EFZ vs. EFA
EFZ (ProShares Short MSCI EAFE) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, EFZ returned -8.43%/yr vs 9.47%/yr for EFA. Their -0.98 correlation means they have often moved in opposite directions in the past. EFZ charges 0.95%/yr vs 0.32%/yr for EFA.
Performance
EFZ vs. EFA - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -9.46% return, which is significantly lower than EFA's 11.69% return. Over the past 10 years, EFZ has underperformed EFA with an annualized return of -8.43%, while EFA has yielded a comparatively higher 9.47% annualized return.
EFZ
- 1D
- -0.25%
- 1M
- -1.24%
- 6M
- -5.50%
- YTD
- -9.46%
- 1Y
- -17.52%
- 3Y*
- -9.95%
- 5Y*
- -6.08%
- 10Y*
- -8.43%
- ALL TIME*
- -7.52%
EFA
- 1D
- -0.62%
- 1M
- 1.16%
- 6M
- 6.46%
- YTD
- 11.69%
- 1Y
- 25.09%
- 3Y*
- 16.41%
- 5Y*
- 9.23%
- 10Y*
- 9.47%
- ALL TIME*
- 6.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24B | $1.12B | $1.39B | |
| $154.74K | $246.78K | $380.96K |
EFZ vs. EFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -9.46% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
EFA iShares MSCI EAFE ETF | 11.69% | 31.55% | 3.49% | 18.36% | -14.39% | 11.45% | 7.60% | 22.04% | -13.82% | 25.07% |
Correlation
The correlation between EFZ and EFA is -0.94, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.94 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | -0.98 |
The correlation between EFZ and EFA has been stable across timeframes, ranging from -0.99 to -0.94 - a consistent structural relationship.
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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.
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 | EFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.74 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.28 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.18 | -3.18 |
| Martin ratioReturn relative to average drawdown | -1.55 | 8.23 | -9.78 |
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Drawdowns
EFZ vs. EFA - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, 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 | -88.15% | -61.04% | -27.11% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -11.42% | -6.16% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -14.05% | -21.77% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -29.53% | -14.59% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -34.19% | -27.39% |
Current DrawdownCurrent decline from peak | -88.14% | -0.62% | -87.52% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -11.86% | -55.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 3.02% | +8.33% |
Volatility
EFZ vs. EFA - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while iShares MSCI EAFE ETF (EFA) has a volatility of 4.69%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky 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 | 4.14% | 4.69% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 13.71% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 15.79% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 16.62% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 17.00% | +0.11% |
EFZ vs. EFA - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than EFA's 0.32% expense ratio.
Dividends
EFZ vs. EFA - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than EFA's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFA iShares MSCI EAFE ETF | 3.19% | 3.38% | 3.24% | 2.98% | 2.69% | 3.33% | 2.13% | 3.10% | 3.39% | 2.57% | 3.07% | 2.76% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
EFZ and EFA have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFA has higher volatility (4.69%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs EFA's -61.04%.
On 10-year performance, EFA leads with 9.47% vs -8.43% for EFZ. On fees, EFA is cheaper at 0.32% per year. On volatility, EFZ has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFA has performed better with a 9.47% return vs -8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFA is cheaper with a 0.32% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.04%, compared with 3.19% for EFA.
EFZ is categorized as Inverse Equities, while EFA is Foreign Large Cap Equities. EFZ tracks MSCI EAFE Index (-100%), while EFA tracks MSCI EAFE Index (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EFZ and 0.32% for EFA.
EFA currently has the higher Sharpe Ratio (1.58 vs -1.06), 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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