EFZ vs. MSFD
EFZ (ProShares Short MSCI EAFE) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - EFZ tracks the MSCI EAFE Index (-100%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, EFZ returned -9.77%/yr vs -7.16%/yr for MSFD. At a 0.41 correlation, their price movements are largely independent. EFZ charges 0.95%/yr vs 1.06%/yr for MSFD.
Performance
EFZ vs. MSFD - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than MSFD's 10.43% return.
EFZ
- 1D
- 0.88%
- 1M
- -3.23%
- YTD
- -6.98%
- 6M
- -8.53%
- 1Y
- -14.24%
- 3Y*
- -9.77%
- 5Y*
- -5.38%
- 10Y*
- -8.29%
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
EFZ vs. MSFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | -7.90% |
MSFD Direxion Daily MSFT Bear 1X Shares | 10.43% | -13.36% | -7.86% | -35.90% | 3.88% |
Correlation
The correlation between EFZ and MSFD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.41 |
The correlation between EFZ and MSFD shifts across timeframes, from 0.23 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. MSFD — Risk / Return Rank
EFZ
MSFD
EFZ vs. MSFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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 | MSFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.08 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.32 | -1.14 |
| Martin ratioReturn relative to average drawdown | -1.47 | 0.89 | -2.36 |
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 | MSFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 0.29 | -1.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | -0.51 | +0.17 |
Drawdowns
EFZ vs. MSFD - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for EFZ and MSFD.
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Drawdown Indicators
| EFZ | MSFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -59.90% | -28.18% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -23.25% | +5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -40.50% | +5.08% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | — | — |
Current DrawdownCurrent decline from peak | -87.82% | -50.20% | -37.62% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -41.59% | -25.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 8.40% | +1.31% |
Volatility
EFZ vs. MSFD - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.19%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 10.12%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | MSFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 10.12% | -4.93% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 22.06% | -8.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 25.32% | -8.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 26.15% | -9.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 26.15% | -8.77% |
EFZ vs. MSFD - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.
Dividends
EFZ vs. MSFD - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than MSFD's 2.83% 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% |
MSFD Direxion Daily MSFT Bear 1X Shares | 2.83% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFZ and MSFD have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.12%) compared to EFZ (5.19%). In terms of maximum drawdown, EFZ dropped -88.08% vs MSFD's -59.90%.
On 3-year performance, MSFD leads with -7.16% vs -9.77% for EFZ. On fees, EFZ is cheaper at 0.95% per year. On volatility, EFZ has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFD has performed better with a -7.16% return vs -9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.
EFZ has the higher dividend yield at 4.04%, compared with 2.83% for MSFD.
EFZ tracks MSCI EAFE Index (-100%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EFZ and 1.06% for MSFD.
MSFD currently has the higher Sharpe Ratio (0.29 vs -0.88), 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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