EFZ vs. SVIX
EFZ (ProShares Short MSCI EAFE) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both Inverse Equities funds. Over the past 3 years, EFZ returned -9.77%/yr vs -0.59%/yr for SVIX. At a correlation of -0.60, they often move in opposite directions. EFZ charges 0.95%/yr vs 1.47%/yr for SVIX.
Performance
EFZ vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly higher than SVIX's -8.17% 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%
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 5Y*
- —
- 10Y*
- —
EFZ vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 9.09% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between EFZ and SVIX is -0.56, 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 | -0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.60 |
The correlation between EFZ and SVIX has been stable across timeframes, ranging from -0.60 to -0.56 - a consistent structural relationship.
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Return for Risk
EFZ vs. SVIX — Risk / Return Rank
EFZ
SVIX
EFZ vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Volatility Shares -1x Short VIX Futures ETF (SVIX). 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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.20 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 1.21 | -2.03 |
| Martin ratioReturn relative to average drawdown | -1.47 | 3.50 | -4.97 |
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 | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 0.95 | -1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.16 | -0.50 |
Drawdowns
EFZ vs. SVIX - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for EFZ and SVIX.
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Drawdown Indicators
| EFZ | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -79.30% | -8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -42.69% | +25.33% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -79.30% | +43.88% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | — | — |
Current DrawdownCurrent decline from peak | -87.82% | -56.14% | -31.68% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -31.60% | -35.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 14.75% | -5.04% |
Volatility
EFZ vs. SVIX - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.19%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 7.38%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 7.38% | -2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 41.05% | -27.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 54.75% | -38.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 66.27% | -49.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 66.27% | -48.89% |
EFZ vs. SVIX - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
EFZ vs. SVIX - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, while SVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
SVIX Volatility Shares -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFZ and SVIX have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (7.38%) compared to EFZ (5.19%). In terms of maximum drawdown, EFZ dropped -88.08% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -0.59% vs -9.77% for EFZ. On fees, EFZ is cheaper at 0.95% per year. 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 3-year period, SVIX has performed better with a -0.59% return vs -9.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ is cheaper with a 0.95% expense ratio, compared with 1.47% for SVIX.
EFZ has the higher dividend yield at 4.04%, compared with 0.00% for SVIX.
They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for EFZ and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.95 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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