EFZ vs. SH
EFZ (ProShares Short MSCI EAFE) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - EFZ tracks the MSCI EAFE Index (-100%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, EFZ returned -8.31%/yr vs -12.51%/yr for SH. Their correlation of 0.81 suggests significant overlap in exposure. EFZ charges 0.95%/yr vs 0.89%/yr for SH.
Performance
EFZ vs. SH - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with EFZ having a -7.54% return and SH slightly higher at -7.18%. Over the past 10 years, EFZ has outperformed SH with an annualized return of -8.31%, while SH has yielded a comparatively lower -12.51% annualized 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%
SH
- 1D
- 0.73%
- 1M
- -0.85%
- 6M
- -5.53%
- YTD
- -7.18%
- 1Y
- -13.05%
- 3Y*
- -11.50%
- 5Y*
- -8.24%
- 10Y*
- -12.51%
EFZ vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.54% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
SH ProShares Short S&P500 | -7.18% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between EFZ and SH is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | 0.81 |
The correlation between EFZ and SH has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EFZ vs. SH — Risk / Return Rank
EFZ
SH
EFZ vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.84 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.82 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.55 | +0.26 |
Loading charts...
Drawdowns
EFZ vs. SH - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for EFZ and SH.
Loading charts...
Drawdown Indicators
| EFZ | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -94.66% | +6.51% |
Max Drawdown (1Y)Largest decline over 1 year | -17.60% | -16.06% | -1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -38.82% | +3.00% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -44.53% | +0.41% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -74.80% | +13.22% |
Current DrawdownCurrent decline from peak | -87.89% | -94.57% | +6.68% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -67.85% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 8.41% | +2.30% |
Volatility
EFZ vs. SH - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 4.97% compared to ProShares Short S&P500 (SH) at 4.09%. This indicates that EFZ's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EFZ | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.97% | 4.09% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 14.26% | 9.95% | +4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.89% | 12.51% | +4.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 16.96% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 18.00% | -0.89% |
EFZ vs. SH - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
EFZ vs. SH - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 3.96%, less than SH's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.96% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% |
SH ProShares Short S&P500 | 4.21% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
EFZ and SH have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (4.97%) compared to SH (4.09%). In terms of maximum drawdown, EFZ dropped -88.15% vs SH's -94.66%.
On 10-year performance, EFZ leads with -8.31% vs -12.51% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFZ has performed better with a -8.31% return vs -12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 0.95% for EFZ.
SH has the higher dividend yield at 4.21%, compared with 3.96% for EFZ.
EFZ tracks MSCI EAFE Index (-100%), while SH tracks S&P 500 Index (-100% daily). Their fees differ too: 0.95% for EFZ and 0.89% for SH.
EFZ currently has the higher Sharpe Ratio (-0.82 vs -1.05), 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.
Find the right allocation for EFZ and SH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer