EFZ vs. DOG
EFZ (ProShares Short MSCI EAFE) and DOG (ProShares Short Dow30) are both Inverse Equities funds from ProShares - EFZ tracks the MSCI EAFE Index (-100%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, EFZ returned -8.29%/yr vs -11.18%/yr for DOG. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EFZ vs. DOG - 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 DOG's -4.15% return. Over the past 10 years, EFZ has outperformed DOG with an annualized return of -8.29%, while DOG has yielded a comparatively lower -11.18% annualized 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%
DOG
- 1D
- 1.13%
- 1M
- -3.36%
- YTD
- -4.15%
- 6M
- -4.06%
- 1Y
- -12.72%
- 3Y*
- -8.28%
- 5Y*
- -5.31%
- 10Y*
- -11.18%
EFZ vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
DOG ProShares Short Dow30 | -4.15% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
Correlation
The correlation between EFZ and DOG is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2007 | 0.79 |
The correlation between EFZ and DOG shifts across timeframes, from 0.65 (3 years) to 0.79 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. DOG — Risk / Return Rank
EFZ
DOG
EFZ vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Short Dow30 (DOG). 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 | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.84 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.87 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.43 | -0.03 |
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 | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | -1.05 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | -0.36 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.64 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | -0.57 | +0.23 |
Drawdowns
EFZ vs. DOG - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, roughly equal to the maximum DOG drawdown of -92.69%. Use the drawdown chart below to compare losses from any high point for EFZ and DOG.
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Drawdown Indicators
| EFZ | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -92.69% | +4.61% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -14.63% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -28.77% | -6.65% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -33.99% | -9.78% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -70.79% | +8.91% |
Current DrawdownCurrent decline from peak | -87.82% | -92.61% | +4.79% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -66.39% | -0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 8.89% | +0.82% |
Volatility
EFZ vs. DOG - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 5.19% compared to ProShares Short Dow30 (DOG) at 2.98%. This indicates that EFZ's price experiences larger fluctuations and is considered to be riskier than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 2.98% | +2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 9.37% | +4.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 12.13% | +4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 14.79% | +1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 17.49% | -0.11% |
EFZ vs. DOG - Expense Ratio Comparison
Both EFZ and DOG have an expense ratio of 0.95%.
Dividends
EFZ vs. DOG - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than DOG's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.49% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% |
Frequently Asked Questions
EFZ and DOG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.19%) compared to DOG (2.98%). In terms of maximum drawdown, EFZ dropped -88.08% vs DOG's -92.69%.
On 10-year performance, EFZ leads with -8.29% vs -11.18% for DOG. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFZ has performed better with a -8.29% return vs -11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and DOG have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 3.49% for DOG.
EFZ tracks MSCI EAFE Index (-100%), while DOG tracks DJ Industrial Average (-100%).
EFZ currently has the higher Sharpe Ratio (-0.88 vs -1.05), 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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