EFZ vs. QLD
EFZ (ProShares Short MSCI EAFE) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, EFZ returned -8.29%/yr vs 36.10%/yr for QLD. At a correlation of -0.71, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EFZ vs. QLD - 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 QLD's 42.06% return. Over the past 10 years, EFZ has underperformed QLD with an annualized return of -8.29%, while QLD has yielded a comparatively higher 36.10% annualized 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%
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
EFZ vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
QLD ProShares Ultra QQQ | 42.06% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between EFZ and QLD is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2007 | -0.71 |
The correlation between EFZ and QLD has been stable across timeframes, ranging from -0.71 to -0.63 - a consistent structural relationship.
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Return for Risk
EFZ vs. QLD — Risk / Return Rank
EFZ
QLD
EFZ vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.58 | ||
| Sortino ratioReturn per unit of downside risk | -4.34 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.41 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 3.42 | -4.24 |
| Martin ratioReturn relative to average drawdown | -1.47 | 11.92 | -13.38 |
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 | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 2.70 | -3.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.58 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.81 | -1.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.60 | -0.94 |
Drawdowns
EFZ vs. QLD - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for EFZ and QLD.
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Drawdown Indicators
| EFZ | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -83.13% | -4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -25.13% | +7.77% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -42.29% | +6.87% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -63.68% | +19.91% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -63.68% | +1.80% |
Current DrawdownCurrent decline from peak | -87.82% | -0.53% | -87.29% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -18.17% | -48.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 7.20% | +2.51% |
Volatility
EFZ vs. QLD - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.19%, while ProShares Ultra QQQ (QLD) has a volatility of 8.90%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 8.90% | -3.71% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 24.08% | -10.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 31.85% | -15.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 44.74% | -28.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 44.56% | -27.18% |
EFZ vs. QLD - Expense Ratio Comparison
Both EFZ and QLD have an expense ratio of 0.95%.
Dividends
EFZ vs. QLD - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than QLD's 0.12% 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% |
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
Frequently Asked Questions
EFZ and QLD have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (8.90%) compared to EFZ (5.19%). In terms of maximum drawdown, EFZ dropped -88.08% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -8.29% for EFZ. Both ETFs have the same 0.95% expense ratio. 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 10-year period, QLD has performed better with a 36.10% return vs -8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and QLD have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 0.12% for QLD.
EFZ is categorized as Inverse Equities, while QLD is Leveraged Equities. EFZ tracks MSCI EAFE Index (-100%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.70 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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