EFZ vs. BITO
EFZ (ProShares Short MSCI EAFE) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while BITO is a Cryptocurrency fund actively managed by ProShares. EFZ is passively managed, while BITO is actively managed. Over the past 3 years, EFZ returned -9.95%/yr vs 21.20%/yr for BITO. Their -0.37 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EFZ vs. BITO - 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 BITO's -29.42% 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%
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $154.74K | $246.78K | $380.96K |
EFZ vs. BITO - 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% | -1.42% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between EFZ and BITO is -0.42, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.37 |
The correlation between EFZ and BITO shifts across timeframes, from -0.42 (1 year) to -0.31 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. BITO — Risk / Return Rank
EFZ
BITO
EFZ vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Bitcoin Strategy ETF (BITO). 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 | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.89 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.36 | -0.19 |
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Drawdowns
EFZ vs. BITO - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for EFZ and BITO.
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Drawdown Indicators
| EFZ | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -77.86% | -10.29% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -54.47% | +36.89% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -54.47% | +18.65% |
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% | -51.32% | -36.82% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -37.18% | -30.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 35.48% | -24.13% |
Volatility
EFZ vs. BITO - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.96%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 8.96% | -4.82% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 33.45% | -19.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 44.19% | -27.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 54.60% | -37.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 54.60% | -37.49% |
EFZ vs. BITO - Expense Ratio Comparison
Both EFZ and BITO have an expense ratio of 0.95%.
Dividends
EFZ vs. BITO - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, less than BITO's 61.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% | 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 BITO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (8.96%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs BITO's -77.86%.
On 3-year performance, BITO leads with 21.20% vs -9.95% for EFZ. 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, BITO has performed better with a 21.20% return vs -9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.47%, compared with 4.04% for EFZ.
EFZ is categorized as Inverse Equities, while BITO is Cryptocurrency.
EFZ currently has the higher Sharpe Ratio (-1.06 vs -1.09), 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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