EWV vs. BBJP
EWV (ProShares UltraShort MSCI Japan) and BBJP (JPMorgan BetaBuilders Japan ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while BBJP is a Japan Equities fund tracking the Morningstar Japan Target Market Exposure Index. Both are passively managed. Over the past 5 years, EWV returned -19.70%/yr vs 10.06%/yr for BBJP. At a correlation of -0.98, they often move in opposite directions. EWV charges 0.95%/yr vs 0.19%/yr for BBJP.
Performance
EWV vs. BBJP - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -33.77% return, which is significantly lower than BBJP's 18.56% return.
EWV
- 1D
- -1.36%
- 1M
- -12.15%
- YTD
- -33.77%
- 6M
- -34.15%
- 1Y
- -50.94%
- 3Y*
- -31.03%
- 5Y*
- -19.70%
- 10Y*
- -21.19%
BBJP
- 1D
- 0.26%
- 1M
- 4.90%
- YTD
- 18.56%
- 6M
- 19.07%
- 1Y
- 39.15%
- 3Y*
- 19.88%
- 5Y*
- 10.06%
- 10Y*
- —
EWV vs. BBJP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -33.77% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 34.05% |
BBJP JPMorgan BetaBuilders Japan ETF | 18.56% | 26.55% | 7.47% | 20.65% | -17.24% | 1.21% | 15.42% | 18.85% | -13.92% |
Correlation
The correlation between EWV and BBJP is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2018 | -0.98 |
The correlation between EWV and BBJP has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
EWV vs. BBJP — Risk / Return Rank
EWV
BBJP
EWV vs. BBJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and JPMorgan BetaBuilders Japan ETF (BBJP). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EWV | BBJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.21 | ||
| Sortino ratioReturn per unit of downside risk | -4.74 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.36 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.89 | -3.89 |
| Martin ratioReturn relative to average drawdown | -1.66 | 9.66 | -11.32 |
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Drawdowns
EWV vs. BBJP - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than BBJP's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for EWV and BBJP.
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Drawdown Indicators
| EWV | BBJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -32.66% | -66.54% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -13.60% | -37.56% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -14.49% | -56.70% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -32.66% | -46.85% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | — | — |
Current DrawdownCurrent decline from peak | -99.20% | 0.00% | -99.20% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -8.48% | -75.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.78% | 4.06% | +26.72% |
Volatility
EWV vs. BBJP - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 12.52% compared to JPMorgan BetaBuilders Japan ETF (BBJP) at 5.97%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than BBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | BBJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.52% | 5.97% | +6.55% |
Volatility (6M)Calculated over the trailing 6-month period | 32.97% | 15.78% | +17.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.15% | 20.01% | +21.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.93% | 18.28% | +18.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.06% | 18.34% | +16.72% |
EWV vs. BBJP - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than BBJP's 0.19% expense ratio.
Dividends
EWV vs. BBJP - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.41%, more than BBJP's 4.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BBJP JPMorgan BetaBuilders Japan ETF | 4.53% | 5.37% | 2.80% | 3.05% | 1.52% | 2.89% | 1.12% | 2.31% | 0.65% |
EWV ProShares UltraShort MSCI Japan | 5.41% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
Frequently Asked Questions
EWV and BBJP have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (12.52%) compared to BBJP (5.97%). In terms of maximum drawdown, EWV dropped -99.20% vs BBJP's -32.66%.
On 5-year performance, BBJP leads with 10.06% vs -19.70% for EWV. On fees, BBJP is cheaper at 0.19% per year. On volatility, BBJP has been the lower-risk option at 5.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBJP has performed better with a 10.06% return vs -19.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBJP is cheaper with a 0.19% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.41%, compared with 4.53% for BBJP.
EWV is categorized as Leveraged Equities, while BBJP is Japan Equities. EWV tracks MSCI Japan Index (-200%), while BBJP tracks Morningstar Japan Target Market Exposure Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for EWV and 0.19% for BBJP.
BBJP currently has the higher Sharpe Ratio (1.97 vs -1.24), 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.
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