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 -8.43%/yr vs 54.19%/yr for USD. Their -0.62 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EFZ vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -9.46% return, which is significantly lower than USD's 50.25% return. Over the past 10 years, EFZ has underperformed USD with an annualized return of -8.43%, while USD has yielded a comparatively higher 54.19% annualized 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%
USD
- 1D
- 1.44%
- 1M
- -10.08%
- 6M
- 34.80%
- YTD
- 50.25%
- 1Y
- 92.29%
- 3Y*
- 87.71%
- 5Y*
- 55.02%
- 10Y*
- 54.19%
- ALL TIME*
- 28.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.74K | $246.78K | $380.96K | |
| $68.86M | $72.62M | $95.81M |
EFZ vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -9.46% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
USD ProShares Ultra Semiconductors | 50.25% | 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 -0.51, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.51 |
Correlation (3Y) Balances recent behavior with more history. | -0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 (3 years), reflecting how their relationship changes across market environments.
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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 | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.22 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.16 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.55 | 6.21 | -7.76 |
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Drawdowns
EFZ vs. USD - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, 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.
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Drawdown Indicators
| EFZ | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -88.63% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -39.33% | +21.75% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -64.46% | +28.64% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -77.85% | +33.73% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -77.85% | +16.27% |
Current DrawdownCurrent decline from peak | -88.14% | -30.59% | -57.55% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -32.23% | -35.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 13.62% | -2.27% |
Volatility
EFZ vs. USD - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. 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.
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Volatility by Period
| EFZ | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 28.19% | -24.05% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 61.13% | -47.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 73.80% | -57.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 78.73% | -61.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 70.38% | -53.27% |
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 0.39% 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 | 0.39% | 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 -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs USD's -88.63%.
On 10-year performance, USD leads with 54.19% vs -8.43% for EFZ. 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.
Over the 10-year period, USD has performed better with a 54.19% return vs -8.43%. 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 0.39% 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 (1.15 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.
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