EFZ vs. UVXY
EFZ (ProShares Short MSCI EAFE) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, EFZ returned -8.43%/yr vs -71.50%/yr for UVXY. Their 0.67 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
EFZ vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -9.46% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, EFZ has outperformed UVXY with an annualized return of -8.43%, while UVXY has yielded a comparatively lower -71.50% 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%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.74K | $246.78K | $380.96K | |
| $190.03M | $191.90M | $239.87M |
EFZ vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between EFZ and UVXY is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.67 |
The correlation between EFZ and UVXY has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.
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Return for Risk
EFZ vs. UVXY — Risk / Return Rank
EFZ
UVXY
EFZ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.85 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.95 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.35 | -0.20 |
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Drawdowns
EFZ vs. UVXY - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EFZ and UVXY.
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Drawdown Indicators
| EFZ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -100.00% | +11.85% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -73.88% | +56.30% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -95.42% | +59.60% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -99.68% | +55.56% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -100.00% | +38.42% |
Current DrawdownCurrent decline from peak | -88.14% | -100.00% | +11.86% |
Average DrawdownAverage peak-to-trough decline | -67.25% | -98.76% | +31.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.35% | 51.60% | -40.25% |
Volatility
EFZ vs. UVXY - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.14%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EFZ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 22.30% | -18.16% |
Volatility (6M)Calculated over the trailing 6-month period | 14.10% | 65.55% | -51.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.71% | 87.28% | -70.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.83% | 103.39% | -86.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 112.09% | -94.98% |
EFZ vs. UVXY - Expense Ratio Comparison
Both EFZ and UVXY have an expense ratio of 0.95%.
Dividends
EFZ vs. UVXY - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFZ and UVXY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to EFZ (4.14%). In terms of maximum drawdown, EFZ dropped -88.15% vs UVXY's -100.00%.
On 10-year performance, EFZ leads with -8.43% vs -71.50% for UVXY. 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, EFZ has performed better with a -8.43% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ and UVXY have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 0.00% for UVXY.
EFZ is categorized as Inverse Equities, while UVXY is Volatility. EFZ tracks MSCI EAFE Index (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.80 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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