OILD vs. EFZ
OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds - OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%) while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past 3 years, OILD returned -44.47%/yr vs -9.46%/yr for EFZ. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
OILD vs. EFZ - Performance Comparison
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Returns By Period
In the year-to-date period, OILD achieves a -57.86% return, which is significantly lower than EFZ's -8.70% return.
OILD
- 1D
- 2.48%
- 1M
- -7.04%
- 6M
- -47.85%
- YTD
- -57.86%
- 1Y
- -65.56%
- 3Y*
- -44.47%
- 5Y*
- —
- 10Y*
- —
EFZ
- 1D
- -0.42%
- 1M
- -0.47%
- 6M
- -5.88%
- YTD
- -8.70%
- 1Y
- -15.83%
- 3Y*
- -9.46%
- 5Y*
- -6.22%
- 10Y*
- -8.43%
OILD vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -57.86% | -41.67% | -14.58% | -19.58% | -90.32% | 3.83% |
EFZ ProShares Short MSCI EAFE | -8.70% | -20.92% | 2.90% | -10.38% | 13.15% | 1.37% |
Correlation
The correlation between OILD and EFZ is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.27 |
The correlation between OILD and EFZ shifts across timeframes, from -0.09 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OILD vs. EFZ — Risk / Return Rank
OILD
EFZ
OILD vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.
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.
| OILD | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.85 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.90 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.39 | -1.47 | +0.07 |
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Drawdowns
OILD vs. EFZ - Drawdown Comparison
The maximum OILD drawdown since its inception was -98.90%, which is greater than EFZ's maximum drawdown of -88.15%. Use the drawdown chart below to compare losses from any high point for OILD and EFZ.
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Drawdown Indicators
| OILD | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.90% | -88.15% | -10.75% |
Max Drawdown (1Y)Largest decline over 1 year | -74.53% | -17.60% | -56.93% |
Max Drawdown (3Y)Largest decline over 3 years | -86.29% | -35.82% | -50.47% |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.58% | — |
Current DrawdownCurrent decline from peak | -98.63% | -88.05% | -10.58% |
Average DrawdownAverage peak-to-trough decline | -88.80% | -67.19% | -21.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.08% | 10.81% | +36.27% |
Volatility
OILD vs. EFZ - Volatility Comparison
MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 22.10% compared to ProShares Short MSCI EAFE (EFZ) at 4.11%. This indicates that OILD'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
| OILD | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 4.11% | +17.99% |
Volatility (6M)Calculated over the trailing 6-month period | 50.10% | 14.26% | +35.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.18% | 16.88% | +46.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.25% | 16.84% | +62.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.25% | 17.10% | +62.15% |
OILD vs. EFZ - Expense Ratio Comparison
Both OILD and EFZ have an expense ratio of 0.95%.
Dividends
OILD vs. EFZ - Dividend Comparison
OILD has not paid dividends to shareholders, while EFZ's dividend yield for the trailing twelve months is around 4.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.01% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
OILD MicroSectorsTM Oil & Gas Exploration & Production -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
OILD and EFZ have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (22.10%) compared to EFZ (4.11%). In terms of maximum drawdown, OILD dropped -98.90% vs EFZ's -88.15%.
On 3-year performance, EFZ leads with -9.46% vs -44.47% for OILD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 4.11%. 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 -9.46% return vs -44.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILD and EFZ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.01%, compared with 0.00% for OILD.
OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: REX and ProShares.
EFZ currently has the higher Sharpe Ratio (-0.94 vs -1.04), 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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