EUM vs. FSKAX

Last updated Aug 2, 2026

EUM (ProShares Short MSCI Emerging Markets) and FSKAX (Fidelity Total Market Index Fund) are both funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, EUM returned -9.09%/yr vs 14.44%/yr for FSKAX. Their -0.71 correlation means they have often moved in opposite directions in the past. EUM charges 0.95%/yr vs 0.01%/yr for FSKAX.

Performance

EUM vs. FSKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) and Fidelity Total Market Index Fund (FSKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUM achieves a -16.68% return, which is significantly lower than FSKAX's 9.87% return. Over the past 10 years, EUM has underperformed FSKAX with an annualized return of -9.09%, while FSKAX has yielded a comparatively higher 14.44% 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%

FSKAX

• 1D: 1.63%
• 1M: -0.80%
• 6M: 8.19%
• YTD: 9.87%
• 1Y: 20.99%
• 3Y*: 18.61%
• 5Y*: 11.63%
• 10Y*: 14.44%
• ALL TIME*: 14.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EUM ProShares Short MSCI Emerging Markets	$1.63M	$1.99M	$1.68M
FSKAX Fidelity Total Market Index Fund	$0.00	$0.00	$0.00

EUM vs. FSKAX - 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%
FSKAX Fidelity Total Market Index Fund	9.87%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%

Correlation

The correlation between EUM and FSKAX is -0.76, 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.	-0.76
Correlation (3Y) Balances recent behavior with more history.	-0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.66
Correlation (10Y) Provides a long-term view across more market conditions.	-0.68
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	-0.71

The correlation between EUM and FSKAX has been stable across timeframes, ranging from -0.76 to -0.66 - a consistent structural relationship.

Return for Risk

EUM vs. FSKAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EUM

EUM Risk / Return Rank: 2
EUM Sharpe Ratio Rank: 1
EUM Sortino Ratio Rank: 2
EUM Omega Ratio Rank: 2
EUM Calmar Ratio Rank: 3
EUM Martin Ratio Rank: 1

FSKAX

FSKAX Risk / Return Rank: 63
FSKAX Sharpe Ratio Rank: 59
FSKAX Sortino Ratio Rank: 57
FSKAX Omega Ratio Rank: 56
FSKAX Calmar Ratio Rank: 66
FSKAX Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EUM vs. FSKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and Fidelity Total Market Index Fund (FSKAX). 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	FSKAX	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	1.41	-2.44
Sortino ratio: Return per unit of downside risk	-1.49	1.98	-3.47
Omega ratio: Gain probability vs. loss probability	0.83	1.25	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.77	2.09	-2.86
Martin ratio: Return relative to average drawdown	-1.38	8.96	-10.34

EUM vs. FSKAX - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.03, which is lower than the FSKAX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EUM and FSKAX, 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. FSKAX - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, which is greater than FSKAX's maximum drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for EUM and FSKAX.

Drawdown Indicators

	EUM	FSKAX	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-35.01%	-58.18%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-8.92%	-24.31%
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	-19.43%	-28.54%
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	-25.39%	-25.48%
Max Drawdown (10Y) Largest decline over 10 years	-66.12%	-35.01%	-31.11%
Current Drawdown Current decline from peak	-92.48%	-1.97%	-90.51%
Average Drawdown Average peak-to-trough decline	-77.28%	-3.99%	-73.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.64%	2.08%	+16.56%

Volatility

EUM vs. FSKAX - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 9.05% compared to Fidelity Total Market Index Fund (FSKAX) at 3.43%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUM	FSKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	3.43%	+5.62%
Volatility (6M) Calculated over the trailing 6-month period	22.60%	10.33%	+12.27%
Volatility (1Y) Calculated over the trailing 1-year period	24.87%	13.21%	+11.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.05%	17.52%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	18.45%	+2.39%

EUM vs. FSKAX - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is higher than FSKAX's 0.02% expense ratio.

Dividends

EUM vs. FSKAX - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.05%, more than FSKAX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
FSKAX Fidelity Total Market Index Fund	0.95%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%

Frequently Asked Questions

Can I hold both EUM and FSKAX in my portfolio?

EUM and FSKAX have a correlation of -0.76, 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 FSKAX?

EUM has higher volatility (9.05%) compared to FSKAX (3.43%). In terms of maximum drawdown, EUM dropped -93.19% vs FSKAX's -35.01%.

Which has better risk-adjusted returns?

FSKAX currently has the higher Sharpe Ratio (1.41 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.