EWV vs. DFJ
EWV (ProShares UltraShort MSCI Japan) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds - EWV tracks the MSCI Japan Index (-200%) while DFJ tracks the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 10 years, EWV returned -20.00%/yr vs 9.01%/yr for DFJ. At a correlation of -0.85, they often move in opposite directions. EWV charges 0.95%/yr vs 0.58%/yr for DFJ.
Performance
EWV vs. DFJ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -29.93% return, which is significantly lower than DFJ's 12.47% return. Over the past 10 years, EWV has underperformed DFJ with an annualized return of -20.00%, while DFJ has yielded a comparatively higher 9.01% annualized return.
EWV
- 1D
- -2.78%
- 1M
- -4.20%
- 6M
- -23.47%
- YTD
- -29.93%
- 1Y
- -47.17%
- 3Y*
- -28.49%
- 5Y*
- -18.46%
- 10Y*
- -20.00%
DFJ
- 1D
- 0.83%
- 1M
- 1.96%
- 6M
- 9.39%
- YTD
- 12.47%
- 1Y
- 28.10%
- 3Y*
- 19.20%
- 5Y*
- 10.29%
- 10Y*
- 9.01%
EWV vs. DFJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -29.93% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
DFJ WisdomTree Japan SmallCap Dividend Fund | 12.47% | 31.90% | 2.80% | 21.81% | -9.00% | 0.38% | 1.29% | 16.98% | -18.53% | 32.14% |
Correlation
The correlation between EWV and DFJ is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
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 Nov 8, 2007 | -0.85 |
The correlation between EWV and DFJ shifts across timeframes, from -0.85 (all time) to -0.69 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWV vs. DFJ — Risk / Return Rank
EWV
DFJ
EWV vs. DFJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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 | DFJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -4.06 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.29 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.17 | -3.09 |
| Martin ratioReturn relative to average drawdown | -1.44 | 5.89 | -7.33 |
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Drawdowns
EWV vs. DFJ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than DFJ's maximum drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for EWV and DFJ.
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Drawdown Indicators
| EWV | DFJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -46.00% | -53.20% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -13.03% | -38.13% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -13.03% | -58.16% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -29.71% | -49.80% |
Max Drawdown (10Y)Largest decline over 10 years | -89.92% | -40.02% | -49.90% |
Current DrawdownCurrent decline from peak | -99.16% | -4.01% | -95.15% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -11.12% | -73.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.87% | 4.79% | +28.08% |
Volatility
EWV vs. DFJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 14.40% compared to WisdomTree Japan SmallCap Dividend Fund (DFJ) at 4.96%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than DFJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | DFJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.40% | 4.96% | +9.44% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 14.29% | +20.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 17.06% | +25.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.25% | 15.98% | +21.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 16.94% | +18.21% |
EWV vs. DFJ - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than DFJ's 0.58% expense ratio.
Dividends
EWV vs. DFJ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.16%, more than DFJ's 2.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFJ WisdomTree Japan SmallCap Dividend Fund | 2.61% | 2.68% | 2.46% | 2.43% | 2.62% | 2.07% | 2.59% | 2.24% | 1.89% | 1.60% | 1.76% | 1.23% |
EWV ProShares UltraShort MSCI Japan | 5.16% | 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 DFJ have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (14.40%) compared to DFJ (4.96%). In terms of maximum drawdown, EWV dropped -99.20% vs DFJ's -46.00%.
On 10-year performance, DFJ leads with 9.01% vs -20.00% for EWV. On fees, DFJ is cheaper at 0.58% per year. On volatility, DFJ has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DFJ has performed better with a 9.01% return vs -20.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFJ is cheaper with a 0.58% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.16%, compared with 2.61% for DFJ.
EWV tracks MSCI Japan Index (-200%), while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for EWV and 0.58% for DFJ.
DFJ currently has the higher Sharpe Ratio (1.66 vs -1.12), 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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