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 -8.31%/yr vs -72.05%/yr for UVXY. A 0.67 correlation means they provide meaningful diversification when combined. 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 -7.54% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, EFZ has outperformed UVXY with an annualized return of -8.31%, while UVXY has yielded a comparatively lower -72.05% annualized return.
EFZ
- 1D
- 0.61%
- 1M
- 0.11%
- 6M
- -4.41%
- YTD
- -7.54%
- 1Y
- -13.80%
- 3Y*
- -9.08%
- 5Y*
- -5.66%
- 10Y*
- -8.31%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
EFZ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.54% | -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 | -32.31% | -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 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.58 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 | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.83 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.98 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.46 | +0.17 |
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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 | -17.60% | -73.42% | +55.82% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -95.32% | +59.50% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -99.74% | +55.62% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -100.00% | +38.42% |
Current DrawdownCurrent decline from peak | -87.89% | -100.00% | +12.11% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -98.75% | +31.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 48.91% | -38.20% |
Volatility
EFZ vs. UVXY - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.97%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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 | 4.97% | 21.23% | -16.26% |
Volatility (6M)Calculated over the trailing 6-month period | 14.26% | 66.69% | -52.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.89% | 85.49% | -68.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 103.84% | -87.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 112.03% | -94.92% |
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 3.96%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.96% | 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 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to EFZ (4.97%). In terms of maximum drawdown, EFZ dropped -88.15% vs UVXY's -100.00%.
On 10-year performance, EFZ leads with -8.31% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 4.97%. 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 -8.31% return vs -72.05%. 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 3.96%, 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%).
EFZ currently has the higher Sharpe Ratio (-0.82 vs -0.84), 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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