EFZ vs. EUM
Compare and contrast key facts about ProShares Short MSCI EAFE (EFZ) and ProShares Short MSCI Emerging Markets (EUM).
EFZ and EUM 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. EUM is a passively managed fund by ProShares that tracks the performance of the MSCI Emerging Markets Index (-100%). It was launched on Nov 1, 2007. Both EFZ and EUM 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. EUM - Performance Comparison
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EFZ vs. EUM - 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% |
EUM ProShares Short MSCI Emerging Markets | -4.00% | -22.61% | -0.83% | -3.89% | 21.11% | -1.32% | -24.37% | -15.27% | 14.60% | -28.08% |
Returns By Period
In the year-to-date period, EFZ achieves a -0.56% return, which is significantly higher than EUM's -4.00% return. Over the past 10 years, EFZ has outperformed EUM with an annualized return of -8.06%, while EUM has yielded a comparatively lower -8.51% 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%
EUM
- 1D
- -3.76%
- 1M
- 9.41%
- YTD
- -4.00%
- 6M
- -6.85%
- 1Y
- -23.16%
- 3Y*
- -9.90%
- 5Y*
- -2.15%
- 10Y*
- -8.51%
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EFZ vs. EUM - Expense Ratio Comparison
Both EFZ and EUM have an expense ratio of 0.95%.
Return for Risk
EFZ vs. EUM — Risk / Return Rank
EFZ
EUM
EFZ vs. EUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Short MSCI Emerging Markets (EUM). 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 | EUM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.87 | -1.13 | +0.26 |
Sortino ratioReturn per unit of downside risk | -1.19 | -1.63 | +0.44 |
Omega ratioGain probability vs. loss probability | 0.85 | 0.80 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | -0.50 | -0.60 | +0.10 |
Martin ratioReturn relative to average drawdown | -0.72 | -0.89 | +0.17 |
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 | EUM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | -1.13 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | -0.12 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | -0.42 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | -0.33 | 0.00 |
Correlation
The correlation between EFZ and EUM is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
EFZ vs. EUM - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 3.78%, more than EUM's 3.71% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.78% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
EUM ProShares Short MSCI Emerging Markets | 3.71% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
Drawdowns
EFZ vs. EUM - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, roughly equal to the maximum EUM drawdown of -92.17%. Use the drawdown chart below to compare losses from any high point for EFZ and EUM.
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Drawdown Indicators
| EFZ | EUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -92.17% | +4.09% |
Max Drawdown (1Y)Largest decline over 1 year | -30.95% | -38.57% | +7.62% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -43.51% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -65.06% | +3.18% |
Current DrawdownCurrent decline from peak | -86.98% | -91.34% | +4.36% |
Average DrawdownAverage peak-to-trough decline | -66.89% | -77.02% | +10.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.44% | 25.95% | -4.51% |
Volatility
EFZ vs. EUM - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 8.44%, while ProShares Short MSCI Emerging Markets (EUM) has a volatility of 10.95%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than EUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | EUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.44% | 10.95% | -2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 12.30% | 15.40% | -3.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.50% | 20.48% | -1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.54% | 18.63% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 20.34% | -3.03% |