ProShares Short MSCI Emerging Markets (EUM) Performance
EUM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −13.7% since Dec 31, 2025
- 1 year
- −14.1% total return
- 5 years
- −4.3% a year
- 10 years
- −8.3% a year
- Since first price
- −9.3% a year since 2007
EUM trailing returns vs SPY, QQQ, AGG
| Period | EUM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +9.4% | +9.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +4.3% | +3.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.2% | −3.1% | +7.8% | +8.4% | −1.5% |
| YTD | −13.7% | −15.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −14.1% | −16.9% | +14.4% | +15.9% | −1.1% |
| 3 years | −40.1%−15.7%/yr | −46.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −19.8%−4.3%/yr | −30.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −57.8%−8.3%/yr | −64.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −70.6%−7.8%/yr | −75.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 1, 2007 | −84.4%−9.3%/yr | −88.2% | — | — | — |
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: EUM vs SPY
From Nov 1, 2007: EUM grew to $1,555, SPY to $71,199.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EUM returns by calendar year
6 of 18 full years positive. Best 2022 (+21.1%), worst 2009 (−50.7%). 2026 is year to date.
EUM annual returns table
| Year | EUM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −13.7% | −24.4% | +12.3% | +15.1% | −1.0% |
| 2025 | −22.6% | −30.2% | +17.7% | +20.8% | +7.2% |
| 2024 | −0.8% | −17.9% | +24.9% | +25.6% | +1.3% |
| 2023 | −3.9% | −10.3% | +26.2% | +54.9% | +5.7% |
| 2022 | +21.1% | −14.4% | −18.2% | −32.6% | −13.0% |
| 2021 | −1.3% | −10.9% | +28.7% | +27.4% | −1.8% |
| 2020 | −24.4% | −45.4% | +18.3% | +48.6% | +7.5% |
| 2019 | −15.3% | −17.1% | +31.2% | +39.0% | +8.5% |
| 2018 | +14.6% | −9.7% | −4.6% | −0.1% | +0.1% |
| 2017 | −28.1% | −27.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −15.3% | −29.7% | +12.0% | +7.1% | +2.4% |
| 2015 | +11.9% | −15.2% | +1.2% | +9.4% | +0.5% |
| 2014 | +0.1% | −21.0% | +13.5% | +19.2% | +6.0% |
| 2013 | −1.4% | −18.9% | +32.3% | +36.6% | −2.0% |
| 2012 | −20.1% | −20.9% | +16.0% | +18.1% | +3.8% |
| 2011 | +8.9% | −20.9% | +1.9% | +3.4% | +7.7% |
| 2010 | −20.9% | −29.4% | +15.1% | +19.9% | +6.4% |
| 2009 | −50.7% | −58.3% | +26.4% | +54.7% | +3.0% |
| 2008 | +19.6% | −41.3% | −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.
EUM largest drawdowns
Now 92.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 27, 2008 | −93.2% | Jun 22, 2026 | not yet | 17.7 years | 18.0 years so far |
| Oct 9, 2008 | −23.6% | Oct 13, 2008 | Oct 24, 2008 | 4 days | 15 days |
| Sep 17, 2008 | −19.4% | Sep 19, 2008 | Oct 6, 2008 | 2 days | 19 days |
| Mar 19, 2008 | −18.9% | May 19, 2008 | Aug 11, 2008 | 2 months | 5 months |
| Nov 26, 2007 | −12.6% | Dec 6, 2007 | Jan 16, 2008 | 10 days | 51 days |
| Feb 6, 2008 | −11.5% | Feb 27, 2008 | Mar 17, 2008 | 21 days | 40 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EUM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | −16.8% | −6.4% | −9.0% | −9.8% |
| Volatility (annualized) | 14.7% | 17.1% | 16.4% | 19.2% |
| Sharpe ratio | -1.47 | -0.51 | -0.63 | -0.51 |
| Sortino ratio | -1.58 | -0.65 | -0.79 | -0.64 |
| Best month | +9.4% | +13.0% | +13.0% | +19.3% |
| Worst month | −11.5% | −13.7% | −13.7% | −17.2% |
| Best 12 months | −0.8% | +38.6% | +38.6% | +38.6% |
| Worst 12 months | −34.0% | −34.0% | −41.2% | −55.7% |
| Positive months | 28% | 42% | 39% | 44% |
| Beta vs S&P 500 | -0.74 | -0.72 | -0.73 | — |
| Correlation with S&P 500 | -0.63 | -0.66 | -0.68 | — |
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.
EUM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 216 | −55.7% | −7.3% | +38.6% | 29% |
| 3-year (a year) | 192 | −31.3% | −7.9% | +7.8% | 12% |
| 5-year (a year) | 168 | −21.9% | −6.1% | −0.6% | 0% |
| 10-year (a year) | 108 | −14.2% | −8.0% | −4.4% | 0% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
EUM performance overview
ProShares Short MSCI Emerging Markets (EUM) returned −14.1% over the past year and −8.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned −9.3% a year, turning $10,000 into about $1,555. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −93.2%, from Oct 27, 2008 to Jun 22, 2026; the fund has not yet regained that high. EUM finished 6 of its 18 full calendar years with a gain; the best year was 2022 (+21.1%) and the worst 2009 (−50.7%). Volatility has been 19.2% a year.
Related: EUM chart, EUM dividends. See the EUM overview for the latest quote and fund facts.
EUM performance FAQ
What is the EUM return over the past year?
EUM returned −14.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 16.9%.
What is the average annual return of EUM?
EUM has returned −4.3% a year over 5 years, −8.3% a year over 10 years, −9.3% a year since November 1, 2007 (total return, distributions reinvested).
How much would $10,000 invested in EUM be worth?
$10,000 invested in EUM at its first recorded close on November 1, 2007 would be worth about $1,555 on October 23, 2026 with distributions reinvested.
What was the worst year for EUM?
The worst calendar year was 2009, with a total return of −50.7%. The best was 2022 at +21.1%.
What is the biggest drawdown of EUM?
The largest peak-to-trough decline was −93.2% between October 27, 2008 and June 22, 2026. It has not yet recovered to that high; it is 92.2% below its peak.
How volatile is EUM?
Over the past 3 years EUM had an annualized volatility of 14.7% and a Sharpe ratio of -1.47 (excess return over 1–3 month T-bills per unit of risk).