EFZ vs. IEFA
EFZ (ProShares Short MSCI EAFE) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, EFZ returned -8.43%/yr vs 9.53%/yr for IEFA. Their -0.98 correlation means they have often moved in opposite directions in the past. EFZ charges 0.95%/yr vs 0.07%/yr for IEFA.
Performance
EFZ vs. IEFA - 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 IEFA's 11.62% return. Over the past 10 years, EFZ has underperformed IEFA with an annualized return of -8.43%, while IEFA has yielded a comparatively higher 9.53% 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%
IEFA
- 1D
- -0.64%
- 1M
- 0.98%
- 6M
- 6.18%
- YTD
- 11.62%
- 1Y
- 24.58%
- 3Y*
- 16.46%
- 5Y*
- 8.91%
- 10Y*
- 9.53%
- ALL TIME*
- 8.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.74K | $246.78K | $380.96K | |
| $832.02M | $871.11M | $936.56M |
EFZ vs. IEFA - 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% |
IEFA iShares Core MSCI EAFE ETF | 11.62% | 32.08% | 3.26% | 17.95% | -15.24% | 11.63% | 8.18% | 22.64% | -14.14% | 26.57% |
Correlation
The correlation between EFZ and IEFA 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. | -0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | -0.98 |
The correlation between EFZ and IEFA has been stable across timeframes, ranging from -0.98 to -0.94 - a consistent structural relationship.
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Return for Risk
EFZ vs. IEFA — Risk / Return Rank
EFZ
IEFA
EFZ vs. IEFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and iShares Core MSCI EAFE ETF (IEFA). 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 | IEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.28 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.13 | -3.13 |
| Martin ratioReturn relative to average drawdown | -1.55 | 8.15 | -9.70 |
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Drawdowns
EFZ vs. IEFA - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for EFZ and IEFA.
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Drawdown Indicators
| EFZ | IEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -34.78% | -53.37% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -11.50% | -6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -13.76% | -22.06% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -30.41% | -13.71% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -34.78% | -26.80% |
Current DrawdownCurrent decline from peak | -88.14% | -0.64% | -87.50% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -6.63% | -60.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 2.99% | +8.36% |
Volatility
EFZ vs. IEFA - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 4.75%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 4.75% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 13.63% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 15.69% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 16.63% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 17.03% | +0.08% |
EFZ vs. IEFA - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than IEFA's 0.07% expense ratio.
Dividends
EFZ vs. IEFA - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than IEFA's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IEFA iShares Core MSCI EAFE ETF | 3.35% | 3.55% | 3.47% | 3.20% | 2.70% | 3.32% | 1.90% | 3.18% | 3.46% | 2.57% | 2.96% | 2.63% |
Frequently Asked Questions
EFZ and IEFA 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.
IEFA has higher volatility (4.75%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs IEFA's -34.78%.
On 10-year performance, IEFA leads with 9.53% vs -8.43% for EFZ. On fees, IEFA is cheaper at 0.07% 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, IEFA has performed better with a 9.53% return vs -8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEFA is cheaper with a 0.07% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.04%, compared with 3.35% for IEFA.
EFZ is categorized as Inverse Equities, while IEFA is Foreign Large Cap Equities. EFZ tracks MSCI EAFE Index (-100%), while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EFZ and 0.07% for IEFA.
IEFA currently has the higher Sharpe Ratio (1.56 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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