EFZ vs. VEA
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 -8.32%/yr vs 10.02%/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
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Returns By Period
In the year-to-date period, EFZ achieves a -7.84% return, which is significantly lower than VEA's 12.88% return. Over the past 10 years, EFZ has underperformed VEA with an annualized return of -8.32%, while VEA has yielded a comparatively higher 10.02% annualized return.
EFZ
- 1D
- 0.94%
- 1M
- 1.09%
- 6M
- -4.91%
- YTD
- -7.84%
- 1Y
- -14.64%
- 3Y*
- -9.25%
- 5Y*
- -6.05%
- 10Y*
- -8.32%
VEA
- 1D
- -1.12%
- 1M
- -2.66%
- 6M
- 8.56%
- YTD
- 12.88%
- 1Y
- 27.21%
- 3Y*
- 17.68%
- 5Y*
- 9.88%
- 10Y*
- 10.02%
EFZ vs. VEA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.84% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
VEA Vanguard FTSE Developed Markets ETF | 12.88% | 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 | -0.96 |
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 25, 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.
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Return for Risk
EFZ vs. VEA — Risk / Return Rank
EFZ
VEA
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.
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 | VEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.29 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.35 | -3.19 |
| Martin ratioReturn relative to average drawdown | -1.35 | 8.89 | -10.24 |
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Drawdowns
EFZ vs. VEA - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.15%, 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
| EFZ | VEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.15% | -60.68% | -27.47% |
Max Drawdown (1Y)Largest decline over 1 year | -17.60% | -11.63% | -5.97% |
Max Drawdown (3Y)Largest decline over 3 years | -35.82% | -13.45% | -22.37% |
Max Drawdown (5Y)Largest decline over 5 years | -44.12% | -29.71% | -14.41% |
Max Drawdown (10Y)Largest decline over 10 years | -61.58% | -35.73% | -25.85% |
Current DrawdownCurrent decline from peak | -87.93% | -3.26% | -84.67% |
Average DrawdownAverage peak-to-trough decline | -67.20% | -13.22% | -53.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.86% | 3.07% | +7.79% |
Volatility
EFZ vs. VEA - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 4.17%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 5.28%. 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
| EFZ | VEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 5.28% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 14.29% | 15.12% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.87% | 17.03% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 16.80% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.10% | 17.17% | -0.07% |
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 3.97%, more than VEA's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.97% | 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 | 2.59% | 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 (5.28%) compared to EFZ (4.17%). In terms of maximum drawdown, EFZ dropped -88.15% vs VEA's -60.68%.
On 10-year performance, VEA leads with 10.02% vs -8.32% for EFZ. On fees, VEA is cheaper at 0.03% per year. On volatility, EFZ has been the lower-risk option at 4.17%. 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 10.02% return vs -8.32%. 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 3.97%, compared with 2.59% 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 (1.61 vs -0.87), 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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