EFZ vs. USD
EFZ (ProShares Short MSCI EAFE) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, EFZ returned -8.83%/yr vs 61.02%/yr for USD. At a correlation of -0.62, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EFZ vs. USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than USD's 84.65% return. Over the past 10 years, EFZ has underperformed USD with an annualized return of -8.83%, while USD has yielded a comparatively higher 61.02% annualized return.
EFZ
- 1D
- 1.95%
- 1M
- -0.04%
- YTD
- -6.98%
- 6M
- -6.74%
- 1Y
- -15.21%
- 3Y*
- -10.01%
- 5Y*
- -5.55%
- 10Y*
- -8.83%
USD
- 1D
- -12.35%
- 1M
- 1.73%
- YTD
- 84.65%
- 6M
- 79.76%
- 1Y
- 206.76%
- 3Y*
- 114.28%
- 5Y*
- 63.13%
- 10Y*
- 61.02%
EFZ vs. USD - 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% |
USD ProShares Ultra Semiconductors | 84.65% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between EFZ and USD is -0.49, 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 | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | -0.62 |
The correlation between EFZ and USD shifts across timeframes, from -0.62 (all time) to -0.49 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EFZ vs. USD — Risk / Return Rank
EFZ
USD
EFZ vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.40 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 6.54 | -7.44 |
| Martin ratioReturn relative to average drawdown | -1.51 | 18.16 | -19.67 |
Loading charts...
Drawdowns
EFZ vs. USD - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EFZ and USD.
Loading charts...
Drawdown Indicators
| EFZ | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -88.63% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -17.09% | -31.80% | +14.71% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -64.46% | +29.04% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -77.85% | +34.08% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -77.85% | +15.97% |
Current DrawdownCurrent decline from peak | -87.82% | -14.69% | -73.13% |
Average DrawdownAverage peak-to-trough decline | -67.13% | -32.29% | -34.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.10% | 11.44% | -1.34% |
Volatility
EFZ vs. USD - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.39%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EFZ | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 34.07% | -28.68% |
Volatility (6M)Calculated over the trailing 6-month period | 14.12% | 54.13% | -40.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.82% | 67.96% | -51.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 77.73% | -60.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 69.83% | -52.67% |
EFZ vs. USD - Expense Ratio Comparison
Both EFZ and USD have an expense ratio of 0.95%.
Dividends
EFZ vs. USD - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than USD's 0.25% 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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
EFZ and USD have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (34.07%) compared to EFZ (5.39%). In terms of maximum drawdown, EFZ dropped -88.08% vs USD's -88.63%.
On 10-year performance, USD leads with 61.02% vs -8.83% for EFZ. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 61.02% return vs -8.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and USD have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 0.25% for USD.
EFZ is categorized as Inverse Equities, while USD is Leveraged Equities. EFZ tracks MSCI EAFE Index (-100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (3.06 vs -0.91), 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.
Find the right allocation for EFZ and USD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer