EUM vs. EDC
EUM (ProShares Short MSCI Emerging Markets) and EDC (Direxion Daily Emerging Markets Bull 3X Shares) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while EDC is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (300%). Both are passively managed. Over the past 10 years, EUM returned -9.09%/yr vs 3.45%/yr for EDC. Their -0.99 correlation means they have often moved in opposite directions in the past. EUM charges 0.95%/yr vs 1.33%/yr for EDC.
Performance
EUM vs. EDC - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -16.68% return, which is significantly lower than EDC's 30.51% return. Over the past 10 years, EUM has underperformed EDC with an annualized return of -9.09%, while EDC has yielded a comparatively higher 3.45% annualized return.
EUM
- 1D
- -0.60%
- 1M
- 2.23%
- 6M
- -10.10%
- YTD
- -16.68%
- 1Y
- -26.27%
- 3Y*
- -12.92%
- 5Y*
- -5.31%
- 10Y*
- -9.09%
- ALL TIME*
- -9.58%
EDC
- 1D
- 2.31%
- 1M
- -10.08%
- 6M
- 5.24%
- YTD
- 30.51%
- 1Y
- 85.58%
- 3Y*
- 30.81%
- 5Y*
- -1.96%
- 10Y*
- 3.45%
- ALL TIME*
- 1.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.94M | $6.55M | $9.55M | |
| $1.63M | $1.99M | $1.68M |
EUM vs. EDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -16.68% | -22.61% | -0.83% | -3.89% | 21.11% | -1.32% | -24.37% | -15.27% | 14.60% | -28.08% |
EDC Direxion Daily Emerging Markets Bull 3X Shares | 30.51% | 94.58% | -2.00% | 7.48% | -60.25% | -20.81% | 6.49% | 43.92% | -49.87% | 138.61% |
Correlation
The correlation between EUM and EDC is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.99 |
The correlation between EUM and EDC has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
EUM vs. EDC - Sectors Allocation Comparison
Sectors
EUM
EDC
Financial Services
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
Healthcare
-
Industrials
-
Real Estate
-
Technology
-
Utilities
-
Financial Services
EUM
EDC
Basic Materials
EUM
-
EDC
Communication Services
EUM
-
EDC
Consumer Cyclical
EUM
-
EDC
Consumer Defensive
EUM
-
EDC
Energy
EUM
-
EDC
Healthcare
EUM
-
EDC
Industrials
EUM
-
EDC
Real Estate
EUM
-
EDC
Technology
EUM
-
EDC
Utilities
EUM
-
EDC
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Return for Risk
EUM vs. EDC — Risk / Return Rank
EUM
EDC
EUM vs. EDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and Direxion Daily Emerging Markets Bull 3X Shares (EDC). 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 | EDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -3.19 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.04 | -2.81 |
| Martin ratioReturn relative to average drawdown | -1.38 | 5.77 | -7.14 |
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Drawdowns
EUM vs. EDC - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.19%, roughly equal to the maximum EDC drawdown of -92.54%. Use the drawdown chart below to compare losses from any high point for EUM and EDC.
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Drawdown Indicators
| EUM | EDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.19% | -92.54% | -0.65% |
Max Drawdown (1Y)Largest decline over 1 year | -33.23% | -40.06% | +6.83% |
Max Drawdown (3Y)Largest decline over 3 years | -47.97% | -49.48% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -50.87% | -77.83% | +26.96% |
Max Drawdown (10Y)Largest decline over 10 years | -66.12% | -87.01% | +20.89% |
Current DrawdownCurrent decline from peak | -92.48% | -72.30% | -20.18% |
Average DrawdownAverage peak-to-trough decline | -77.28% | -65.37% | -11.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.64% | 14.14% | +4.50% |
Volatility
EUM vs. EDC - Volatility Comparison
The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 9.05%, while Direxion Daily Emerging Markets Bull 3X Shares (EDC) has a volatility of 26.99%. This indicates that EUM experiences smaller price fluctuations and is considered to be less risky than EDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUM | EDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.05% | 26.99% | -17.94% |
Volatility (6M)Calculated over the trailing 6-month period | 22.60% | 67.55% | -44.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.87% | 73.11% | -48.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.05% | 59.41% | -39.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.84% | 61.59% | -40.75% |
EUM vs. EDC - Expense Ratio Comparison
EUM has a 0.95% expense ratio, which is lower than EDC's 1.33% expense ratio.
Dividends
EUM vs. EDC - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.05%, more than EDC's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EDC Direxion Daily Emerging Markets Bull 3X Shares | 1.52% | 1.79% | 3.94% | 3.54% | 0.00% | 0.18% | 0.44% | 0.97% | 0.78% | 0.25% |
EUM ProShares Short MSCI Emerging Markets | 4.05% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% | 0.00% |
Frequently Asked Questions
EUM and EDC have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDC has higher volatility (26.99%) compared to EUM (9.05%). In terms of maximum drawdown, EUM dropped -93.19% vs EDC's -92.54%.
On 10-year performance, EDC leads with 3.45% vs -9.09% for EUM. On fees, EUM is cheaper at 0.95% per year. On volatility, EUM has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDC has performed better with a 3.45% return vs -9.09%. 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 1.33% for EDC.
EUM has the higher dividend yield at 4.05%, compared with 1.52% for EDC.
EUM is categorized as Inverse Equities, while EDC is Leveraged Equities. EUM tracks MSCI Emerging Markets Index (-100%), while EDC tracks MSCI Emerging Markets Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EUM and 1.33% for EDC.
EDC currently has the higher Sharpe Ratio (1.12 vs -1.03), 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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