FLYD vs. EFZ
FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds - FLYD tracks the MerQube MicroSectors U.S. Travel Index while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past 3 years, FLYD returned -55.38%/yr vs -10.18%/yr for EFZ. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
FLYD vs. EFZ - Performance Comparison
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Returns By Period
In the year-to-date period, FLYD achieves a -13.05% return, which is significantly lower than EFZ's -7.64% return.
FLYD
- 1D
- -2.08%
- 1M
- -17.48%
- YTD
- -13.05%
- 6M
- -22.60%
- 1Y
- -49.08%
- 3Y*
- -55.38%
- 5Y*
- —
- 10Y*
- —
EFZ
- 1D
- -0.71%
- 1M
- -2.63%
- YTD
- -7.64%
- 6M
- -9.27%
- 1Y
- -14.29%
- 3Y*
- -10.18%
- 5Y*
- -5.52%
- 10Y*
- -8.30%
FLYD vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -13.05% | -60.42% | -54.13% | -75.14% | -46.23% |
EFZ ProShares Short MSCI EAFE | -7.64% | -20.92% | 2.90% | -10.38% | -6.31% |
Correlation
The correlation between FLYD and EFZ is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | 0.61 |
The correlation between FLYD and EFZ has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
FLYD vs. EFZ — Risk / Return Rank
FLYD
EFZ
FLYD vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and ProShares Short MSCI EAFE (EFZ). 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.
| FLYD | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.86 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.83 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.47 | +0.14 |
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
| FLYD | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -0.88 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.33 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.34 | -0.41 |
Drawdowns
FLYD vs. EFZ - Drawdown Comparison
The maximum FLYD drawdown since its inception was -98.11%, which is greater than EFZ's maximum drawdown of -88.08%. Use the drawdown chart below to compare losses from any high point for FLYD and EFZ.
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Drawdown Indicators
| FLYD | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.11% | -88.08% | -10.03% |
Max Drawdown (1Y)Largest decline over 1 year | -54.89% | -17.36% | -37.53% |
Max Drawdown (3Y)Largest decline over 3 years | -93.41% | -35.42% | -57.99% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.88% | — |
Current DrawdownCurrent decline from peak | -97.99% | -87.91% | -10.08% |
Average DrawdownAverage peak-to-trough decline | -83.14% | -67.09% | -16.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.21% | 9.77% | +27.44% |
Volatility
FLYD vs. EFZ - Volatility Comparison
MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 25.78% compared to ProShares Short MSCI EAFE (EFZ) at 5.08%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLYD | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.78% | 5.08% | +20.70% |
Volatility (6M)Calculated over the trailing 6-month period | 59.42% | 13.47% | +45.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.48% | 16.34% | +58.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.67% | 16.72% | +66.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.67% | 17.38% | +66.29% |
FLYD vs. EFZ - Expense Ratio Comparison
Both FLYD and EFZ have an expense ratio of 0.95%.
Dividends
FLYD vs. EFZ - Dividend Comparison
FLYD has not paid dividends to shareholders, while EFZ's dividend yield for the trailing twelve months is around 4.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.07% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLYD and EFZ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (25.78%) compared to EFZ (5.08%). In terms of maximum drawdown, FLYD dropped -98.11% vs EFZ's -88.08%.
On 3-year performance, EFZ leads with -10.18% vs -55.38% for FLYD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EFZ has performed better with a -10.18% return vs -55.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLYD and EFZ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.07%, compared with 0.00% for FLYD.
FLYD tracks MerQube MicroSectors U.S. Travel Index, while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: REX and ProShares.
FLYD currently has the higher Sharpe Ratio (-0.66 vs -0.88), 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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