EFZ vs. UPRO
EFZ (ProShares Short MSCI EAFE) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, EFZ returned -8.29%/yr vs 30.09%/yr for UPRO. At a correlation of -0.81, they often move in opposite directions. EFZ charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
EFZ vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, EFZ has underperformed UPRO with an annualized return of -8.29%, while UPRO has yielded a comparatively higher 30.09% annualized 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%
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
EFZ vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between EFZ and UPRO is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | -0.81 |
The correlation between EFZ and UPRO has been stable across timeframes, ranging from -0.81 to -0.71 - a consistent structural relationship.
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Return for Risk
EFZ vs. UPRO — Risk / Return Rank
EFZ
UPRO
EFZ vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.94 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.36 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 3.03 | -3.86 |
| Martin ratioReturn relative to average drawdown | -1.47 | 12.80 | -14.27 |
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 | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 2.30 | -3.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.46 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.56 | -1.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.65 | -0.99 |
Drawdowns
EFZ vs. UPRO - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for EFZ and UPRO.
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Drawdown Indicators
| EFZ | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -76.82% | -11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -26.78% | +9.42% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -48.87% | +13.45% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -63.94% | +20.17% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -76.82% | +14.94% |
Current DrawdownCurrent decline from peak | -87.82% | -2.09% | -85.73% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -14.42% | -52.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 6.33% | +3.38% |
Volatility
EFZ vs. UPRO - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.19%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.45%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 8.45% | -3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 26.60% | -13.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 35.35% | -19.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 50.32% | -33.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 53.74% | -36.36% |
EFZ vs. UPRO - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
EFZ vs. UPRO - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than UPRO's 0.68% 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% |
UPRO ProShares UltraPro S&P 500 | 0.68% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
EFZ and UPRO 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.
UPRO has higher volatility (8.45%) compared to EFZ (5.19%). In terms of maximum drawdown, EFZ dropped -88.08% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.09% vs -8.29% for EFZ. On fees, UPRO is cheaper at 0.89% 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 10-year period, UPRO has performed better with a 30.09% return vs -8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.04%, compared with 0.68% for UPRO.
EFZ is categorized as Inverse Equities, while UPRO is Leveraged Equities. EFZ tracks MSCI EAFE Index (-100%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for EFZ and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (2.30 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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