ProShares UltraShort MSCI Japan (EWV) belongs to the Leveraged Equities category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with EWV. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to EWV
EWV charges 0.95% annually. There are 92 ETFs in the Leveraged Equities category with lower expense ratios, going as low as 0.35%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| WisdomTree Efficient U.S. Plus International Equit... | 0.35% | 34.68M | Mar 2026 | EWV vs NTSD | |
| ETRACS IFED Invest with the Fed TR Index ETN | 0.45% | 48.99M | Sep 2021 | EWV vs IFED | |
| Direxion Daily S&P 500 Bull 2X ETF | 0.60% | 239.79M | May 2014 | EWV vs SPUU | |
| Leverage Shares 2X Long CMG Daily ETF | 0.75% | 1.31M | Nov 2025 | EWV vs CMGG | |
| Leverage Shares 2X Long BE Daily ETF | 0.75% | 36.14M | Dec 2025 | EWV vs BEG |
Best Risk-Adjusted Alternatives to EWV
EWV has a PortfoliosLab risk / return rank of 1. There are 224 ETFs in the Leveraged Equities category with higher risk-adjusted ranks, going as high as 98.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| GraniteShares 2x Long MU Daily ETF | 98 | 1.47B | Nov 2024 | EWV vs MULL | |
| Innovator U.S. Equity Accelerated Plus ETF | 98 | 22.60M | Apr 2021 | EWV vs XTAP | |
| GraniteShares 2x Long INTC Daily ETF | 98 | 785.62M | Feb 2025 | EWV vs INTW | |
| Innovator Growth Accelerated Plus ETF - April | 97 | 19.18M | Apr 2021 | EWV vs QTAP | |
| Direxion Daily Semiconductor Bull 3X ETF | 96 | 28.01B | Mar 2010 | EWV vs SOXL |
Top Performing EWV Alternatives (YTD)
EWV is at -27.73% YTD. There are 246 ETFs in the Leveraged Equities category with higher YTD returns, going as high as 780.13%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| GraniteShares 2x Long MU Daily ETF | 780.13% | 1.47B | Nov 2024 | EWV vs MULL | |
| GraniteShares 2x Long DELL Daily ETF | 762.51% | 169.15M | Feb 2025 | EWV vs DLLL | |
| GraniteShares 2x Long INTC Daily ETF | 750.22% | 785.62M | Feb 2025 | EWV vs INTW | |
| Direxion Daily INTC Bull 2X Shares | 744.89% | 104.27M | Nov 2025 | EWV vs LINT | |
| Leverage Shares 2X Long BE Daily ETF | 658.88% | 36.14M | Dec 2025 | EWV vs BEG |
Lowest Volatility Alternatives to EWV
EWV has 42.12% 1-year volatility. There are 95 ETFs in the Leveraged Equities category with lower 1-year volatility, going as low as 4.83%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Innovator U.S. Equity Accelerated Plus ETF | 4.83% | 22.60M | Apr 2021 | EWV vs XTAP | |
| Innovator Growth Accelerated Plus ETF - April | 6.12% | 19.18M | Apr 2021 | EWV vs QTAP | |
| Innovator U.S. Equity Accelerated Plus ETF - July | 7.35% | 13.35M | Jul 2021 | EWV vs XTJL | |
| Innovator Growth Accelerated Plus ETF - July | 9.88% | 22.17M | Jul 2021 | EWV vs QTJL | |
| Innovator US Equity Accelerated ETF | 10.50% | 68.78M | Apr 2021 | EWV vs XDSQ |
Lowest Drawdown Alternatives to EWV
EWV has a 1-year max drawdown of -51.16%. There are 145 ETFs in the Leveraged Equities category with shallower 1-year drawdowns, going as shallow as -1.72%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Innovator U.S. Equity Accelerated Plus ETF | -1.72% | 22.60M | Apr 2021 | EWV vs XTAP | |
| Innovator Growth Accelerated Plus ETF - April | -2.49% | 19.18M | Apr 2021 | EWV vs QTAP | |
| Innovator U.S. Equity Accelerated Plus ETF - July | -5.12% | 13.35M | Jul 2021 | EWV vs XTJL | |
| Innovator Growth Accelerated Plus ETF - July | -6.68% | 22.17M | Jul 2021 | EWV vs QTJL | |
| Innovator US Equity Accelerated ETF | -9.60% | 68.78M | Apr 2021 | EWV vs XDSQ |
Other ETFs from ProShares
The 10 most viewed ProShares ETFs shown here include TQQQ, BITO, QLD and span 10 categories. AUM among these funds goes as high as $40B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| ProShares UltraPro QQQ | Leveraged Equities | 53 | 41.43% | 39.74B | Feb 2010 | EWV vs TQQQ | |
| ProShares Bitcoin Strategy ETF | Cryptocurrency | 2 | -29.93% | 1.42B | Oct 2021 | EWV vs BITO | |
| ProShares Ultra QQQ | Leveraged Equities | 53 | 29.58% | 14.59B | Jun 2006 | EWV vs QLD | |
| ProShares UltraPro S&P 500 | Leveraged Equities, S&P 500 | 49 | 17.21% | 5.36B | Jun 2009 | EWV vs UPRO | |
| ProShares Ultra S&P500 | Leveraged Equities, S&P 500 | 50 | 12.95% | 8.02B | Jun 2006 | EWV vs SSO | |
| ProShares S&P 500 Dividend Aristocrats ETF | Dividend, S&P 500, Large Cap Value Equities | 29 | 6.48% | 11.27B | Oct 2013 | EWV vs NOBL | |
| ProShares Ultra Semiconductors | Leveraged Equities, Semiconductors | 82 | 84.65% | 3.28B | Jan 2007 | EWV vs USD | |
| ProShares UltraPro Short QQQ | Leveraged Equities, Inverse Equities, Nasdaq-100 | 1 | -40.31% | 1.83B | Feb 2010 | EWV vs SQQQ | |
| ProShares Ultra VIX Short-Term Futures ETF | Volatility | 1 | -22.07% | 265.17M | Oct 2011 | EWV vs UVXY | |
| Proshares Ultra Bitcoin ETF | Cryptocurrency, Leveraged Cryptocurrency | 2 | -58.07% | 340.85M | Apr 2024 | EWV vs BITU |
Often Compared With EWV
Investors most often compare EWV with EZJ, FLJP, DXJ. These 20 comparison targets span 6 categories, based on PortfoliosLab usage data.
Compare EWV with Any Fund or Stock
Compare EWV with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair EWV with funds that move differently
ProShares UltraShort MSCI Japan alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to EWV.
Explore EWV Diversifiers