EFZ vs. EFA
Compare and contrast key facts about ProShares Short MSCI EAFE (EFZ) and iShares MSCI EAFE ETF (EFA).
EFZ and EFA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EFZ is a passively managed fund by ProShares that tracks the performance of the MSCI EAFE Index (-100%). It was launched on Oct 23, 2007. EFA is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Index. It was launched on Aug 14, 2001. Both EFZ and EFA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
EFZ vs. EFA - Performance Comparison
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EFZ vs. EFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -0.56% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
EFA iShares MSCI EAFE ETF | 1.15% | 31.55% | 3.49% | 18.36% | -14.39% | 11.45% | 7.60% | 22.04% | -13.82% | 25.07% |
Returns By Period
In the year-to-date period, EFZ achieves a -0.56% return, which is significantly lower than EFA's 1.15% return. Over the past 10 years, EFZ has underperformed EFA with an annualized return of -8.06%, while EFA has yielded a comparatively higher 8.77% annualized return.
EFZ
- 1D
- -3.23%
- 1M
- 8.61%
- YTD
- -0.56%
- 6M
- -4.15%
- 1Y
- -16.07%
- 3Y*
- -7.87%
- 5Y*
- -5.38%
- 10Y*
- -8.06%
EFA
- 1D
- 3.25%
- 1M
- -7.83%
- YTD
- 1.15%
- 6M
- 5.91%
- 1Y
- 23.09%
- 3Y*
- 14.36%
- 5Y*
- 8.10%
- 10Y*
- 8.77%
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EFZ vs. EFA - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than EFA's 0.32% expense ratio.
Return for Risk
EFZ vs. EFA — Risk / Return Rank
EFZ
EFA
EFZ vs. EFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and iShares MSCI EAFE ETF (EFA). 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 | EFA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.87 | 1.31 | -2.18 |
Sortino ratioReturn per unit of downside risk | -1.19 | 1.87 | -3.07 |
Omega ratioGain probability vs. loss probability | 0.85 | 1.27 | -0.42 |
Calmar ratioReturn relative to maximum drawdown | -0.50 | 1.93 | -2.42 |
Martin ratioReturn relative to average drawdown | -0.72 | 7.39 | -8.10 |
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 | EFA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 1.31 | -2.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.50 | -0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | 0.51 | -0.98 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.30 | -0.63 |
Correlation
The correlation between EFZ and EFA is -0.98. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
EFZ vs. EFA - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 3.78%, more than EFA's 3.34% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.78% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% | 0.00% | 0.00% |
EFA iShares MSCI EAFE ETF | 3.34% | 3.38% | 3.24% | 2.98% | 2.69% | 3.33% | 2.13% | 3.10% | 3.39% | 2.57% | 3.07% | 2.76% |
Drawdowns
EFZ vs. EFA - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than EFA's maximum drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for EFZ and EFA.
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Drawdown Indicators
| EFZ | EFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -61.04% | -27.04% |
Max Drawdown (1Y)Largest decline over 1 year | -30.95% | -11.42% | -19.53% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -29.53% | -14.24% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -34.19% | -27.69% |
Current DrawdownCurrent decline from peak | -86.98% | -8.07% | -78.91% |
Average DrawdownAverage peak-to-trough decline | -66.89% | -12.00% | -54.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.44% | 2.98% | +18.46% |
Volatility
EFZ vs. EFA - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 8.44% compared to iShares MSCI EAFE ETF (EFA) at 7.92%. This indicates that EFZ's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | EFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.44% | 7.92% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 12.30% | 11.12% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.50% | 17.71% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.54% | 16.31% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 17.20% | +0.11% |