EFZ vs. TSLS

Last updated Aug 2, 2026

EFZ (ProShares Short MSCI EAFE) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds - EFZ tracks the MSCI EAFE Index (-100%) while TSLS tracks the Tesla, Inc. (-100% Daily). Both are passively managed. Over the past 3 years, EFZ returned -9.95%/yr vs -27.51%/yr for TSLS. Their 0.40 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

EFZ vs. TSLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI EAFE (EFZ) and Direxion Daily TSLA Bear 1X ETF (TSLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFZ achieves a -9.46% return, which is significantly lower than TSLS's 33.30% 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%

TSLS

• 1D: -0.74%
• 1M: 22.65%
• 6M: 27.99%
• YTD: 33.30%
• 1Y: -14.97%
• 3Y*: -27.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EFZ ProShares Short MSCI EAFE	$154.74K	$246.78K	$380.96K
TSLS Direxion Daily TSLA Bear 1X ETF	$28.97M	$27.46M	$30.88M

EFZ vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EFZ ProShares Short MSCI EAFE	-9.46%	-20.92%	2.90%	-10.38%	-1.39%
TSLS Direxion Daily TSLA Bear 1X ETF	33.30%	-34.95%	-55.71%	-60.12%	105.60%

Correlation

The correlation between EFZ and TSLS is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.40

Return for Risk

EFZ vs. TSLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EFZ

EFZ Risk / Return Rank: 1
EFZ Sharpe Ratio Rank: 1
EFZ Sortino Ratio Rank: 2
EFZ Omega Ratio Rank: 2
EFZ Calmar Ratio Rank: 0
EFZ Martin Ratio Rank: 0

TSLS

TSLS Risk / Return Rank: 8
TSLS Sharpe Ratio Rank: 7
TSLS Sortino Ratio Rank: 8
TSLS Omega Ratio Rank: 8
TSLS Calmar Ratio Rank: 7
TSLS Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EFZ vs. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Direxion Daily TSLA Bear 1X ETF (TSLS). 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	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	-0.28	-0.77
Sortino ratio: Return per unit of downside risk	-1.48	-0.11	-1.37
Omega ratio: Gain probability vs. loss probability	0.83	0.99	-0.15
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.32	-0.68
Martin ratio: Return relative to average drawdown	-1.55	-0.45	-1.10

EFZ vs. TSLS - Sharpe Ratio Comparison

The current EFZ Sharpe Ratio is -1.06, which is lower than the TSLS Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of EFZ and TSLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFZ vs. TSLS - Drawdown Comparison

The maximum EFZ drawdown since its inception was -88.15%, roughly equal to the maximum TSLS drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for EFZ and TSLS.

Drawdown Indicators

	EFZ	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-88.15%	-90.73%	+2.58%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-41.36%	+23.78%
Max Drawdown (3Y) Largest decline over 3 years	-35.82%	-84.16%	+48.34%
Max Drawdown (5Y) Largest decline over 5 years	-44.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.58%	—	—
Current Drawdown Current decline from peak	-88.14%	-86.56%	-1.58%
Average Drawdown Average peak-to-trough decline	-67.25%	-64.44%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.35%	29.53%	-18.18%

Volatility

EFZ vs. TSLS - Volatility Comparison

The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while Direxion Daily TSLA Bear 1X ETF (TSLS) has a volatility of 19.07%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFZ	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	19.07%	-14.93%
Volatility (6M) Calculated over the trailing 6-month period	14.10%	33.98%	-19.88%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	46.81%	-30.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	58.98%	-42.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	58.98%	-41.87%

EFZ vs. TSLS - Expense Ratio Comparison

Both EFZ and TSLS have an expense ratio of 0.95%.

Dividends

EFZ vs. TSLS - Dividend Comparison

EFZ's dividend yield for the trailing twelve months is around 4.04%, more than TSLS's 2.36% yield.

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%
TSLS Direxion Daily TSLA Bear 1X ETF	2.36%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFZ and TSLS in my portfolio?

EFZ and TSLS have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFZ or TSLS?

TSLS has higher volatility (19.07%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs TSLS's -90.73%.

Which ETF is better, EFZ or TSLS?

On 3-year performance, EFZ leads with -9.95% vs -27.51% for TSLS. 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.

Which ETF has performed better, EFZ or TSLS?

Over the 3-year period, EFZ has performed better with a -9.95% return vs -27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFZ or TSLS?

EFZ and TSLS have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, EFZ or TSLS?

EFZ has the higher dividend yield at 4.04%, compared with 2.36% for TSLS.

What is the main difference between EFZ and TSLS?

EFZ tracks MSCI EAFE Index (-100%), while TSLS tracks Tesla, Inc. (-100% Daily). They also come from different issuers: ProShares and Direxion.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.28 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.