EFZ vs. FIAT

Last updated Aug 2, 2026

EFZ (ProShares Short MSCI EAFE) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while FIAT is a Derivative Income fund actively managed by YieldMax. EFZ is passively managed, while FIAT is actively managed. Over the past year, EFZ returned -17.52% vs 46.24% for FIAT. Their 0.41 correlation means their historical movements had little consistent relationship. EFZ charges 0.95%/yr vs 0.99%/yr for FIAT.

Performance

EFZ vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI EAFE (EFZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFZ achieves a -9.46% return, which is significantly lower than FIAT's 20.02% 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%

FIAT

• 1D: 7.62%
• 1M: 9.92%
• 6M: 8.11%
• YTD: 20.02%
• 1Y: 46.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -18.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EFZ ProShares Short MSCI EAFE	$154.74K	$246.78K	$380.96K
FIAT YieldMax Short COIN Option Income Strategy ETF	$1.23M	$1.24M	$1.59M

EFZ vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFZ ProShares Short MSCI EAFE	-9.46%	-20.92%	6.48%
FIAT YieldMax Short COIN Option Income Strategy ETF	20.02%	-24.17%	-28.04%

Correlation

The correlation between EFZ and FIAT is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.41

Return for Risk

EFZ vs. FIAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EFZ

EFZ Risk / Return Rank: 1
EFZ Sharpe Ratio Rank: 1
EFZ Sortino Ratio Rank: 2
EFZ Omega Ratio Rank: 2
EFZ Calmar Ratio Rank: 0
EFZ Martin Ratio Rank: 0

FIAT

FIAT Risk / Return Rank: 45
FIAT Sharpe Ratio Rank: 45
FIAT Sortino Ratio Rank: 44
FIAT Omega Ratio Rank: 47
FIAT Calmar Ratio Rank: 50
FIAT Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EFZ vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	1.14	-2.19
Sortino ratio: Return per unit of downside risk	-1.48	1.62	-3.10
Omega ratio: Gain probability vs. loss probability	0.83	1.22	-0.38
Calmar ratio: Return relative to maximum drawdown	-1.00	1.80	-2.80
Martin ratio: Return relative to average drawdown	-1.55	3.72	-5.27

EFZ vs. FIAT - Sharpe Ratio Comparison

The current EFZ Sharpe Ratio is -1.06, which is lower than the FIAT Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of EFZ and FIAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFZ vs. FIAT - Drawdown Comparison

The maximum EFZ drawdown since its inception was -88.15%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for EFZ and FIAT.

Drawdown Indicators

	EFZ	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-88.15%	-70.50%	-17.65%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-34.22%	+16.64%
Max Drawdown (3Y) Largest decline over 3 years	-35.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.58%	—	—
Current Drawdown Current decline from peak	-88.14%	-48.27%	-39.87%
Average Drawdown Average peak-to-trough decline	-67.25%	-45.69%	-21.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.35%	16.53%	-5.18%

Volatility

EFZ vs. FIAT - Volatility Comparison

The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 16.11%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFZ	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	16.11%	-11.97%
Volatility (6M) Calculated over the trailing 6-month period	14.10%	45.18%	-31.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	54.24%	-37.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	60.12%	-43.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	60.12%	-43.01%

EFZ vs. FIAT - Expense Ratio Comparison

EFZ has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

EFZ vs. FIAT - Dividend Comparison

EFZ's dividend yield for the trailing twelve months is around 4.04%, less than FIAT's 101.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EFZ ProShares Short MSCI EAFE	4.04%	4.55%	5.29%	4.66%	0.57%	0.00%	0.04%	1.56%	0.34%
FIAT YieldMax Short COIN Option Income Strategy ETF	101.18%	178.11%	70.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFZ and FIAT in my portfolio?

EFZ and FIAT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFZ or FIAT?

FIAT has higher volatility (16.11%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs FIAT's -70.50%.

Which ETF is better, EFZ or FIAT?

On 1-year performance, FIAT leads with 46.24% vs -17.52% for EFZ. On fees, EFZ is cheaper at 0.95% 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.

Which ETF has performed better, EFZ or FIAT?

Over the 1-year period, FIAT has performed better with a 46.24% return vs -17.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFZ or FIAT?

EFZ is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.

Which ETF pays a higher dividend yield, EFZ or FIAT?

FIAT has the higher dividend yield at 101.18%, compared with 4.04% for EFZ.

What is the main difference between EFZ and FIAT?

EFZ is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for EFZ and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.14 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.