EUO vs. MCHI
EUO (ProShares UltraShort Euro) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, EUO returned 2.37%/yr vs 4.50%/yr for MCHI. At a correlation of -0.20, they often move in opposite directions. EUO charges 0.99%/yr vs 0.59%/yr for MCHI.
Performance
EUO vs. MCHI - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 5.66% return, which is significantly higher than MCHI's -9.61% return. Over the past 10 years, EUO has underperformed MCHI with an annualized return of 2.37%, while MCHI has yielded a comparatively higher 4.50% annualized return.
EUO
- 1D
- -0.12%
- 1M
- 4.56%
- YTD
- 5.66%
- 6M
- 3.73%
- 1Y
- 2.76%
- 3Y*
- 0.04%
- 5Y*
- 5.76%
- 10Y*
- 2.37%
MCHI
- 1D
- 0.69%
- 1M
- -6.89%
- YTD
- -9.61%
- 6M
- -10.41%
- 1Y
- -0.02%
- 3Y*
- 8.57%
- 5Y*
- -6.07%
- 10Y*
- 4.50%
EUO vs. MCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 5.66% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
MCHI iShares MSCI China ETF | -9.61% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
Correlation
The correlation between EUO and MCHI is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.20 |
The correlation between EUO and MCHI shifts across timeframes, from -0.30 (5 years) to -0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUO vs. MCHI — Risk / Return Rank
EUO
MCHI
EUO vs. MCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and iShares MSCI China ETF (MCHI). 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 | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.02 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | -0.00 | +0.35 |
| Martin ratioReturn relative to average drawdown | 0.76 | -0.00 | +0.77 |
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 | MCHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | -0.00 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.20 | +0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.16 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.09 | -0.03 |
Drawdowns
EUO vs. MCHI - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum MCHI drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for EUO and MCHI.
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Drawdown Indicators
| EUO | MCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -62.95% | +24.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -18.51% | +10.46% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -25.85% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -56.98% | +31.70% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -62.95% | +33.34% |
Current DrawdownCurrent decline from peak | -17.56% | -38.36% | +20.80% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -24.53% | +6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 8.59% | -4.94% |
Volatility
EUO vs. MCHI - Volatility Comparison
The current volatility for ProShares UltraShort Euro (EUO) is 2.61%, while iShares MSCI China ETF (MCHI) has a volatility of 7.10%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | MCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 7.10% | -4.49% |
Volatility (6M)Calculated over the trailing 6-month period | 8.82% | 14.67% | -5.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 20.23% | -7.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.57% | 30.73% | -15.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 27.40% | -12.52% |
EUO vs. MCHI - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than MCHI's 0.59% expense ratio.
Dividends
EUO vs. MCHI - Dividend Comparison
EUO has not paid dividends to shareholders, while MCHI's dividend yield for the trailing twelve months is around 2.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MCHI iShares MSCI China ETF | 2.34% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
Frequently Asked Questions
EUO and MCHI have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (7.10%) compared to EUO (2.61%). In terms of maximum drawdown, EUO dropped -38.58% vs MCHI's -62.95%.
On 10-year performance, MCHI leads with 4.50% vs 2.37% for EUO. On fees, MCHI is cheaper at 0.59% per year. On volatility, EUO has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MCHI has performed better with a 4.50% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.99% for EUO.
MCHI has the higher dividend yield at 2.34%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while MCHI is China Equities. EUO tracks USD/EUR Exchange Rate (-200%), while MCHI tracks MSCI China Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.99% for EUO and 0.59% for MCHI.
EUO currently has the higher Sharpe Ratio (0.22 vs -0.00), 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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