EFZ vs. SCHY
EFZ (ProShares Short MSCI EAFE) and SCHY (Schwab International Dividend Equity ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while SCHY is a Dividend fund tracking the Dow Jones International Dividend 100 Index. Both are passively managed. Over the past 5 years, EFZ returned -6.10%/yr vs 8.21%/yr for SCHY. At a correlation of -0.86, they often move in opposite directions. EFZ charges 0.95%/yr vs 0.08%/yr for SCHY.
Performance
EFZ vs. SCHY - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -8.77% return, which is significantly lower than SCHY's 7.54% return.
EFZ
- 1D
- 0.13%
- 1M
- -1.95%
- YTD
- -8.77%
- 6M
- -9.09%
- 1Y
- -17.18%
- 3Y*
- -10.58%
- 5Y*
- -6.10%
- 10Y*
- -9.00%
SCHY
- 1D
- -0.28%
- 1M
- -1.70%
- YTD
- 7.54%
- 6M
- 8.01%
- 1Y
- 22.42%
- 3Y*
- 14.92%
- 5Y*
- 8.21%
- 10Y*
- —
EFZ vs. SCHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -8.77% | -20.92% | 2.90% | -10.38% | 13.15% | -4.73% |
SCHY Schwab International Dividend Equity ETF | 7.54% | 33.98% | -1.79% | 14.27% | -9.43% | 3.42% |
Correlation
The correlation between EFZ and SCHY is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Apr 29, 2021 | -0.86 |
The correlation between EFZ and SCHY has been stable across timeframes, ranging from -0.86 to -0.77 - a consistent structural relationship.
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Return for Risk
EFZ vs. SCHY — Risk / Return Rank
EFZ
SCHY
EFZ vs. SCHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Schwab International Dividend Equity ETF (SCHY). 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 | SCHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.90 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.33 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.47 | -3.48 |
| Martin ratioReturn relative to average drawdown | -1.71 | 7.52 | -9.23 |
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Drawdowns
EFZ vs. SCHY - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than SCHY's maximum drawdown of -24.04%. Use the drawdown chart below to compare losses from any high point for EFZ and SCHY.
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Drawdown Indicators
| EFZ | SCHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -24.04% | -64.04% |
Max Drawdown (1Y)Largest decline over 1 year | -17.09% | -9.11% | -7.98% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -12.16% | -23.26% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -24.04% | -19.73% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | — | — |
Current DrawdownCurrent decline from peak | -88.05% | -5.49% | -82.56% |
Average DrawdownAverage peak-to-trough decline | -67.12% | -4.96% | -62.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.31% | 2.99% | +7.32% |
Volatility
EFZ vs. SCHY - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 5.00% compared to Schwab International Dividend Equity ETF (SCHY) at 3.27%. This indicates that EFZ's price experiences larger fluctuations and is considered to be riskier than SCHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | SCHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 3.27% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 10.08% | +3.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 12.10% | +4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.82% | 13.27% | +3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 13.23% | +4.13% |
EFZ vs. SCHY - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than SCHY's 0.08% expense ratio.
Dividends
EFZ vs. SCHY - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.12%, more than SCHY's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.12% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
SCHY Schwab International Dividend Equity ETF | 3.45% | 3.55% | 4.64% | 3.97% | 3.67% | 1.73% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFZ and SCHY have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.00%) compared to SCHY (3.27%). In terms of maximum drawdown, EFZ dropped -88.08% vs SCHY's -24.04%.
On 5-year performance, SCHY leads with 8.21% vs -6.10% for EFZ. On fees, SCHY is cheaper at 0.08% per year. On volatility, SCHY has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCHY has performed better with a 8.21% return vs -6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHY is cheaper with a 0.08% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.12%, compared with 3.45% for SCHY.
EFZ is categorized as Inverse Equities, while SCHY is Dividend. EFZ tracks MSCI EAFE Index (-100%), while SCHY tracks Dow Jones International Dividend 100 Index. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.95% for EFZ and 0.08% for SCHY.
SCHY currently has the higher Sharpe Ratio (1.87 vs -1.03), 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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