EUM vs. BRKD
EUM (ProShares Short MSCI Emerging Markets) and BRKD (Direxion Daily BRKB Bear 1X Shares) are both Inverse Equities funds - EUM tracks the MSCI Emerging Markets Index (-100%) while BRKD tracks the Berkshire Hathaway Inc. Class B (-100%). Both are passively managed. Over the past year, EUM returned -32.85% vs 6.26% for BRKD. At a 0.09 correlation, their price movements are largely independent. EUM charges 0.95%/yr vs 1.00%/yr for BRKD.
Performance
EUM vs. BRKD - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -21.40% return, which is significantly lower than BRKD's 5.90% return.
EUM
- 1D
- 1.09%
- 1M
- -5.64%
- YTD
- -21.40%
- 6M
- -22.97%
- 1Y
- -32.85%
- 3Y*
- -15.90%
- 5Y*
- -5.09%
- 10Y*
- -10.22%
BRKD
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 5.90%
- 6M
- 6.21%
- 1Y
- 6.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EUM vs. BRKD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -21.40% | -22.61% | 4.12% |
BRKD Direxion Daily BRKB Bear 1X Shares | 5.90% | -6.69% | 2.19% |
Correlation
The correlation between EUM and BRKD is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024 | 0.09 |
The correlation between EUM and BRKD shifts across timeframes, from -0.01 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUM vs. BRKD — Risk / Return Rank
EUM
BRKD
EUM vs. BRKD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and Direxion Daily BRKB Bear 1X Shares (BRKD). 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.
| EUM | BRKD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.10 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.67 | -1.64 |
| Martin ratioReturn relative to average drawdown | -1.91 | 1.31 | -3.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUM | BRKD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.61 | 0.48 | -2.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | 0.04 | -0.40 |
Drawdowns
EUM vs. BRKD - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.07%, which is greater than BRKD's maximum drawdown of -17.92%. Use the drawdown chart below to compare losses from any high point for EUM and BRKD.
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Drawdown Indicators
| EUM | BRKD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.07% | -17.92% | -75.15% |
Max Drawdown (1Y)Largest decline over 1 year | -34.25% | -9.34% | -24.91% |
Max Drawdown (3Y)Largest decline over 3 years | -47.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -68.27% | — | — |
Current DrawdownCurrent decline from peak | -92.91% | -3.69% | -89.22% |
Average DrawdownAverage peak-to-trough decline | -77.17% | -7.73% | -69.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.41% | 4.78% | +12.63% |
Volatility
EUM vs. BRKD - Volatility Comparison
ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 8.73% compared to Direxion Daily BRKB Bear 1X Shares (BRKD) at 0.00%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than BRKD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUM | BRKD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.73% | 0.00% | +8.73% |
Volatility (6M)Calculated over the trailing 6-month period | 17.94% | 9.20% | +8.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.45% | 13.32% | +7.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.14% | 17.23% | +1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.54% | 17.23% | +3.31% |
EUM vs. BRKD - Expense Ratio Comparison
EUM has a 0.95% expense ratio, which is lower than BRKD's 1.00% expense ratio.
Dividends
EUM vs. BRKD - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.54%, more than BRKD's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRKD Direxion Daily BRKB Bear 1X Shares | 2.82% | 3.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EUM ProShares Short MSCI Emerging Markets | 4.54% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
Frequently Asked Questions
EUM and BRKD have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUM has higher volatility (8.73%) compared to BRKD (0.00%). In terms of maximum drawdown, EUM dropped -93.07% vs BRKD's -17.92%.
On 1-year performance, BRKD leads with 6.26% vs -32.85% for EUM. On fees, EUM is cheaper at 0.95% per year. On volatility, BRKD has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BRKD has performed better with a 6.26% return vs -32.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUM is cheaper with a 0.95% expense ratio, compared with 1.00% for BRKD.
EUM has the higher dividend yield at 4.54%, compared with 2.82% for BRKD.
EUM tracks MSCI Emerging Markets Index (-100%), while BRKD tracks Berkshire Hathaway Inc. Class B (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EUM and 1.00% for BRKD.
BRKD currently has the higher Sharpe Ratio (0.48 vs -1.61), 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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