EFZ vs. MUD

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Short MSCI EAFE (EFZ) and Direxion Daily MU Bear 1X Shares (MUD).

EFZ and MUD 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. MUD is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

EFZ vs. MUD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI EAFE (EFZ) and Direxion Daily MU Bear 1X Shares (MUD). The values are adjusted to include any dividend payments, if applicable.

EFZ vs. MUD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFZ ProShares Short MSCI EAFE	-0.56%	-20.92%	8.19%
MUD Direxion Daily MU Bear 1X Shares	-24.52%	-78.75%	19.12%

Returns By Period

In the year-to-date period, EFZ achieves a -0.56% return, which is significantly higher than MUD's -24.52% 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%

MUD

• 1D: -4.70%
• 1M: 16.77%
• YTD: -24.52%
• 6M: -59.85%
• 1Y: -82.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EFZ vs. MUD - Expense Ratio Comparison

EFZ has a 0.95% expense ratio, which is lower than MUD's 0.97% expense ratio.

MUD

Direxion Daily MU Bear 1X Shares

EFZ

ProShares Short MSCI EAFE

Return for Risk

EFZ vs. MUD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFZ

EFZ Risk / Return Rank: 3
EFZ Sharpe Ratio Rank: 1
EFZ Sortino Ratio Rank: 1
EFZ Omega Ratio Rank: 1
EFZ Calmar Ratio Rank: 4
EFZ Martin Ratio Rank: 6

MUD

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFZ vs. MUD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Direxion Daily MU Bear 1X Shares (MUD). 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	MUD	Difference
Sharpe ratio Return per unit of total volatility	-0.87	-1.26	+0.39
Sortino ratio Return per unit of downside risk	-1.19	-2.97	+1.78
Omega ratio Gain probability vs. loss probability	0.85	0.67	+0.18
Calmar ratio Return relative to maximum drawdown	-0.50	-0.91	+0.42
Martin ratio Return relative to average drawdown	-0.72	-1.25	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFZ vs. MUD - Sharpe Ratio Comparison

The current EFZ Sharpe Ratio is -0.87, which is higher than the MUD Sharpe Ratio of -1.26. The chart below compares the historical Sharpe Ratios of EFZ and MUD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EFZ	MUD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-1.26	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	-1.07	+0.74

Correlation

The correlation between EFZ and MUD is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EFZ vs. MUD - Dividend Comparison

EFZ's dividend yield for the trailing twelve months is around 3.78%, less than MUD's 7.81% 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%
MUD Direxion Daily MU Bear 1X Shares	7.81%	9.21%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

EFZ vs. MUD - Drawdown Comparison

The maximum EFZ drawdown since its inception was -88.08%, roughly equal to the maximum MUD drawdown of -89.63%. Use the drawdown chart below to compare losses from any high point for EFZ and MUD.

Drawdown Indicators

	EFZ	MUD	Difference
Max Drawdown Largest peak-to-trough decline	-88.08%	-89.63%	+1.55%
Max Drawdown (1Y) Largest decline over 1 year	-30.95%	-89.63%	+58.68%
Max Drawdown (5Y) Largest decline over 5 years	-43.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.88%	—	—
Current Drawdown Current decline from peak	-86.98%	-86.10%	-0.88%
Average Drawdown Average peak-to-trough decline	-66.89%	-45.31%	-21.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.44%	65.64%	-44.20%

Volatility

EFZ vs. MUD - Volatility Comparison

The current volatility for ProShares Short MSCI EAFE (EFZ) is 8.44%, while Direxion Daily MU Bear 1X Shares (MUD) has a volatility of 22.32%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than MUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFZ	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.44%	22.32%	-13.88%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	49.43%	-37.13%
Volatility (1Y) Calculated over the trailing 1-year period	18.50%	65.07%	-46.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	63.70%	-47.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	63.70%	-46.39%