EFZ vs. CVIE
EFZ (ProShares Short MSCI EAFE) and CVIE (Calvert International Responsible Index ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while CVIE is a Foreign Large Cap Equities fund tracking the Calvert International Responsible Index. Both are passively managed. Over the past 3 years, EFZ returned -9.77%/yr vs 21.42%/yr for CVIE. At a correlation of -0.96, they often move in opposite directions. EFZ charges 0.95%/yr vs 0.18%/yr for CVIE.
Performance
EFZ vs. CVIE - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than CVIE's 18.93% return.
EFZ
- 1D
- 0.88%
- 1M
- -3.23%
- YTD
- -6.98%
- 6M
- -8.53%
- 1Y
- -14.24%
- 3Y*
- -9.77%
- 5Y*
- -5.38%
- 10Y*
- -8.29%
CVIE
- 1D
- -0.67%
- 1M
- 8.07%
- YTD
- 18.93%
- 6M
- 22.19%
- 1Y
- 36.65%
- 3Y*
- 21.42%
- 5Y*
- —
- 10Y*
- —
EFZ vs. CVIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -1.79% |
CVIE Calvert International Responsible Index ETF | 18.93% | 33.23% | 5.37% | 8.48% |
Correlation
The correlation between EFZ and CVIE 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 | -0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023 | -0.96 |
The correlation between EFZ and CVIE has been stable across timeframes, ranging from -0.96 to -0.93 - a consistent structural relationship.
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Return for Risk
EFZ vs. CVIE — Risk / Return Rank
EFZ
CVIE
EFZ vs. CVIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Calvert International Responsible Index ETF (CVIE). 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.
| EFZ | CVIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.09 | ||
| Sortino ratioReturn per unit of downside risk | -4.22 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.40 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 2.90 | -3.72 |
| Martin ratioReturn relative to average drawdown | -1.47 | 11.51 | -12.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EFZ | CVIE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 2.22 | -3.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 1.28 | -1.62 |
Drawdowns
EFZ vs. CVIE - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than CVIE's maximum drawdown of -13.52%. Use the drawdown chart below to compare losses from any high point for EFZ and CVIE.
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Drawdown Indicators
| EFZ | CVIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -13.52% | -74.56% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -12.71% | -4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -13.52% | -21.90% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | — | — |
Current DrawdownCurrent decline from peak | -87.82% | -0.67% | -87.15% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -2.64% | -64.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 3.19% | +6.52% |
Volatility
EFZ vs. CVIE - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.19%, while Calvert International Responsible Index ETF (CVIE) has a volatility of 6.14%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than CVIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | CVIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 6.14% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 14.23% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 16.60% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 15.39% | +1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 15.39% | +1.99% |
EFZ vs. CVIE - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than CVIE's 0.18% expense ratio.
Dividends
EFZ vs. CVIE - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than CVIE's 2.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CVIE Calvert International Responsible Index ETF | 2.22% | 2.85% | 2.78% | 1.96% | 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 CVIE 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.
CVIE has higher volatility (6.14%) compared to EFZ (5.19%). In terms of maximum drawdown, EFZ dropped -88.08% vs CVIE's -13.52%.
On 3-year performance, CVIE leads with 21.42% vs -9.77% for EFZ. On fees, CVIE is cheaper at 0.18% per year. On volatility, EFZ has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CVIE has performed better with a 21.42% return vs -9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CVIE is cheaper with a 0.18% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.04%, compared with 2.22% for CVIE.
EFZ is categorized as Inverse Equities, while CVIE is Foreign Large Cap Equities. EFZ tracks MSCI EAFE Index (-100%), while CVIE tracks Calvert International Responsible Index. They also come from different issuers: ProShares and Calvert. Their fees differ too: 0.95% for EFZ and 0.18% for CVIE.
CVIE currently has the higher Sharpe Ratio (2.22 vs -0.88), 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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