Data as of .
EFO vs EFZ: which held to its multiple?
Over three months against its own daily promise, EFO finished 1.5 points short and EFZ 1.3 points over.
ETFIQ Decay Resistance Score: EFO scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| EFO | EFZ | EFO | EFZ | EFO | EFZ | |
| 1 month | −3.7% | +2.4% | −3.3% | +1.7% | −0.4 pts | +0.7 pts |
| 3 months | +4.5% | −2.2% | +6.4% | −3.2% | −1.9 pts | +1.0 pts |
| 6 months | +20.8% | −10.1% | +25.1% | −12.5% | −4.3 pts | +2.4 pts |
| 1 year | +28.5% | −12.8% | +36.4% | −18.2% | −7.9 pts | +5.4 pts |
| 3 years | +108.0% | −30.5% | +131.1% | −65.5% | −23.1 pts | +35.1 pts |
| Since launch | +198.5% | −76.2% | not meaningful | not meaningful | not meaningful | not meaningful |
| EFO ProShares Ultra MSCI EAFE Aims to return twice the daily move of developed markets outside the US (EFA) | EFZ ProShares Short MSCI EAFE Aims to return 1 times the opposite of the daily move of developed markets outside the US (EFA) | |
|---|---|---|
| Issuer | ProShares | ProShares |
| Sets out to return | +2x | -1x |
| On | EFA | EFA |
| Segment | sector | sector |
| Fund returned, 3 months | +4.5% | −2.2% |
| Underlying returned, 3 months | +3.2% | +3.2% |
| What the stated multiple implies, 3 months | +6.4% | −3.2% |
| Difference from stated, 3 months | −1.9 pts | +1.0 pts |
| Fund returned, 1 year or since launch | +28.5% | −12.8% |
| Difference from stated, over that window | −7.9 pts | +5.4 pts |
| Underlying volatility | 13% | 13% |
| Expense ratio | 0.95% | not published |
| Launched | Jan 4, 2010 | Jan 4, 2010 |
EFO in plain words
Three months to Sep 11, 2026: EFO returned +4.5% where its own daily promise gave +6.1%, 1.5 points short. Read the multiple against the whole window instead and +2 times EFA's 3.2% implies +6.4%, which makes EFO look 1.9 points short. 0.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. EFO aims to return +2 times EFA's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. EFA moved at 13% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
EFZ in plain words
Three months to Sep 11, 2026: EFZ returned −2.2% where its own daily promise gave −3.5%, 1.3 points over. Read the multiple against the whole window instead and −1 times EFA's 3.2% implies −3.2%, which makes EFZ look 1.0 points over. 0.3 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. EFZ aims to return -1 times EFA's move each day, then resets. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, EFO or EFZ?
- Over the window to Sep 11, 2026, EFO finished 1.9 points from what its multiple implies and EFZ finished 1.0 points from its own, so EFZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are EFO and EFZ levered on the same thing?
- Yes. Both are levered on developed markets outside the US, EFO at +2 times and EFZ at -1 times the daily move.
- Which one decays faster, EFO or EFZ?
- Decay follows how much the underlying moves about. Over this window EFO’s moved at 13% annualized and EFZ’s at 13%, so EFO has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold EFO or EFZ for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, EFO against EFZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/EFO-EFZ Free to use with attribution; the underlying files are at Open data.