EUM vs. BRKD

Last updated Jun 26, 2026

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 -30.32% vs 5.16% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) and Direxion Daily BRKB Bear 1X Shares (BRKD). 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 BRKD's 5.90% 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%

BRKD

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.90%
• 6M: 5.69%
• 1Y: 5.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUM vs. BRKD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EUM ProShares Short MSCI Emerging Markets	-21.23%	-22.61%	3.79%
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%

Correlation

The correlation between EUM and BRKD is -0.04, 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	-0.04
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.09

The correlation between EUM and BRKD shifts across timeframes, from -0.04 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EUM vs. BRKD — 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

BRKD

BRKD Risk / Return Rank: 14
BRKD Sharpe Ratio Rank: 15
BRKD Sortino Ratio Rank: 14
BRKD Omega Ratio Rank: 15
BRKD Calmar Ratio Rank: 15
BRKD Martin Ratio Rank: 13

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. 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.

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	BRKD	Difference
Sharpe ratio: Return per unit of total volatility	-1.31	0.40	-1.72
Sortino ratio: Return per unit of downside risk	-1.99	0.70	-2.70
Omega ratio: Gain probability vs. loss probability	0.77	1.09	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.92	0.55	-1.47
Martin ratio: Return relative to average drawdown	-1.84	1.07	-2.91

EUM vs. BRKD - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.31, which is lower than the BRKD Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of EUM and BRKD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EUM vs. BRKD - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, 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.

Drawdown Indicators

	EUM	BRKD	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-17.92%	-75.27%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-9.34%	-23.89%
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%	-3.69%	-89.20%
Average Drawdown Average peak-to-trough decline	-77.20%	-7.56%	-69.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.56%	4.81%	+11.75%

Volatility

EUM vs. BRKD - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 11.91% 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.

Volatility by Period

	EUM	BRKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.91%	0.00%	+11.91%
Volatility (6M) Calculated over the trailing 6-month period	21.01%	8.60%	+12.41%
Volatility (1Y) Calculated over the trailing 1-year period	23.14%	12.95%	+10.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	16.89%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	16.89%	+3.82%

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 4.28%, more than BRKD's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRKD Direxion Daily BRKB Bear 1X Shares	1.91%	3.50%	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 BRKD in my portfolio?

EUM and BRKD have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or BRKD?

EUM has higher volatility (11.91%) compared to BRKD (0.00%). In terms of maximum drawdown, EUM dropped -93.19% vs BRKD's -17.92%.

Which ETF is better, EUM or BRKD?

On 1-year performance, BRKD leads with 5.16% vs -30.32% 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.

Which ETF has performed better, EUM or BRKD?

Over the 1-year period, BRKD has performed better with a 5.16% return vs -30.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or BRKD?

EUM is cheaper with a 0.95% expense ratio, compared with 1.00% for BRKD.

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

EUM has the higher dividend yield at 4.28%, compared with 1.91% for BRKD.

What is the main difference between EUM and 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.

Which has better risk-adjusted returns?

BRKD currently has the higher Sharpe Ratio (0.40 vs -1.31), 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.