EFZ vs. TQQQ
EFZ (ProShares Short MSCI EAFE) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, EFZ returned -8.43%/yr vs 39.46%/yr for TQQQ. Their -0.70 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EFZ vs. TQQQ - 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 TQQQ's 23.06% return. Over the past 10 years, EFZ has underperformed TQQQ with an annualized return of -8.43%, while TQQQ has yielded a comparatively higher 39.46% 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%
TQQQ
- 1D
- 2.09%
- 1M
- -11.90%
- 6M
- 20.14%
- YTD
- 23.06%
- 1Y
- 56.87%
- 3Y*
- 43.81%
- 5Y*
- 15.36%
- 10Y*
- 39.46%
- ALL TIME*
- 42.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.74K | $246.78K | $380.96K | |
| $4.37B | $4.57B | $5.33B |
EFZ vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 23.06% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between EFZ and TQQQ is -0.67, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.67 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.70 |
The correlation between EFZ and TQQQ has been stable across timeframes, ranging from -0.70 to -0.63 - a consistent structural relationship.
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Return for Risk
EFZ vs. TQQQ — Risk / Return Rank
EFZ
TQQQ
EFZ vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.17 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.29 | -2.29 |
| Martin ratioReturn relative to average drawdown | -1.55 | 3.60 | -5.15 |
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Drawdowns
EFZ vs. TQQQ - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for EFZ and TQQQ.
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Drawdown Indicators
| EFZ | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -81.66% | -6.49% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -36.97% | +19.39% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -58.04% | +22.22% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -81.66% | +37.54% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -81.66% | +20.08% |
Current DrawdownCurrent decline from peak | -88.14% | -25.74% | -62.40% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -18.49% | -48.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 13.24% | -1.89% |
Volatility
EFZ vs. TQQQ - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 20.41% | -16.27% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 47.79% | -33.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 57.62% | -40.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 68.04% | -51.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 66.57% | -49.46% |
EFZ vs. TQQQ - Expense Ratio Comparison
Both EFZ and TQQQ have an expense ratio of 0.95%.
Dividends
EFZ vs. TQQQ - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than TQQQ's 0.58% 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% |
TQQQ ProShares UltraPro QQQ | 0.58% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
EFZ and TQQQ have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.41%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.46% vs -8.43% for EFZ. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 39.46% return vs -8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and TQQQ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 0.58% for TQQQ.
EFZ is categorized as Inverse Equities, while TQQQ is Leveraged Equities. EFZ tracks MSCI EAFE Index (-100%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (0.83 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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