EUM vs. BMNZ

Last updated Jun 26, 2026

EUM (ProShares Short MSCI Emerging Markets) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds - EUM tracks the MSCI Emerging Markets Index (-100%) while BMNZ tracks the BitMine Immersion Technologies, Inc.. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. EUM charges 0.95%/yr vs 1.31%/yr for BMNZ.

Performance

EUM vs. BMNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUM achieves a -21.23% return, which is significantly lower than BMNZ's 29.97% return.

EUM

• 1D: -1.02%
• 1M: -0.61%
• YTD: -21.23%
• 6M: -21.58%
• 1Y: -30.32%
• 3Y*: -15.89%
• 5Y*: -5.11%
• 10Y*: -10.61%

BMNZ

• 1D: 9.79%
• 1M: 76.32%
• YTD: 29.97%
• 6M: 50.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EUM vs. BMNZ - Yearly Performance Comparison

	2026 (YTD)	2025
EUM ProShares Short MSCI Emerging Markets	-21.23%	0.70%
BMNZ Defiance Daily Target 2X Short BMNR ETF	29.97%	15.30%

Correlation

The correlation between EUM and BMNZ is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.55

Return for Risk

EUM vs. BMNZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EUM

EUM Risk / Return Rank: 1
EUM Sharpe Ratio Rank: 0
EUM Sortino Ratio Rank: 1
EUM Omega Ratio Rank: 1
EUM Calmar Ratio Rank: 1
EUM Martin Ratio Rank: 0

BMNZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

EUM vs. BMNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). 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.

	EUM	BMNZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.31	—	—
Sortino ratio: Return per unit of downside risk	-1.99	—	—
Omega ratio: Gain probability vs. loss probability	0.77	—	—
Calmar ratio: Return relative to maximum drawdown	-0.92	—	—
Martin ratio: Return relative to average drawdown	-1.84	—	—

Drawdowns

EUM vs. BMNZ - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, which is greater than BMNZ's maximum drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for EUM and BMNZ.

Drawdown Indicators

	EUM	BMNZ	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-70.80%	-22.39%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-67.83%	—	—
Current Drawdown Current decline from peak	-92.89%	-27.23%	-65.66%
Average Drawdown Average peak-to-trough decline	-77.20%	-50.65%	-26.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.56%	—	—

Volatility

Volatility by Period

	EUM	BMNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.14%	187.04%	-163.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	187.04%	-167.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	187.04%	-166.33%

EUM vs. BMNZ - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is lower than BMNZ's 1.31% expense ratio.

Dividends

EUM vs. BMNZ - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.28%, while BMNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BMNZ Defiance Daily Target 2X Short BMNR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EUM ProShares Short MSCI Emerging Markets	4.28%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%

Frequently Asked Questions

Can I hold both EUM and BMNZ in my portfolio?

EUM and BMNZ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EUM or BMNZ?

On fees, EUM is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EUM or BMNZ?

EUM is cheaper with a 0.95% expense ratio, compared with 1.31% for BMNZ.

Which ETF pays a higher dividend yield, EUM or BMNZ?

EUM has the higher dividend yield at 4.28%, compared with 0.00% for BMNZ.

What is the main difference between EUM and BMNZ?

EUM tracks MSCI Emerging Markets Index (-100%), while BMNZ tracks BitMine Immersion Technologies, Inc.. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for EUM and 1.31% for BMNZ.