VIXY vs. EFU
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, while EFU is a Leveraged Equities fund tracking the MSCI EAFE Index (-200%). Both are passively managed. Over the past 10 years, VIXY returned -48.59%/yr vs -20.39%/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
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Returns By Period
In the year-to-date period, VIXY achieves a -10.37% return, which is significantly higher than EFU's -15.95% return. Over the past 10 years, VIXY has underperformed EFU with an annualized return of -48.59%, while EFU has yielded a comparatively higher -20.39% annualized return.
VIXY
- 1D
- 5.17%
- 1M
- -9.63%
- YTD
- -10.37%
- 6M
- -12.36%
- 1Y
- -55.30%
- 3Y*
- -39.97%
- 5Y*
- -45.65%
- 10Y*
- -48.59%
EFU
- 1D
- 3.98%
- 1M
- -0.13%
- YTD
- -15.95%
- 6M
- -15.28%
- 1Y
- -31.13%
- 3Y*
- -24.16%
- 5Y*
- -15.34%
- 10Y*
- -20.39%
VIXY vs. EFU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -10.37% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
EFU ProShares UltraShort MSCI EAFE | -15.95% | -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 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
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 4, 2011 | 0.65 |
The correlation between VIXY and EFU has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.
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Return for Risk
VIXY vs. EFU — Risk / Return Rank
VIXY
EFU
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.
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.
| VIXY | EFU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.93 | -0.09 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.53 | -0.02 |
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Drawdowns
VIXY vs. EFU - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum EFU drawdown of -99.37%. Use the drawdown chart below to compare losses from any high point for VIXY and EFU.
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Drawdown Indicators
| VIXY | EFU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.37% | -0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -54.55% | -33.76% | -20.79% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -64.63% | -15.31% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -75.65% | -20.55% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -90.50% | -9.38% |
Current DrawdownCurrent decline from peak | -100.00% | -99.35% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -87.14% | -5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.74% | 20.36% | +19.38% |
Volatility
VIXY vs. EFU - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 17.03% compared to ProShares UltraShort MSCI EAFE (EFU) at 11.55%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than EFU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | EFU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 11.55% | +5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 43.99% | 27.96% | +16.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.44% | 32.36% | +24.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.37% | 33.60% | +36.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.94% | 33.66% | +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 5.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.37% | 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 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (17.03%) compared to EFU (11.55%). In terms of maximum drawdown, VIXY dropped -100.00% vs EFU's -99.37%.
On 10-year performance, EFU leads with -20.39% vs -48.59% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, EFU has been the lower-risk option at 11.55%. 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 -20.39% return vs -48.59%. 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 5.37%, 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, while EFU tracks MSCI EAFE Index (-200%). Their fees differ too: 0.85% for VIXY and 0.95% for EFU.
EFU 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.
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