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EWV vs. DBJP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWV vs. DBJP

Last updated Jun 4, 2026

EWV (ProShares UltraShort MSCI Japan) and DBJP (Xtrackers MSCI Japan Hedged Equity ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while DBJP is a Japan Equities fund tracking the MSCI Japan US Dollar Hedged Index. Both are passively managed. Over the past 10 years, EWV returned -20.24%/yr vs 16.54%/yr for DBJP. At a correlation of -0.81, they often move in opposite directions. EWV charges 0.95%/yr vs 0.45%/yr for DBJP.

Performance

EWV vs. DBJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Japan (EWV) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than DBJP's 20.51% return. Over the past 10 years, EWV has underperformed DBJP with an annualized return of -20.24%, while DBJP has yielded a comparatively higher 16.54% annualized return.

EWV

1D
-0.28%
1M
-12.11%
YTD
-27.97%
6M
-29.61%
1Y
-43.86%
3Y*
-28.45%
5Y*
-17.58%
10Y*
-20.24%

DBJP

1D
0.81%
1M
8.88%
YTD
20.51%
6M
24.02%
1Y
52.66%
3Y*
29.04%
5Y*
21.44%
10Y*
16.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWV vs. DBJP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWV
ProShares UltraShort MSCI Japan		-27.97%-37.70%-11.06%-28.34%34.35%-10.19%-38.57%-30.38%29.90%-36.24%
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		20.51%29.51%25.53%36.21%-4.19%13.04%10.53%20.87%-14.82%21.24%

Correlation

The correlation between EWV and DBJP is -0.86, 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

-0.86

Correlation (3Y)
Calculated over the trailing 3-year period

-0.82

Correlation (5Y)
Calculated over the trailing 5-year period

-0.82

Correlation (10Y)
Calculated over the trailing 10-year period

-0.83

Correlation (All Time)
Calculated using the full available price history since Jun 10, 2011

-0.81

The correlation between EWV and DBJP has been stable across timeframes, ranging from -0.86 to -0.81 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort MSCI Japan

Xtrackers MSCI Japan Hedged Equity ETF

Often compared with EWV:
EWV vs. EZJEWV vs. FLJPEWV vs. DXJEWV vs. TMFEWV vs. SPYEWV vs. WTIUEWV vs. UPRO
Often compared with DBJP:
DBJP vs. DXJDBJP vs. HEWJDBJP vs. BBJPDBJP vs. EWJDBJP vs. FLJHDBJP vs. FLJPDBJP vs. HEFA

Return for Risk

EWV vs. DBJP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWV
EWV Risk / Return Rank: 11
Overall Rank
EWV Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EWV Sortino Ratio Rank: 11
Sortino Ratio Rank
EWV Omega Ratio Rank: 11
Omega Ratio Rank
EWV Calmar Ratio Rank: 11
Calmar Ratio Rank
EWV Martin Ratio Rank: 11
Martin Ratio Rank
DBJP
DBJP Risk / Return Rank: 8686
Overall Rank
DBJP Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
DBJP Sortino Ratio Rank: 8585
Sortino Ratio Rank
DBJP Omega Ratio Rank: 8383
Omega Ratio Rank
DBJP Calmar Ratio Rank: 8888
Calmar Ratio Rank
DBJP Martin Ratio Rank: 8888
Martin Ratio Rank
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. DBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP). 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.

EWVDBJPDifference
Sharpe ratioReturn per unit of total volatility
-1.11
2.83

-3.94

Sortino ratioReturn per unit of downside risk
-1.63
3.89

-5.52

Omega ratioGain probability vs. loss probability

0.80

1.51

-0.70

Calmar ratioReturn relative to maximum drawdown

-0.94

5.09

-6.03

Martin ratioReturn relative to average drawdown

-1.51

19.86

-21.37

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWV vs. DBJP - Sharpe Ratio Comparison

The current EWV Sharpe Ratio is -1.11, which is lower than the DBJP Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of EWV and DBJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EWVDBJPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.11

2.83

-3.94

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.48

1.14

-1.62

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.58

0.85

-1.43

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.47

0.68

-1.15

Drawdowns

EWV vs. DBJP - Drawdown Comparison

The maximum EWV drawdown since its inception was -99.13%, which is greater than DBJP's maximum drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for EWV and DBJP.

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Drawdown Indicators

EWVDBJPDifference

Max Drawdown

Largest peak-to-trough decline

-99.13%

-31.30%

-67.83%

Max Drawdown (1Y)

Largest decline over 1 year

-46.88%

-10.39%

-36.49%

Max Drawdown (3Y)

Largest decline over 3 years

-68.67%

-21.50%

-47.17%

Max Drawdown (5Y)

Largest decline over 5 years

-77.72%

-21.50%

-56.22%

Max Drawdown (10Y)

Largest decline over 10 years

-90.10%

-31.30%

-58.80%

Current Drawdown

Current decline from peak

-99.13%

0.00%

-99.13%

Average Drawdown

Average peak-to-trough decline

-84.28%

-7.29%

-76.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

29.05%

2.66%

+26.39%

Volatility

EWV vs. DBJP - Volatility Comparison

ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 9.11% compared to Xtrackers MSCI Japan Hedged Equity ETF (DBJP) at 3.85%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than DBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWVDBJPDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.11%

3.85%

+5.26%

Volatility (6M)

Calculated over the trailing 6-month period

31.22%

13.79%

+17.43%

Volatility (1Y)

Calculated over the trailing 1-year period

39.88%

18.69%

+21.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.62%

18.93%

+17.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.95%

19.46%

+15.49%

EWV vs. DBJP - Expense Ratio Comparison

EWV has a 0.95% expense ratio, which is higher than DBJP's 0.45% expense ratio.

Dividends

EWV vs. DBJP - Dividend Comparison

EWV's dividend yield for the trailing twelve months is around 4.98%, more than DBJP's 2.34% yield.

PositionTTM20252024202320222021202020192018201720162015
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		2.34%2.81%2.80%5.21%0.80%2.30%2.53%2.56%3.87%2.07%1.13%5.95%
EWV
ProShares UltraShort MSCI Japan		4.98%3.63%3.39%3.42%0.65%0.00%0.00%0.33%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EWV and DBJP have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWV has higher volatility (9.11%) compared to DBJP (3.85%). In terms of maximum drawdown, EWV dropped -99.13% vs DBJP's -31.30%.

On 10-year performance, DBJP leads with 16.54% vs -20.24% for EWV. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBJP has performed better with a 16.54% return vs -20.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBJP is cheaper with a 0.45% expense ratio, compared with 0.95% for EWV.

EWV has the higher dividend yield at 4.98%, compared with 2.34% for DBJP.

EWV is categorized as Leveraged Equities, while DBJP is Japan Equities. EWV tracks MSCI Japan Index (-200%), while DBJP tracks MSCI Japan US Dollar Hedged Index. They also come from different issuers: ProShares and Xtrackers. Their fees differ too: 0.95% for EWV and 0.45% for DBJP.

DBJP currently has the higher Sharpe Ratio (2.83 vs -1.11), 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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