EFZ vs. DWSH
EFZ (ProShares Short MSCI EAFE) and DWSH (AdvisorShares Dorsey Wright Short ETF) are both Inverse Equities funds. EFZ is passively managed, while DWSH is actively managed. Over the past 5 years, EFZ returned -5.38%/yr vs -1.61%/yr for DWSH. A 0.64 correlation means they provide meaningful diversification when combined. EFZ charges 0.95%/yr vs 3.67%/yr for DWSH.
Performance
EFZ vs. DWSH - 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 DWSH's 0.85% 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%
DWSH
- 1D
- 2.36%
- 1M
- 0.62%
- YTD
- 0.85%
- 6M
- 1.07%
- 1Y
- -10.40%
- 3Y*
- -4.14%
- 5Y*
- -1.61%
- 10Y*
- —
EFZ vs. DWSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 13.32% |
DWSH AdvisorShares Dorsey Wright Short ETF | 0.85% | -2.57% | 5.98% | -22.04% | 17.45% | -25.74% | -49.95% | -25.27% | 22.28% |
Correlation
The correlation between EFZ and DWSH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2018 | 0.64 |
The correlation between EFZ and DWSH shifts across timeframes, from 0.45 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. DWSH — Risk / Return Rank
EFZ
DWSH
EFZ vs. DWSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and AdvisorShares Dorsey Wright Short ETF (DWSH). 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 | DWSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.93 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.58 | -0.25 |
| Martin ratioReturn relative to average drawdown | -1.47 | -0.88 | -0.59 |
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 | DWSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | -0.50 | -0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | -0.06 | -0.26 |
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 | -0.43 | +0.09 |
Drawdowns
EFZ vs. DWSH - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than DWSH's maximum drawdown of -82.73%. Use the drawdown chart below to compare losses from any high point for EFZ and DWSH.
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Drawdown Indicators
| EFZ | DWSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -82.73% | -5.35% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -18.08% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -29.23% | -6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -32.87% | -10.90% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | — | — |
Current DrawdownCurrent decline from peak | -87.82% | -81.25% | -6.57% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -63.61% | -3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 11.82% | -2.11% |
Volatility
EFZ vs. DWSH - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.19%, while AdvisorShares Dorsey Wright Short ETF (DWSH) has a volatility of 6.08%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than DWSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | DWSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 6.08% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 13.93% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 21.19% | -4.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 25.93% | -9.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 31.22% | -13.84% |
EFZ vs. DWSH - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is lower than DWSH's 3.67% expense ratio.
Dividends
EFZ vs. DWSH - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, less than DWSH's 6.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | 6.26% | 6.31% | 6.17% | 10.28% | 0.00% | 0.00% | 0.00% | 0.14% | 0.12% |
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 DWSH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWSH has higher volatility (6.08%) compared to EFZ (5.19%). In terms of maximum drawdown, EFZ dropped -88.08% vs DWSH's -82.73%.
On 5-year performance, DWSH leads with -1.61% vs -5.38% for EFZ. On fees, EFZ is cheaper at 0.95% 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 5-year period, DWSH has performed better with a -1.61% return vs -5.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ is cheaper with a 0.95% expense ratio, compared with 3.67% for DWSH.
DWSH has the higher dividend yield at 6.26%, compared with 4.04% for EFZ.
They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.95% for EFZ and 3.67% for DWSH.
DWSH currently has the higher Sharpe Ratio (-0.50 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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