EUO vs. EMBX
EUO (ProShares UltraShort Euro) and EMBX (VanEck Emerging Markets Bond ETF) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while EMBX is a Emerging Markets Bonds fund actively managed by VanEck. EUO is passively managed, while EMBX is actively managed. Over the past 10 years, EUO returned 2.45%/yr vs 5.10%/yr for EMBX. At a correlation of -0.34, they often move in opposite directions. EUO charges 0.99%/yr vs 0.76%/yr for EMBX.
Performance
EUO vs. EMBX - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 4.54% return, which is significantly higher than EMBX's 3.49% return. Over the past 10 years, EUO has underperformed EMBX with an annualized return of 2.45%, while EMBX has yielded a comparatively higher 5.10% annualized return.
EUO
- 1D
- 0.50%
- 1M
- 2.09%
- YTD
- 4.54%
- 6M
- 3.41%
- 1Y
- 1.02%
- 3Y*
- -0.54%
- 5Y*
- 5.54%
- 10Y*
- 2.45%
EMBX
- 1D
- -0.40%
- 1M
- 0.90%
- YTD
- 3.49%
- 6M
- 3.62%
- 1Y
- 15.18%
- 3Y*
- 10.16%
- 5Y*
- 3.88%
- 10Y*
- 5.10%
EUO vs. EMBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 4.54% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
EMBX VanEck Emerging Markets Bond ETF | 3.49% | 18.80% | 3.09% | 9.34% | -7.21% | -4.30% | 11.57% | 13.10% | -6.21% | 11.97% |
Correlation
The correlation between EUO and EMBX is -0.62, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2012 | -0.34 |
Over the past year, the inverse relationship between EUO and EMBX has strengthened: their correlation has moved from -0.34 to -0.62, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EUO vs. EMBX — Risk / Return Rank
EUO
EMBX
EUO vs. EMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and VanEck Emerging Markets Bond ETF (EMBX). 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.
| EUO | EMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.52 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 2.96 | -2.84 |
| Martin ratioReturn relative to average drawdown | 0.28 | 12.58 | -12.31 |
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
| EUO | EMBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | 2.66 | -2.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.64 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.77 | -0.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.52 | -0.47 |
Drawdowns
EUO vs. EMBX - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, which is greater than EMBX's maximum drawdown of -25.11%. Use the drawdown chart below to compare losses from any high point for EUO and EMBX.
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Drawdown Indicators
| EUO | EMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -25.11% | -13.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -5.14% | -2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -7.41% | -17.05% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -24.07% | -1.21% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -25.11% | -4.50% |
Current DrawdownCurrent decline from peak | -18.43% | -0.62% | -17.81% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -7.08% | -11.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 1.21% | +2.52% |
Volatility
EUO vs. EMBX - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.48% compared to VanEck Emerging Markets Bond ETF (EMBX) at 1.73%. This indicates that EUO's price experiences larger fluctuations and is considered to be riskier than EMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | EMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 1.73% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 8.71% | 4.77% | +3.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 5.72% | +6.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 6.10% | +9.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 6.65% | +8.23% |
EUO vs. EMBX - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than EMBX's 0.76% expense ratio.
Dividends
EUO vs. EMBX - Dividend Comparison
EUO has not paid dividends to shareholders, while EMBX's dividend yield for the trailing twelve months is around 5.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBX VanEck Emerging Markets Bond ETF | 5.91% | 6.95% | 8.20% | 5.49% | 8.21% | 5.50% | 6.56% | 7.89% | 7.25% | 7.66% | 3.94% | 6.84% |
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EUO and EMBX have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (2.48%) compared to EMBX (1.73%). In terms of maximum drawdown, EUO dropped -38.58% vs EMBX's -25.11%.
On 10-year performance, EMBX leads with 5.10% vs 2.45% for EUO. On fees, EMBX is cheaper at 0.76% per year. On volatility, EMBX has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMBX has performed better with a 5.10% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMBX is cheaper with a 0.76% expense ratio, compared with 0.99% for EUO.
EMBX has the higher dividend yield at 5.91%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while EMBX is Emerging Markets Bonds. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.99% for EUO and 0.76% for EMBX.
EMBX currently has the higher Sharpe Ratio (2.66 vs 0.08), 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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