EWJ vs. EZJ

Last updated Jun 5, 2026

EWJ (iShares MSCI Japan ETF) and EZJ (ProShares Ultra MSCI Japan) are both exchange-traded funds - EWJ is a Japan Equities fund tracking the MSCI Japan Index, while EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, EWJ returned 9.28%/yr vs 10.56%/yr for EZJ. Their correlation of 0.92 suggests significant overlap in exposure. EWJ charges 0.49%/yr vs 0.95%/yr for EZJ.

Performance

EWJ vs. EZJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan ETF (EWJ) and ProShares Ultra MSCI Japan (EZJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWJ achieves a 16.58% return, which is significantly lower than EZJ's 29.29% return. Over the past 10 years, EWJ has underperformed EZJ with an annualized return of 9.28%, while EZJ has yielded a comparatively higher 10.56% annualized return.

EWJ

• 1D: 0.20%
• 1M: 5.46%
• YTD: 16.58%
• 6M: 16.78%
• 1Y: 32.89%
• 3Y*: 18.51%
• 5Y*: 8.84%
• 10Y*: 9.28%

EZJ

• 1D: 0.39%
• 1M: 10.56%
• YTD: 29.29%
• 6M: 28.96%
• 1Y: 58.99%
• 3Y*: 26.09%
• 5Y*: 7.76%
• 10Y*: 10.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. EZJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWJ iShares MSCI Japan ETF	16.58%	25.84%	7.03%	20.29%	-17.72%	1.16%	15.40%	19.34%	-14.10%	24.27%
EZJ ProShares Ultra MSCI Japan	29.29%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%

Correlation

The correlation between EWJ and EZJ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 8, 2009	0.92

The correlation between EWJ and EZJ has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.

EWJ vs. EZJ - Sectors Allocation Comparison

Sectors	EWJ	EZJ
Industrials	26.0%	26.0%
Technology	19.1%	19.1%
Financial Services	17.5%	17.6%
Consumer Cyclical	12.2%	12.2%
Communication Services	7.9%	7.9%
Healthcare	6.3%	6.2%
Consumer Defensive	3.6%	3.6%
Basic Materials	3.0%	3.0%
Real Estate	2.3%	2.3%
Utilities	1.1%	1.1%
Energy	1.1%	1.1%

Return for Risk

EWJ vs. EZJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWJ

EWJ Risk / Return Rank: 51
EWJ Sharpe Ratio Rank: 50
EWJ Sortino Ratio Rank: 51
EWJ Omega Ratio Rank: 52
EWJ Calmar Ratio Rank: 50
EWJ Martin Ratio Rank: 50

EZJ

EZJ Risk / Return Rank: 43
EZJ Sharpe Ratio Rank: 43
EZJ Sortino Ratio Rank: 42
EZJ Omega Ratio Rank: 43
EZJ Calmar Ratio Rank: 45
EZJ Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWJ vs. EZJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and ProShares Ultra MSCI Japan (EZJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	EWJ	EZJ	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.49	+0.20
Sortino ratio: Return per unit of downside risk	2.45	2.10	+0.35
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	2.43	2.21	+0.22
Martin ratio: Return relative to average drawdown	8.23	6.79	+1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWJ vs. EZJ - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.70, which is comparable to the EZJ Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of EWJ and EZJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWJ	EZJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.49	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.21	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.31	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.24	-0.12

Drawdowns

EWJ vs. EZJ - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, roughly equal to the maximum EZJ drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for EWJ and EZJ.

Drawdown Indicators

	EWJ	EZJ	Difference
Max Drawdown Largest peak-to-trough decline	-60.93%	-58.63%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-26.78%	+13.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-31.48%	+16.80%
Max Drawdown (5Y) Largest decline over 5 years	-33.14%	-58.63%	+25.49%
Max Drawdown (10Y) Largest decline over 10 years	-33.14%	-58.63%	+25.49%
Current Drawdown Current decline from peak	0.00%	-3.87%	+3.87%
Average Drawdown Average peak-to-trough decline	-21.74%	-21.28%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	8.72%	-4.71%

Volatility

EWJ vs. EZJ - Volatility Comparison

The current volatility for iShares MSCI Japan ETF (EWJ) is 4.21%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 8.46%. This indicates that EWJ experiences smaller price fluctuations and is considered to be less risky than EZJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWJ	EZJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	8.46%	-4.25%
Volatility (6M) Calculated over the trailing 6-month period	15.02%	30.74%	-15.72%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	39.67%	-20.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	36.58%	-18.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	34.53%	-17.26%

EWJ vs. EZJ - Expense Ratio Comparison

EWJ has a 0.49% expense ratio, which is lower than EZJ's 0.95% expense ratio.

Dividends

EWJ vs. EZJ - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.88%, more than EZJ's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWJ iShares MSCI Japan ETF	3.88%	4.52%	2.34%	2.03%	1.23%	2.08%	1.04%	2.03%	1.71%	1.25%	1.95%	1.27%
EZJ ProShares Ultra MSCI Japan	1.60%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWJ and EZJ in my portfolio?

With a correlation of 0.98, EWJ and EZJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EWJ or EZJ?

EZJ has higher volatility (8.46%) compared to EWJ (4.21%). In terms of maximum drawdown, EWJ dropped -60.93% vs EZJ's -58.63%.

Which ETF is better, EWJ or EZJ?

On 10-year performance, EZJ leads with 10.56% vs 9.28% for EWJ. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWJ has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWJ or EZJ?

Over the 10-year period, EZJ has performed better with a 10.56% return vs 9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWJ or EZJ?

EWJ is cheaper with a 0.49% expense ratio, compared with 0.95% for EZJ.

Which ETF pays a higher dividend yield, EWJ or EZJ?

EWJ has the higher dividend yield at 3.88%, compared with 1.60% for EZJ.

What is the main difference between EWJ and EZJ?

EWJ is categorized as Japan Equities, while EZJ is Leveraged Equities. EWJ tracks MSCI Japan Index, while EZJ tracks MSCI Japan Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.49% for EWJ and 0.95% for EZJ.

Which has better risk-adjusted returns?

EWJ currently has the higher Sharpe Ratio (1.70 vs 1.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.