ProShares Ultra MSCI EAFE (EFO) Performance
EFO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.9% since Dec 31, 2025
- 1 year
- +15.2% total return
- 5 years
- +7.0% a year
- 10 years
- +9.8% a year
- Since first price
- +8.2% a year since 2009
EFO trailing returns vs SPY, QQQ, AGG
| Period | EFO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.6% | −4.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.0% | −2.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.3% | +1.5% | +7.8% | +8.4% | −1.5% |
| YTD | +9.9% | +8.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +15.2% | +13.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +118.8%+29.8%/yr | +107.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +40.1%+7.0%/yr | +30.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +154.9%+9.8%/yr | +136.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +244.4%+8.6%/yr | +219.6% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJun 4, 2009 | +294.6%+8.2%/yr | +265.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EFO vs SPY
From Jun 4, 2009: EFO grew to $39,464, SPY to $109,708.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EFO returns by calendar year
9 of 16 full years positive. Best 2025 (+58.5%), worst 2022 (−33.6%). 2026 is year to date.
EFO annual returns table
| Year | EFO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.9% | −22.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +58.5% | −26.8% | +17.7% | +20.8% | +7.2% |
| 2024 | −2.2% | −20.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +25.8% | −24.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −33.6% | −52.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +19.4% | −13.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +2.3% | −58.3% | +18.3% | +48.6% | +7.5% |
| 2019 | +40.9% | −15.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −30.9% | −41.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +51.8% | −4.4% | +21.7% | +32.7% | +3.6% |
| 2016 | −2.9% | −21.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −6.4% | −32.3% | +1.2% | +9.4% | +0.5% |
| 2014 | −14.5% | −27.5% | +13.5% | +19.2% | +6.0% |
| 2013 | +42.6% | −21.3% | +32.3% | +36.6% | −2.0% |
| 2012 | +35.6% | −30.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −32.3% | −48.4% | +1.9% | +3.4% | +7.7% |
| 2010 | +9.5% | −38.2% | +15.1% | +19.9% | +6.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EFO largest drawdowns
Now 12.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −63.5% | Mar 23, 2020 | Apr 15, 2021 | 2.2 years | 3.2 years |
| Sep 3, 2021 | −53.9% | Sep 27, 2022 | May 19, 2025 | 1.1 years | 3.7 years |
| Apr 29, 2011 | −49.4% | Jun 1, 2012 | Sep 18, 2013 | 1.1 years | 2.4 years |
| Jul 3, 2014 | −45.2% | Feb 12, 2016 | Sep 19, 2017 | 1.6 years | 3.2 years |
| Apr 14, 2010 | −38.2% | Jun 7, 2010 | Nov 4, 2010 | 54 days | 7 months |
| Jan 11, 2010 | −25.4% | Feb 5, 2010 | Apr 14, 2010 | 25 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EFO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +27.9% | +9.0% | +9.8% | +8.6% |
| Volatility (annualized) | 24.3% | 31.6% | 31.2% | 32.2% |
| Sharpe ratio | 0.96 | 0.32 | 0.38 | 0.38 |
| Sortino ratio | 1.55 | 0.47 | 0.57 | 0.57 |
| Best month | +17.0% | +27.8% | +33.7% | +33.7% |
| Worst month | −16.1% | −18.9% | −30.3% | −30.3% |
| Best 12 months | +63.8% | +63.8% | +99.1% | +99.1% |
| Worst 12 months | −2.2% | −48.1% | −48.1% | −48.1% |
| Positive months | 69% | 62% | 62% | 59% |
| Beta vs S&P 500 | 1.22 | 1.58 | 1.67 | — |
| Correlation with S&P 500 | 0.63 | 0.78 | 0.82 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EFO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 197 | −48.1% | +11.3% | +99.1% | 59% |
| 3-year (a year) | 173 | −11.5% | +5.7% | +34.5% | 71% |
| 5-year (a year) | 149 | −8.9% | +6.2% | +16.8% | 75% |
| 10-year (a year) | 89 | −1.2% | +4.2% | +12.6% | 98% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
EFO performance overview
ProShares Ultra MSCI EAFE (EFO) returned +15.2% over the past year and +9.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +8.2% a year, turning $10,000 into about $39,464. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −63.5%, from Jan 26, 2018 to Mar 23, 2020, and it took 1.1 years to get back to the old high. EFO finished 9 of its 16 full calendar years with a gain; the best year was 2025 (+58.5%) and the worst 2022 (−33.6%). Volatility has been 32.2% a year.
Related: EFO chart, EFO dividends. See the EFO overview for the latest quote and fund facts.
EFO performance FAQ
What is the EFO return over the past year?
EFO returned +15.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.3%.
What is the average annual return of EFO?
EFO has returned +7.0% a year over 5 years, +9.8% a year over 10 years, +8.2% a year since June 4, 2009 (total return, distributions reinvested).
How much would $10,000 invested in EFO be worth?
$10,000 invested in EFO at its first recorded close on June 4, 2009 would be worth about $39,464 on October 23, 2026 with distributions reinvested.
What was the worst year for EFO?
The worst calendar year was 2022, with a total return of −33.6%. The best was 2025 at +58.5%.
What is the biggest drawdown of EFO?
The largest peak-to-trough decline was −63.5% between January 26, 2018 and March 23, 2020. It recovered to the old high on April 15, 2021, 1.1 years after the bottom.
How volatile is EFO?
Over the past 3 years EFO had an annualized volatility of 24.3% and a Sharpe ratio of 0.96 (excess return over 1–3 month T-bills per unit of risk).