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 -8.32%/yr vs 28.60%/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 -7.84% return, which is significantly lower than UPRO's 24.61% return. Over the past 10 years, EFZ has underperformed UPRO with an annualized return of -8.32%, while UPRO has yielded a comparatively higher 28.60% annualized return.
EFZ
- 1D
- 0.94%
- 1M
- 1.09%
- 6M
- -4.91%
- YTD
- -7.84%
- 1Y
- -14.64%
- 3Y*
- -9.25%
- 5Y*
- -6.05%
- 10Y*
- -8.32%
UPRO
- 1D
- -1.55%
- 1M
- -0.15%
- 6M
- 19.67%
- YTD
- 24.61%
- 1Y
- 54.64%
- 3Y*
- 43.89%
- 5Y*
- 20.84%
- 10Y*
- 28.60%
EFZ vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.84% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
UPRO ProShares UltraPro S&P 500 | 24.61% | 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 25, 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.
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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.25 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.05 | -2.89 |
| Martin ratioReturn relative to average drawdown | -1.35 | 8.08 | -9.44 |
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Drawdowns
EFZ vs. UPRO - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, 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 | -88.15% | -76.82% | -11.33% |
Max Drawdown (1Y)Largest decline over 1 year | -17.60% | -26.78% | +9.18% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -48.87% | +13.05% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -63.94% | +19.82% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -76.82% | +15.24% |
Current DrawdownCurrent decline from peak | -87.93% | -4.60% | -83.33% |
Average DrawdownAverage peak-to-trough decline | -67.20% | -14.36% | -52.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.86% | 6.78% | +4.08% |
Volatility
EFZ vs. UPRO - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.17%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.61%. 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 | 4.17% | 10.61% | -6.44% |
Volatility (6M)Calculated over the trailing 6-month period | 14.29% | 30.01% | -15.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.87% | 37.59% | -20.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 50.67% | -33.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.10% | 53.71% | -36.61% |
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 3.97%, more than UPRO's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.97% | 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 | 0.75% | 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 (10.61%) compared to EFZ (4.17%). In terms of maximum drawdown, EFZ dropped -88.15% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.60% vs -8.32% for EFZ. On fees, UPRO is cheaper at 0.89% per year. On volatility, EFZ has been the lower-risk option at 4.17%. 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 28.60% return vs -8.32%. 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 3.97%, compared with 0.75% 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 (1.46 vs -0.87), 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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