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 -8.43%/yr vs -12.47%/yr for SH. Their correlation of 0.81 means they have usually moved in the same direction. EFZ charges 0.95%/yr vs 0.89%/yr for SH.
Performance
EFZ vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -9.46% return, which is significantly lower than SH's -6.65% return. Over the past 10 years, EFZ has outperformed SH with an annualized return of -8.43%, while SH has yielded a comparatively lower -12.47% annualized return.
EFZ
- 1D
- -0.25%
- 1M
- -1.24%
- 6M
- -5.50%
- YTD
- -9.46%
- 1Y
- -17.52%
- 3Y*
- -9.95%
- 5Y*
- -6.08%
- 10Y*
- -8.43%
- ALL TIME*
- -7.52%
SH
- 1D
- -0.69%
- 1M
- 0.12%
- 6M
- -5.73%
- YTD
- -6.65%
- 1Y
- -13.19%
- 3Y*
- -10.94%
- 5Y*
- -8.01%
- 10Y*
- -12.47%
- ALL TIME*
- -11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.74K | $246.78K | $380.96K | |
| $271.72M | $244.09M | $301.56M |
EFZ vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -9.46% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
SH ProShares Short S&P500 | -6.65% | -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 have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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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 | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.86 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.73 | -0.27 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.30 | -0.25 |
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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.
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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 | -17.58% | -16.06% | -1.52% |
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 | -88.14% | -94.54% | +6.40% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -67.93% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 9.03% | +2.32% |
Volatility
EFZ vs. SH - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 4.14% compared to ProShares Short S&P500 (SH) at 3.51%. 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.
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Volatility by Period
| EFZ | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 3.51% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 10.08% | +4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 12.81% | +3.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 16.96% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 18.02% | -0.91% |
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 4.04%, less than SH's 4.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SH ProShares Short S&P500 | 4.19% | 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 (4.14%) compared to SH (3.51%). In terms of maximum drawdown, EFZ dropped -88.15% vs SH's -94.66%.
On 10-year performance, EFZ leads with -8.43% vs -12.47% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.51%. 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 -8.43% return vs -12.47%. 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 4.19%, compared with 4.04% 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.
SH currently has the higher Sharpe Ratio (-0.92 vs -1.06), 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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