EFZ vs. BKIE
EFZ (ProShares Short MSCI EAFE) and BKIE (BNY Mellon International Equity ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while BKIE is a Foreign Large Cap Equities fund tracking the Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. Both are passively managed. Over the past 5 years, EFZ returned -5.80%/yr vs 9.68%/yr for BKIE. At a correlation of -0.97, they often move in opposite directions. EFZ charges 0.95%/yr vs 0.04%/yr for BKIE.
Performance
EFZ vs. BKIE - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -8.10% return, which is significantly lower than BKIE's 10.33% return.
EFZ
- 1D
- -0.32%
- 1M
- -0.50%
- 6M
- -5.22%
- YTD
- -8.10%
- 1Y
- -14.32%
- 3Y*
- -10.16%
- 5Y*
- -5.80%
- 10Y*
- -8.39%
BKIE
- 1D
- 0.40%
- 1M
- 0.75%
- 6M
- 7.38%
- YTD
- 10.33%
- 1Y
- 22.62%
- 3Y*
- 17.69%
- 5Y*
- 9.68%
- 10Y*
- —
EFZ vs. BKIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -8.10% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -29.47% |
BKIE BNY Mellon International Equity ETF | 10.33% | 32.08% | 4.63% | 18.25% | -13.60% | 13.75% | 34.17% |
Correlation
The correlation between EFZ and BKIE is -0.93, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020 | -0.97 |
The correlation between EFZ and BKIE has been stable across timeframes, ranging from -0.97 to -0.93 - a consistent structural relationship.
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Return for Risk
EFZ vs. BKIE — Risk / Return Rank
EFZ
BKIE
EFZ vs. BKIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and BNY Mellon International Equity ETF (BKIE). 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 | BKIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.26 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 1.90 | -2.67 |
| Martin ratioReturn relative to average drawdown | -1.27 | 7.29 | -8.56 |
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Drawdowns
EFZ vs. BKIE - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, which is greater than BKIE's maximum drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for EFZ and BKIE.
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Drawdown Indicators
| EFZ | BKIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -28.19% | -59.96% |
Max Drawdown (1Y)Largest decline over 1 year | -17.60% | -11.41% | -6.19% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -13.19% | -22.63% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -28.19% | -15.93% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | — | — |
Current DrawdownCurrent decline from peak | -87.97% | -0.95% | -87.02% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -4.91% | -62.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.67% | 2.97% | +7.70% |
Volatility
EFZ vs. BKIE - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 5.21% compared to BNY Mellon International Equity ETF (BKIE) at 4.62%. This indicates that EFZ's price experiences larger fluctuations and is considered to be riskier than BKIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | BKIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 4.62% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 14.25% | 12.98% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.88% | 15.17% | +1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 16.20% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.10% | 16.34% | +0.76% |
EFZ vs. BKIE - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than BKIE's 0.04% expense ratio.
Dividends
EFZ vs. BKIE - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 3.98%, more than BKIE's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BKIE BNY Mellon International Equity ETF | 3.19% | 3.12% | 3.31% | 2.88% | 2.97% | 2.58% | 1.49% | 0.00% | 0.00% |
EFZ ProShares Short MSCI EAFE | 3.98% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
Frequently Asked Questions
EFZ and BKIE have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.21%) compared to BKIE (4.62%). In terms of maximum drawdown, EFZ dropped -88.15% vs BKIE's -28.19%.
On 5-year performance, BKIE leads with 9.68% vs -5.80% for EFZ. On fees, BKIE is cheaper at 0.04% per year. On volatility, BKIE has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BKIE has performed better with a 9.68% return vs -5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKIE is cheaper with a 0.04% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 3.98%, compared with 3.19% for BKIE.
EFZ is categorized as Inverse Equities, while BKIE is Foreign Large Cap Equities. EFZ tracks MSCI EAFE Index (-100%), while BKIE tracks Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. They also come from different issuers: ProShares and BNY Mellon. Their fees differ too: 0.95% for EFZ and 0.04% for BKIE.
BKIE currently has the higher Sharpe Ratio (1.43 vs -0.81), 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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