EWV vs. CMGG

Last updated Jun 24, 2026

EWV (ProShares UltraShort MSCI Japan) and CMGG (Leverage Shares 2X Long CMG Daily ETF) are both Leveraged Equities funds. EWV is passively managed, while CMGG is actively managed. At a correlation of -0.21, they often move in opposite directions. EWV charges 0.95%/yr vs 0.75%/yr for CMGG.

Performance

EWV vs. CMGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Japan (EWV) and Leverage Shares 2X Long CMG Daily ETF (CMGG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWV achieves a -27.73% return, which is significantly higher than CMGG's -37.52% return.

EWV

• 1D: 9.12%
• 1M: -4.14%
• YTD: -27.73%
• 6M: -26.75%
• 1Y: -46.22%
• 3Y*: -28.99%
• 5Y*: -17.97%
• 10Y*: -20.50%

CMGG

• 1D: 2.82%
• 1M: -12.95%
• YTD: -37.52%
• 6M: -40.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWV vs. CMGG - Yearly Performance Comparison

	2026 (YTD)	2025
EWV ProShares UltraShort MSCI Japan	-27.73%	0.89%
CMGG Leverage Shares 2X Long CMG Daily ETF	-37.52%	36.20%

Correlation

The correlation between EWV and CMGG is -0.21, 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 (All Time) Calculated using the full available price history since Nov 17, 2025	-0.21

Return for Risk

EWV vs. CMGG — Risk / Return Rank

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

EWV

EWV Risk / Return Rank: 1
EWV Sharpe Ratio Rank: 1
EWV Sortino Ratio Rank: 1
EWV Omega Ratio Rank: 1
EWV Calmar Ratio Rank: 1
EWV Martin Ratio Rank: 1

CMGG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

EWV vs. CMGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Leverage Shares 2X Long CMG Daily ETF (CMGG). 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	CMGG	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	—	—
Sortino ratio: Return per unit of downside risk	-1.68	—	—
Omega ratio: Gain probability vs. loss probability	0.80	—	—
Calmar ratio: Return relative to maximum drawdown	-0.91	—	—
Martin ratio: Return relative to average drawdown	-1.50	—	—

Drawdowns

EWV vs. CMGG - Drawdown Comparison

The maximum EWV drawdown since its inception was -99.20%, which is greater than CMGG's maximum drawdown of -56.75%. Use the drawdown chart below to compare losses from any high point for EWV and CMGG.

Drawdown Indicators

	EWV	CMGG	Difference
Max Drawdown Largest peak-to-trough decline	-99.20%	-56.75%	-42.45%
Max Drawdown (1Y) Largest decline over 1 year	-51.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-71.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-79.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-90.83%	—	—
Current Drawdown Current decline from peak	-99.13%	-48.19%	-50.94%
Average Drawdown Average peak-to-trough decline	-84.30%	-23.37%	-60.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.92%	—	—

Volatility

Volatility by Period

	EWV	CMGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	42.12%	68.93%	-26.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.15%	68.93%	-31.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.09%	68.93%	-33.84%

EWV vs. CMGG - Expense Ratio Comparison

EWV has a 0.95% expense ratio, which is higher than CMGG's 0.75% expense ratio.

Dividends

EWV vs. CMGG - Dividend Comparison

EWV's dividend yield for the trailing twelve months is around 4.96%, while CMGG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CMGG Leverage Shares 2X Long CMG Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWV ProShares UltraShort MSCI Japan	4.96%	3.63%	3.39%	3.42%	0.65%	0.00%	0.00%	0.33%	0.00%

Frequently Asked Questions

Can I hold both EWV and CMGG in my portfolio?

EWV and CMGG have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWV or CMGG?

On fees, CMGG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWV or CMGG?

CMGG is cheaper with a 0.75% expense ratio, compared with 0.95% for EWV.

Which ETF pays a higher dividend yield, EWV or CMGG?

EWV has the higher dividend yield at 4.96%, compared with 0.00% for CMGG.

What is the main difference between EWV and CMGG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for EWV and 0.75% for CMGG.