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 -46.69%/yr vs -19.72%/yr for EFU. Their 0.65 correlation means they have sometimes moved together and sometimes differently. VIXY charges 0.85%/yr vs 0.95%/yr for EFU.
Performance
VIXY vs. EFU - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with VIXY having a -20.01% return and EFU slightly lower at -20.84%. Over the past 10 years, VIXY has underperformed EFU with an annualized return of -46.69%, while EFU has yielded a comparatively higher -19.72% annualized return.
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
EFU
- 1D
- 0.98%
- 1M
- -2.66%
- 6M
- -12.99%
- YTD
- -20.84%
- 1Y
- -35.13%
- 3Y*
- -24.16%
- 5Y*
- -16.37%
- 10Y*
- -19.72%
- ALL TIME*
- -19.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.02K | $35.41K | $55.57K | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. EFU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
EFU ProShares UltraShort MSCI EAFE | -20.84% | -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 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
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 0.60 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.
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 | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.82 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.98 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.52 | +0.12 |
Loading charts...
Drawdowns
VIXY vs. EFU - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum EFU drawdown of -99.39%. Use the drawdown chart below to compare losses from any high point for VIXY and EFU.
Loading charts...
Drawdown Indicators
| VIXY | EFU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.39% | -0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -35.76% | -19.42% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -65.69% | -15.76% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -76.39% | -19.52% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -89.39% | -10.43% |
Current DrawdownCurrent decline from peak | -100.00% | -99.38% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -87.21% | -5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 22.95% | +13.18% |
Volatility
VIXY vs. EFU - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to ProShares UltraShort MSCI EAFE (EFU) at 9.53%. 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.
Loading charts...
Volatility by Period
| VIXY | EFU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.60% | 9.53% | +5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 28.80% | +14.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 32.57% | +24.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 33.66% | +36.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 33.61% | +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 5.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.18% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.60%) compared to EFU (9.53%). In terms of maximum drawdown, VIXY dropped -100.00% vs EFU's -99.39%.
On 10-year performance, EFU leads with -19.72% vs -46.69% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, EFU has been the lower-risk option at 9.53%. 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 -19.72% return vs -46.69%. 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 5.18%, 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.
VIXY currently has the higher Sharpe Ratio (-0.88 vs -1.08), 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.
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