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 -48.52%/yr vs -10.18%/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 -61.34% return, which is significantly lower than EFZ's -7.64% return.
OILD
- 1D
- -0.10%
- 1M
- 3.58%
- YTD
- -61.34%
- 6M
- -58.10%
- 1Y
- -73.93%
- 3Y*
- -48.52%
- 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%
OILD vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -61.34% | -41.67% | -14.58% | -19.58% | -90.32% | 5.20% |
EFZ ProShares Short MSCI EAFE | -7.64% | -20.92% | 2.90% | -10.38% | 13.15% | 1.19% |
Correlation
The correlation between OILD and EFZ is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.28 |
The correlation between OILD and EFZ shifts across timeframes, from -0.07 (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.
| OILD | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.86 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.83 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.58 | -1.47 | -0.11 |
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
| OILD | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | -0.88 | -0.34 |
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
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 | -77.40% | -17.36% | -60.04% |
Max Drawdown (3Y)Largest decline over 3 years | -88.53% | -35.42% | -53.11% |
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 | -98.74% | -87.91% | -10.83% |
Average DrawdownAverage peak-to-trough decline | -88.65% | -67.09% | -21.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.83% | 9.77% | +37.06% |
Volatility
OILD vs. EFZ - Volatility Comparison
MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 24.24% compared to ProShares Short MSCI EAFE (EFZ) at 5.08%. 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 | 24.24% | 5.08% | +19.16% |
Volatility (6M)Calculated over the trailing 6-month period | 48.36% | 13.47% | +34.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.04% | 16.34% | +44.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.35% | 16.72% | +62.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.35% | 17.38% | +61.97% |
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 4.07%.
| 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% |
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 -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (24.24%) compared to EFZ (5.08%). In terms of maximum drawdown, OILD dropped -98.90% vs EFZ's -88.08%.
On 3-year performance, EFZ leads with -10.18% vs -48.52% for OILD. 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 -48.52%. 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 4.07%, 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 (-0.88 vs -1.22), 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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