EFZ vs. OILD
EFZ (ProShares Short MSCI EAFE) and OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) are both Inverse Equities funds - EFZ tracks the MSCI EAFE Index (-100%) while OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). Both are passively managed. Over the past 3 years, EFZ returned -9.08%/yr vs -44.77%/yr for OILD. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
EFZ vs. OILD - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -7.54% return, which is significantly higher than OILD's -58.56% return.
EFZ
- 1D
- 0.61%
- 1M
- 0.11%
- 6M
- -4.41%
- YTD
- -7.54%
- 1Y
- -13.80%
- 3Y*
- -9.08%
- 5Y*
- -5.66%
- 10Y*
- -8.31%
OILD
- 1D
- -8.84%
- 1M
- 0.76%
- 6M
- -53.66%
- YTD
- -58.56%
- 1Y
- -63.34%
- 3Y*
- -44.77%
- 5Y*
- —
- 10Y*
- —
EFZ vs. OILD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.54% | -20.92% | 2.90% | -10.38% | 13.15% | 1.37% |
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -58.56% | -41.67% | -14.58% | -19.58% | -90.32% | 3.83% |
Correlation
The correlation between EFZ and OILD is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.27 |
The correlation between EFZ and OILD shifts across timeframes, from -0.08 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. OILD — Risk / Return Rank
EFZ
OILD
EFZ vs. OILD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD). 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 | OILD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.82 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.85 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.36 | +0.07 |
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Drawdowns
EFZ vs. OILD - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, smaller than the maximum OILD drawdown of -98.90%. Use the drawdown chart below to compare losses from any high point for EFZ and OILD.
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Drawdown Indicators
| EFZ | OILD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -98.90% | +10.75% |
Max Drawdown (1Y)Largest decline over 1 year | -17.60% | -74.53% | +56.93% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -86.29% | +50.47% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | — | — |
Current DrawdownCurrent decline from peak | -87.89% | -98.65% | +10.76% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -88.78% | +21.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 46.68% | -35.97% |
Volatility
EFZ vs. OILD - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.97%, while MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a volatility of 23.04%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than OILD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | OILD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.97% | 23.04% | -18.07% |
Volatility (6M)Calculated over the trailing 6-month period | 14.26% | 50.04% | -35.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.89% | 63.35% | -46.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 79.31% | -62.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 79.31% | -62.20% |
EFZ vs. OILD - Expense Ratio Comparison
Both EFZ and OILD have an expense ratio of 0.95%.
Dividends
EFZ vs. OILD - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 3.96%, while OILD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.96% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFZ and OILD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (23.04%) compared to EFZ (4.97%). In terms of maximum drawdown, EFZ dropped -88.15% vs OILD's -98.90%.
On 3-year performance, EFZ leads with -9.08% vs -44.77% for OILD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EFZ has performed better with a -9.08% return vs -44.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and OILD have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 3.96%, compared with 0.00% for OILD.
EFZ tracks MSCI EAFE Index (-100%), while OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). They also come from different issuers: ProShares and REX.
EFZ currently has the higher Sharpe Ratio (-0.82 vs -1.00), 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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