ProShares Short MSCI EAFE (EFZ) Performance
EFZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −5.6% since Dec 31, 2025
- 1 year
- −7.5% total return
- 5 years
- −4.9% a year
- 10 years
- −7.9% a year
- Since first price
- −7.2% a year since 2007
EFZ trailing returns vs SPY, QQQ, AGG
| Period | EFZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.1% | +0.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.1% | −3.2% | +7.8% | +8.4% | −1.5% |
| YTD | −5.6% | −7.8% | +12.3% | +15.1% | −1.0% |
| 1 year | −7.5% | −10.8% | +14.4% | +15.9% | −1.1% |
| 3 years | −32.1%−12.1%/yr | −40.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −22.4%−4.9%/yr | −34.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −56.0%−7.9%/yr | −63.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −72.3%−8.2%/yr | −77.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionOct 25, 2007 | −75.9%−7.2%/yr | −83.3% | — | — | — |
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: EFZ vs SPY
From Oct 25, 2007: EFZ grew to $2,406, SPY to $70,819.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EFZ returns by calendar year
6 of 18 full years positive. Best 2008 (+37.9%), worst 2009 (−30.4%). 2026 is year to date.
EFZ annual returns table
| Year | EFZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −5.6% | −14.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −20.9% | −24.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +2.9% | −11.0% | +24.9% | +25.6% | +1.3% |
| 2023 | −10.4% | −13.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +13.1% | −18.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −12.7% | −14.3% | +28.7% | +27.4% | −1.8% |
| 2020 | −16.0% | −41.4% | +18.3% | +48.6% | +7.5% |
| 2019 | −16.6% | −17.8% | +31.2% | +39.0% | +8.5% |
| 2018 | +16.3% | −5.8% | −4.6% | −0.1% | +0.1% |
| 2017 | −20.2% | −19.8% | +21.7% | +32.7% | +3.6% |
| 2016 | −4.6% | −18.0% | +12.0% | +7.1% | +2.4% |
| 2015 | −3.0% | −15.5% | +1.2% | +9.4% | +0.5% |
| 2014 | +3.9% | −13.1% | +13.5% | +19.2% | +6.0% |
| 2013 | −20.0% | −20.0% | +32.3% | +36.6% | −2.0% |
| 2012 | −19.4% | −22.8% | +16.0% | +18.1% | +3.8% |
| 2011 | +2.9% | −17.2% | +1.9% | +3.4% | +7.7% |
| 2010 | −14.2% | −25.5% | +15.1% | +19.9% | +6.4% |
| 2009 | −30.4% | −49.8% | +26.4% | +54.7% | +3.0% |
| 2008 | +37.9% | −24.9% | −36.8% | −41.7% | +7.9% |
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.
EFZ largest drawdowns
Now 87.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2009 | −88.5% | Aug 13, 2026 | not yet | 17.4 years | 17.6 years so far |
| Oct 27, 2008 | −25.7% | Jan 2, 2009 | Mar 9, 2009 | 2 months | 4 months |
| Oct 10, 2008 | −16.1% | Oct 13, 2008 | Oct 27, 2008 | 3 days | 17 days |
| Feb 8, 2008 | −12.9% | May 16, 2008 | Jul 2, 2008 | 3 months | 5 months |
| Sep 17, 2008 | −11.2% | Sep 19, 2008 | Sep 29, 2008 | 2 days | 12 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EFZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | −11.5% | −5.9% | −7.9% | −7.2% |
| Volatility (annualized) | 12.0% | 15.4% | 14.5% | 16.8% |
| Sharpe ratio | -1.32 | -0.55 | -0.65 | -0.44 |
| Sortino ratio | -1.52 | -0.73 | -0.84 | -0.59 |
| Best month | +8.6% | +9.8% | +10.4% | +14.3% |
| Worst month | −7.1% | −11.8% | −13.0% | −13.0% |
| Best 12 months | +2.9% | +28.3% | +28.3% | +62.3% |
| Worst 12 months | −22.8% | −22.8% | −34.6% | −42.7% |
| Positive months | 28% | 37% | 36% | 40% |
| Beta vs S&P 500 | -0.58 | -0.77 | -0.78 | — |
| Correlation with S&P 500 | -0.60 | -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.
EFZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 217 | −42.7% | −8.5% | +62.3% | 25% |
| 3-year (a year) | 193 | −24.0% | −8.6% | +1.4% | 1% |
| 5-year (a year) | 169 | −20.9% | −8.0% | −1.3% | 0% |
| 10-year (a year) | 109 | −12.7% | −8.0% | −4.9% | 0% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
EFZ performance overview
ProShares Short MSCI EAFE (EFZ) returned −7.5% over the past year and −7.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned −7.2% a year, turning $10,000 into about $2,406. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −88.5%, from Mar 9, 2009 to Aug 13, 2026; the fund has not yet regained that high. EFZ finished 6 of its 18 full calendar years with a gain; the best year was 2008 (+37.9%) and the worst 2009 (−30.4%). Volatility has been 16.8% a year.
Related: EFZ chart, EFZ dividends. See the EFZ overview for the latest quote and fund facts.
EFZ performance FAQ
What is the EFZ return over the past year?
EFZ returned −7.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 10.8%.
What is the average annual return of EFZ?
EFZ has returned −4.9% a year over 5 years, −7.9% a year over 10 years, −7.2% a year since October 25, 2007 (total return, distributions reinvested).
How much would $10,000 invested in EFZ be worth?
$10,000 invested in EFZ at its first recorded close on October 25, 2007 would be worth about $2,406 on October 23, 2026 with distributions reinvested.
What was the worst year for EFZ?
The worst calendar year was 2009, with a total return of −30.4%. The best was 2008 at +37.9%.
What is the biggest drawdown of EFZ?
The largest peak-to-trough decline was −88.5% between March 9, 2009 and August 13, 2026. It has not yet recovered to that high; it is 87.6% below its peak.
How volatile is EFZ?
Over the past 3 years EFZ had an annualized volatility of 12.0% and a Sharpe ratio of -1.32 (excess return over 1–3 month T-bills per unit of risk).