EFZ vs. UUP
EFZ (ProShares Short MSCI EAFE) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, EFZ returned -9.00%/yr vs 3.20%/yr for UUP. At a 0.44 correlation, their price movements are largely independent. EFZ charges 0.95%/yr vs 0.75%/yr for UUP.
Performance
EFZ vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -8.77% return, which is significantly lower than UUP's 4.92% return. Over the past 10 years, EFZ has underperformed UUP with an annualized return of -9.00%, while UUP has yielded a comparatively higher 3.20% annualized return.
EFZ
- 1D
- 0.13%
- 1M
- -1.95%
- YTD
- -8.77%
- 6M
- -9.09%
- 1Y
- -17.18%
- 3Y*
- -10.58%
- 5Y*
- -6.10%
- 10Y*
- -9.00%
UUP
- 1D
- 0.21%
- 1M
- 2.12%
- YTD
- 4.92%
- 6M
- 4.92%
- 1Y
- 7.04%
- 3Y*
- 4.78%
- 5Y*
- 5.90%
- 10Y*
- 3.20%
EFZ vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -8.77% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
UUP Invesco DB US Dollar Index Bullish Fund | 4.92% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between EFZ and UUP is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | 0.44 |
The correlation between EFZ and UUP shifts across timeframes, from 0.44 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. UUP — Risk / Return Rank
EFZ
UUP
EFZ vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 1.94 | -2.95 |
| Martin ratioReturn relative to average drawdown | -1.71 | 5.26 | -6.97 |
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Drawdowns
EFZ vs. UUP - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for EFZ and UUP.
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Drawdown Indicators
| EFZ | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -22.19% | -65.89% |
Max Drawdown (1Y)Largest decline over 1 year | -17.09% | -3.65% | -13.44% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -10.05% | -25.37% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -10.37% | -33.40% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -14.24% | -47.64% |
Current DrawdownCurrent decline from peak | -88.05% | -1.75% | -86.30% |
Average DrawdownAverage peak-to-trough decline | -67.12% | -8.90% | -58.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.31% | 1.36% | +8.95% |
Volatility
EFZ vs. UUP - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 5.00% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.34%. This indicates that EFZ's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 1.34% | +3.66% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 4.32% | +9.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 6.08% | +10.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.82% | 7.22% | +9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 6.96% | +10.40% |
EFZ vs. UUP - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
EFZ vs. UUP - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.12%, more than UUP's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.12% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.27% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
EFZ and UUP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.00%) compared to UUP (1.34%). In terms of maximum drawdown, EFZ dropped -88.08% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.20% vs -9.00% for EFZ. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.20% return vs -9.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.95% for EFZ.
EFZ has the higher dividend yield at 4.12%, compared with 3.27% for UUP.
EFZ is categorized as Inverse Equities, while UUP is Currency. EFZ tracks MSCI EAFE Index (-100%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for EFZ and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.17 vs -1.03), 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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