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EFZ vs. VEA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFZ vs. VEA

Last updated Jun 4, 2026

EFZ (ProShares Short MSCI EAFE) and VEA (Vanguard FTSE Developed Markets ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, EFZ returned -8.29%/yr vs 10.17%/yr for VEA. At a correlation of -0.98, they often move in opposite directions. EFZ charges 0.95%/yr vs 0.03%/yr for VEA.

Performance

EFZ vs. VEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI EAFE (EFZ) and Vanguard FTSE Developed Markets ETF (VEA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than VEA's 14.92% return. Over the past 10 years, EFZ has underperformed VEA with an annualized return of -8.29%, while VEA has yielded a comparatively higher 10.17% annualized return.

EFZ

1D
0.88%
1M
-3.23%
YTD
-6.98%
6M
-8.53%
1Y
-14.24%
3Y*
-9.77%
5Y*
-5.38%
10Y*
-8.29%

VEA

1D
-0.90%
1M
5.54%
YTD
14.92%
6M
18.15%
1Y
32.48%
3Y*
19.77%
5Y*
9.60%
10Y*
10.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EFZ vs. VEA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VEA
Vanguard FTSE Developed Markets ETF		14.92%35.16%3.15%17.93%-15.34%11.66%9.71%22.62%-14.75%26.42%

Correlation

The correlation between EFZ and VEA is -0.93, 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

-0.93

Correlation (3Y)
Calculated over the trailing 3-year period

-0.97

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.98

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2007

-0.98

The correlation between EFZ and VEA has been stable across timeframes, ranging from -0.98 to -0.93 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short MSCI EAFE

Vanguard FTSE Developed Markets ETF

Often compared with EFZ:
EFZ vs. EFAEFZ vs. SCHYEFZ vs. USDUEFZ vs. MUDEFZ vs. BNP.PAEFZ vs. UUPEFZ vs. SH
Often compared with VEA:
VEA vs. VXUSVEA vs. VWOVEA vs. VOOVEA vs. VEUVEA vs. SCHFVEA vs. IEFAVEA vs. VTI

Return for Risk

EFZ vs. VEA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFZ
EFZ Risk / Return Rank: 22
Overall Rank
EFZ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
EFZ Sortino Ratio Rank: 33
Sortino Ratio Rank
EFZ Omega Ratio Rank: 33
Omega Ratio Rank
EFZ Calmar Ratio Rank: 22
Calmar Ratio Rank
EFZ Martin Ratio Rank: 11
Martin Ratio Rank
VEA
VEA Risk / Return Rank: 5959
Overall Rank
VEA Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VEA Sortino Ratio Rank: 6060
Sortino Ratio Rank
VEA Omega Ratio Rank: 6060
Omega Ratio Rank
VEA Calmar Ratio Rank: 5555
Calmar Ratio Rank
VEA Martin Ratio Rank: 6060
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFZ vs. VEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) and Vanguard FTSE Developed Markets ETF (VEA). 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.

EFZVEADifference
Sharpe ratioReturn per unit of total volatility
-0.88
2.09

-2.96

Sortino ratioReturn per unit of downside risk
-1.18
2.87

-4.05

Omega ratioGain probability vs. loss probability

0.86

1.38

-0.51

Calmar ratioReturn relative to maximum drawdown

-0.82

2.81

-3.63

Martin ratioReturn relative to average drawdown

-1.47

10.94

-12.41

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFZ vs. VEA - Sharpe Ratio Comparison

The current EFZ Sharpe Ratio is -0.88, which is lower than the VEA Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of EFZ and VEA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EFZVEADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.88

2.09

-2.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.32

0.58

-0.91

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.48

0.59

-1.07

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.34

0.25

-0.59

Drawdowns

EFZ vs. VEA - Drawdown Comparison

The maximum EFZ drawdown since its inception was -88.08%, which is greater than VEA's maximum drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for EFZ and VEA.

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Drawdown Indicators

EFZVEADifference

Max Drawdown

Largest peak-to-trough decline

-88.08%

-60.68%

-27.40%

Max Drawdown (1Y)

Largest decline over 1 year

-17.36%

-11.63%

-5.73%

Max Drawdown (3Y)

Largest decline over 3 years

-35.42%

-13.45%

-21.97%

Max Drawdown (5Y)

Largest decline over 5 years

-43.77%

-29.71%

-14.06%

Max Drawdown (10Y)

Largest decline over 10 years

-61.88%

-35.73%

-26.15%

Current Drawdown

Current decline from peak

-87.82%

-0.90%

-86.92%

Average Drawdown

Average peak-to-trough decline

-67.08%

-13.29%

-53.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.71%

2.98%

+6.73%

Volatility

EFZ vs. VEA - Volatility Comparison

The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.19%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 5.66%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EFZVEADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.19%

5.66%

-0.47%

Volatility (6M)

Calculated over the trailing 6-month period

13.49%

13.32%

+0.17%

Volatility (1Y)

Calculated over the trailing 1-year period

16.35%

15.66%

+0.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.72%

16.55%

+0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.38%

17.36%

+0.02%

EFZ vs. VEA - Expense Ratio Comparison

EFZ has a 0.95% expense ratio, which is higher than VEA's 0.03% expense ratio.

Dividends

EFZ vs. VEA - Dividend Comparison

EFZ's dividend yield for the trailing twelve months is around 4.04%, more than VEA's 2.62% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VEA
Vanguard FTSE Developed Markets ETF		2.62%3.22%3.35%3.15%2.91%3.16%2.04%3.04%3.35%2.77%3.05%2.92%

Frequently Asked Questions

EFZ and VEA have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEA has higher volatility (5.66%) compared to EFZ (5.19%). In terms of maximum drawdown, EFZ dropped -88.08% vs VEA's -60.68%.

On 10-year performance, VEA leads with 10.17% vs -8.29% for EFZ. On fees, VEA is cheaper at 0.03% per year. On volatility, EFZ has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VEA has performed better with a 10.17% return vs -8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VEA is cheaper with a 0.03% expense ratio, compared with 0.95% for EFZ.

EFZ has the higher dividend yield at 4.04%, compared with 2.62% for VEA.

EFZ is categorized as Inverse Equities, while VEA is Foreign Large Cap Equities. EFZ tracks MSCI EAFE Index (-100%), while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for EFZ and 0.03% for VEA.

VEA currently has the higher Sharpe Ratio (2.09 vs -0.88), 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.

Portfolio Optimizer

Find the right allocation for EFZ and VEA

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