |
The correlation between EFZ and BERZ has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.
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Return for Risk
EFZ vs. BERZ — Risk / Return Rank
EFZ
BERZ
EFZ vs. BERZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). 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.
| EFZ | BERZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.84 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.88 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.32 | -0.23 |
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Drawdowns
EFZ vs. BERZ - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, smaller than the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for EFZ and BERZ.
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Drawdown Indicators
| EFZ | BERZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -99.80% | +11.65% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -83.72% | +66.14% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -98.87% | +63.05% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | — | — |
Current DrawdownCurrent decline from peak | -88.14% | -99.71% | +11.57% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -72.42% | +5.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 55.70% | -44.35% |
Volatility
EFZ vs. BERZ - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 33.28%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | BERZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 33.28% | -29.14% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 70.82% | -56.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 87.12% | -70.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 93.03% | -76.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 93.03% | -75.92% |
EFZ vs. BERZ - Expense Ratio Comparison
Both EFZ and BERZ have an expense ratio of 0.95%.
Dividends
EFZ vs. BERZ - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, while BERZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
Frequently Asked Questions
EFZ and BERZ 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.
BERZ has higher volatility (33.28%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs BERZ's -99.80%.
On 3-year performance, EFZ leads with -9.95% vs -71.80% for BERZ. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EFZ has performed better with a -9.95% return vs -71.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and BERZ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 0.00% for BERZ.
EFZ tracks MSCI EAFE Index (-100%), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: ProShares and BMO.
BERZ currently has the higher Sharpe Ratio (-0.85 vs -1.06), 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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