EFZ vs SPY
ProShares Short MSCI EAFE vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EFZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $10M | $814.4B | |
| Dividend Yield | 4.03% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | -8.95% | +12.10% | |
| 1Y Return | -14.95% | +20.30% | |
| 3Y Return (annualized) | -11.69% | +20.82% | |
| 5Y Return (annualized) | -5.85% | +12.53% | |
| Volatility (annualized) | 17.5% | 15.3% | |
| Max Drawdown | -90.3% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Oct 23, 2007 | Jan 22, 1993 |
EFZ vs SPY Performance
ProShares Short MSCI EAFE (EFZ) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EFZ returned -14.95% while SPY returned +20.30%. Year to date, EFZ is down 8.95% versus a gain of 12.10% for SPY.
Over three years, EFZ compounded at -11.69% per year against +20.82% for SPY; over five years the annualized figures are -5.85% and +12.53% respectively. Across the full 19-year window we track, SPY has the edge at +8.78% annualized vs -8.51%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EFZ has been the more volatile fund, with annualized monthly volatility of 17.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -90.3% for EFZ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.81. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EFZ charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, EFZ currently yields 4.03% against 1.01% for SPY.
Holdings Overlap
EFZ and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EFZ or SPY?
EFZ has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, EFZ or SPY?
Over the past year EFZ returned -14.95% vs +20.30% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), EFZ annualized -8.51% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, EFZ or SPY?
EFZ has been the more volatile fund at 17.5% annualized versus 15.3% for SPY. Worst drawdown: EFZ -90.3% vs SPY -56.5%.
Should I hold both EFZ and SPY?
EFZ and SPY have a monthly-return correlation of -0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EFZ and SPY?
EFZ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, EFZ or SPY?
EFZ yields 4.03% while SPY yields 1.01%, so EFZ currently pays the higher dividend yield.
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