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 -8.30%/yr vs 44.95%/yr for TQQQ. At a correlation of -0.70, they often move in opposite directions. 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 -7.64% return, which is significantly lower than TQQQ's 61.91% return. Over the past 10 years, EFZ has underperformed TQQQ with an annualized return of -8.30%, while TQQQ has yielded a comparatively higher 44.95% annualized return.
EFZ
- 1D
- -0.71%
- 1M
- -2.63%
- YTD
- -7.64%
- 6M
- -9.27%
- 1Y
- -14.29%
- 3Y*
- -10.18%
- 5Y*
- -5.52%
- 10Y*
- -8.30%
TQQQ
- 1D
- -1.55%
- 1M
- 26.46%
- YTD
- 61.91%
- 6M
- 54.01%
- 1Y
- 132.34%
- 3Y*
- 68.49%
- 5Y*
- 27.97%
- 10Y*
- 44.95%
EFZ vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.64% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
TQQQ ProShares UltraPro QQQ | 61.91% | 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 -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 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.
| EFZ | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.67 | ||
| Sortino ratioReturn per unit of downside risk | -4.20 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.39 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 3.60 | -4.43 |
| Martin ratioReturn relative to average drawdown | -1.47 | 11.77 | -13.24 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 2.80 | -3.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.42 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.68 | -1.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.74 | -1.08 |
Drawdowns
EFZ vs. TQQQ - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, 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 | -88.08% | -81.66% | -6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -36.97% | +19.61% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -58.04% | +22.62% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -81.66% | +37.89% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -81.66% | +19.78% |
Current DrawdownCurrent decline from peak | -87.91% | -2.29% | -85.62% |
Average DrawdownAverage peak-to-trough decline | -67.09% | -18.52% | -48.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.77% | 11.28% | -1.51% |
Volatility
EFZ vs. TQQQ - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.08%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.35%. 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 | 5.08% | 13.35% | -8.27% |
Volatility (6M)Calculated over the trailing 6-month period | 13.47% | 36.04% | -22.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.34% | 47.60% | -31.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 66.50% | -49.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 65.95% | -48.57% |
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 4.07%, more than TQQQ's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.07% | 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 | 0.37% | 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 -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (13.35%) compared to EFZ (5.08%). In terms of maximum drawdown, EFZ dropped -88.08% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 44.95% vs -8.30% for EFZ. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.08%. 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 44.95% return vs -8.30%. 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 4.07%, compared with 0.37% 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 (2.80 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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