PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VIXY vs. EFU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIXY vs. EFU

Last updated Jun 4, 2026

VIXY (ProShares VIX Short-Term Futures ETF) and EFU (ProShares UltraShort MSCI EAFE) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%). Both are passively managed. Over the past 10 years, VIXY returned -47.13%/yr vs -19.60%/yr for EFU. A 0.65 correlation means they provide meaningful diversification when combined. VIXY charges 0.85%/yr vs 0.95%/yr for EFU.

Performance

VIXY vs. EFU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) and ProShares UltraShort MSCI EAFE (EFU). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VIXY achieves a -8.27% return, which is significantly higher than EFU's -16.12% return. Over the past 10 years, VIXY has underperformed EFU with an annualized return of -47.13%, while EFU has yielded a comparatively higher -19.60% annualized return.

VIXY

1D
0.26%
1M
-15.15%
YTD
-8.27%
6M
-22.71%
1Y
-53.80%
3Y*
-42.73%
5Y*
-46.70%
10Y*
-47.13%

EFU

1D
1.27%
1M
-7.02%
YTD
-16.12%
6M
-19.44%
1Y
-30.25%
3Y*
-23.88%
5Y*
-15.08%
10Y*
-19.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXY vs. EFU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIXY
ProShares VIX Short-Term Futures ETF		-8.27%-43.05%-27.43%-72.74%-24.98%-72.40%10.54%-67.81%66.78%-72.78%
EFU
ProShares UltraShort MSCI EAFE		-16.12%-41.07%-1.04%-25.36%24.26%-24.58%-35.54%-32.71%32.32%-36.87%

Correlation

The correlation between VIXY and EFU is 0.58, 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

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.58

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2011

0.65

The correlation between VIXY and EFU has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares VIX Short-Term Futures ETF

ProShares UltraShort MSCI EAFE

Often compared with VIXY:
VIXY vs. VXXVIXY vs. UVXYVIXY vs. VIXMVIXY vs. SVXYVIXY vs. SPYVIXY vs. ^VVIXVIXY vs. VOO
Often compared with EFU:
EFU vs. EEVEFU vs. EFOEFU vs. EETHEFU vs. FMAGEFU vs. IDMOEFU vs. GGLLEFU vs. QLD

Return for Risk

VIXY vs. EFU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIXY
VIXY Risk / Return Rank: 11
Overall Rank
VIXY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
VIXY Sortino Ratio Rank: 11
Sortino Ratio Rank
VIXY Omega Ratio Rank: 11
Omega Ratio Rank
VIXY Calmar Ratio Rank: 11
Calmar Ratio Rank
VIXY Martin Ratio Rank: 22
Martin Ratio Rank
EFU
EFU Risk / Return Rank: 11
Overall Rank
EFU Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EFU Sortino Ratio Rank: 22
Sortino Ratio Rank
EFU Omega Ratio Rank: 22
Omega Ratio Rank
EFU Calmar Ratio Rank: 11
Calmar Ratio Rank
EFU Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIXY vs. EFU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and ProShares UltraShort MSCI EAFE (EFU). 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.

VIXYEFUDifference
Sharpe ratioReturn per unit of total volatility
-0.97
-0.98

+0.02

Sortino ratioReturn per unit of downside risk
-1.56
-1.36

-0.20

Omega ratioGain probability vs. loss probability

0.82

0.84

-0.02

Calmar ratioReturn relative to maximum drawdown

-0.95

-0.89

-0.06

Martin ratioReturn relative to average drawdown

-1.34

-1.50

+0.17

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXY vs. EFU - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.97, which is comparable to the EFU Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of VIXY and EFU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

VIXYEFUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.97

-0.98

+0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.67

-0.45

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.65

-0.57

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.69

-0.44

-0.26

Drawdowns

VIXY vs. EFU - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum EFU drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for VIXY and EFU.

Loading charts...

Drawdown Indicators

VIXYEFUDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-99.36%

-0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-56.72%

-34.19%

-22.53%

Max Drawdown (3Y)

Largest decline over 3 years

-81.00%

-64.29%

-16.71%

Max Drawdown (5Y)

Largest decline over 5 years

-95.92%

-75.42%

-20.50%

Max Drawdown (10Y)

Largest decline over 10 years

-99.87%

-90.41%

-9.46%

Current Drawdown

Current decline from peak

-100.00%

-99.35%

-0.65%

Average Drawdown

Average peak-to-trough decline

-92.18%

-87.13%

-5.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

40.22%

20.14%

+20.08%

Volatility

VIXY vs. EFU - Volatility Comparison

The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 8.03%, while ProShares UltraShort MSCI EAFE (EFU) has a volatility of 10.10%. This indicates that VIXY experiences smaller price fluctuations and is considered to be less risky than EFU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VIXYEFUDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.03%

10.10%

-2.07%

Volatility (6M)

Calculated over the trailing 6-month period

41.47%

26.06%

+15.41%

Volatility (1Y)

Calculated over the trailing 1-year period

55.89%

30.91%

+24.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

70.31%

33.34%

+36.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.48%

34.20%

+38.28%

VIXY vs. EFU - Expense Ratio Comparison

VIXY has a 0.85% expense ratio, which is lower than EFU's 0.95% expense ratio.

Dividends

VIXY vs. EFU - Dividend Comparison

VIXY has not paid dividends to shareholders, while EFU's dividend yield for the trailing twelve months is around 5.38%.

PositionTTM20252024202320222021202020192018
EFU
ProShares UltraShort MSCI EAFE		5.38%5.57%3.87%6.41%1.47%0.00%0.06%0.95%0.17%
VIXY
ProShares VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VIXY and EFU have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFU has higher volatility (10.10%) compared to VIXY (8.03%). In terms of maximum drawdown, VIXY dropped -100.00% vs EFU's -99.36%.

On 10-year performance, EFU leads with -19.60% vs -47.13% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EFU has performed better with a -19.60% return vs -47.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for EFU.

EFU has the higher dividend yield at 5.38%, compared with 0.00% for VIXY.

VIXY is categorized as Volatility, while EFU is Leveraged Equities. VIXY tracks S&P 500 VIX Short-Term Futures Index Total Return, while EFU tracks MSCI EAFE Index (-200%). They also come from different issuers: ProFund Advisors LLC and ProShares. Their fees differ too: 0.85% for VIXY and 0.95% for EFU.

VIXY currently has the higher Sharpe Ratio (-0.97 vs -0.98), 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.

Portfolio Optimizer

Find the right allocation for VIXY and EFU

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer