EFZ vs. IDEV
EFZ (ProShares Short MSCI EAFE) and IDEV (iShares Core MSCI International Developed Markets ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while IDEV is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Investable Market Index. Both are passively managed. Over the past 5 years, EFZ returned -6.10%/yr vs 9.19%/yr for IDEV. At a correlation of -0.97, they often move in opposite directions. EFZ charges 0.95%/yr vs 0.05%/yr for IDEV.
Performance
EFZ vs. IDEV - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -8.77% return, which is significantly lower than IDEV's 10.38% return.
EFZ
- 1D
- 0.13%
- 1M
- -1.95%
- YTD
- -8.77%
- 6M
- -9.09%
- 1Y
- -17.18%
- 3Y*
- -10.58%
- 5Y*
- -6.10%
- 10Y*
- -9.00%
IDEV
- 1D
- 0.15%
- 1M
- 1.58%
- YTD
- 10.38%
- 6M
- 10.58%
- 1Y
- 26.25%
- 3Y*
- 18.20%
- 5Y*
- 9.19%
- 10Y*
- —
EFZ vs. IDEV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -8.77% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -14.38% |
IDEV iShares Core MSCI International Developed Markets ETF | 10.38% | 32.56% | 4.54% | 17.36% | -14.99% | 13.00% | 8.32% | 23.12% | -14.10% | 17.43% |
Correlation
The correlation between EFZ and IDEV is -0.93, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2017 | -0.97 |
The correlation between EFZ and IDEV has been stable across timeframes, ranging from -0.98 to -0.93 - a consistent structural relationship.
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Return for Risk
EFZ vs. IDEV — Risk / Return Rank
EFZ
IDEV
EFZ vs. IDEV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and iShares Core MSCI International Developed Markets ETF (IDEV). 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 | IDEV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.32 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.35 | -3.36 |
| Martin ratioReturn relative to average drawdown | -1.71 | 9.21 | -10.92 |
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Drawdowns
EFZ vs. IDEV - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than IDEV's maximum drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for EFZ and IDEV.
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Drawdown Indicators
| EFZ | IDEV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -34.77% | -53.31% |
Max Drawdown (1Y)Largest decline over 1 year | -17.09% | -11.20% | -5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -13.41% | -22.01% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -29.15% | -14.62% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | — | — |
Current DrawdownCurrent decline from peak | -88.05% | -0.13% | -87.92% |
Average DrawdownAverage peak-to-trough decline | -67.12% | -6.53% | -60.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.31% | 2.86% | +7.45% |
Volatility
EFZ vs. IDEV - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 5.00% compared to iShares Core MSCI International Developed Markets ETF (IDEV) at 4.70%. This indicates that EFZ's price experiences larger fluctuations and is considered to be riskier than IDEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | IDEV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 4.70% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 12.69% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 14.97% | +1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.82% | 16.33% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 17.28% | +0.08% |
EFZ vs. IDEV - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than IDEV's 0.05% expense ratio.
Dividends
EFZ vs. IDEV - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.12%, more than IDEV's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.12% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% |
IDEV iShares Core MSCI International Developed Markets ETF | 3.20% | 3.40% | 3.30% | 3.07% | 2.69% | 3.05% | 2.00% | 3.18% | 3.16% | 1.54% |
Frequently Asked Questions
EFZ and IDEV have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.00%) compared to IDEV (4.70%). In terms of maximum drawdown, EFZ dropped -88.08% vs IDEV's -34.77%.
On 5-year performance, IDEV leads with 9.19% vs -6.10% for EFZ. On fees, IDEV is cheaper at 0.05% per year. On volatility, IDEV has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IDEV has performed better with a 9.19% return vs -6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IDEV is cheaper with a 0.05% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.12%, compared with 3.20% for IDEV.
EFZ is categorized as Inverse Equities, while IDEV is Foreign Large Cap Equities. EFZ tracks MSCI EAFE Index (-100%), while IDEV tracks MSCI World ex USA Investable Market Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EFZ and 0.05% for IDEV.
IDEV currently has the higher Sharpe Ratio (1.76 vs -1.03), 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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