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 -44.01%/yr vs -10.16%/yr for EFZ. At a 0.28 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 -51.09% return, which is significantly lower than EFZ's -7.36% return.
OILD
- 1D
- -2.73%
- 1M
- 20.25%
- YTD
- -51.09%
- 6M
- -52.16%
- 1Y
- -62.90%
- 3Y*
- -44.01%
- 5Y*
- —
- 10Y*
- —
EFZ
- 1D
- -0.76%
- 1M
- 0.62%
- YTD
- -7.36%
- 6M
- -7.10%
- 1Y
- -14.56%
- 3Y*
- -10.16%
- 5Y*
- -5.57%
- 10Y*
- -9.04%
OILD vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -51.09% | -41.67% | -14.58% | -19.58% | -90.32% | 3.83% |
EFZ ProShares Short MSCI EAFE | -7.36% | -20.92% | 2.90% | -10.38% | 13.15% | 1.37% |
Correlation
The correlation between OILD and EFZ is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.28 |
The correlation between OILD and EFZ shifts across timeframes, from -0.05 (1 year) to 0.28 (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 | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.87 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.85 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.43 | +0.03 |
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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 -88.08%. 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% | -88.08% | -10.82% |
Max Drawdown (1Y)Largest decline over 1 year | -74.53% | -17.09% | -57.44% |
Max Drawdown (3Y)Largest decline over 3 years | -87.76% | -35.42% | -52.34% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.35% | — |
Current DrawdownCurrent decline from peak | -98.41% | -87.87% | -10.54% |
Average DrawdownAverage peak-to-trough decline | -88.69% | -67.14% | -21.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.80% | 10.17% | +34.63% |
Volatility
OILD vs. EFZ - Volatility Comparison
MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 21.07% compared to ProShares Short MSCI EAFE (EFZ) at 5.34%. 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 | 21.07% | 5.34% | +15.73% |
Volatility (6M)Calculated over the trailing 6-month period | 49.80% | 14.13% | +35.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.31% | 16.76% | +45.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.36% | 16.83% | +62.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.36% | 17.15% | +62.21% |
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 3.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.95% | 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 -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (21.07%) compared to EFZ (5.34%). In terms of maximum drawdown, OILD dropped -98.90% vs EFZ's -88.08%.
On 3-year performance, EFZ leads with -10.16% vs -44.01% for OILD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.34%. 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 -10.16% return vs -44.01%. 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 3.95%, 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 (-0.87 vs -1.01), 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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