EWV vs. DXJ
EWV (ProShares UltraShort MSCI Japan) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, EWV returned -20.50%/yr vs 19.25%/yr for DXJ. At a correlation of -0.83, they often move in opposite directions. EWV charges 0.95%/yr vs 0.48%/yr for DXJ.
Performance
EWV vs. DXJ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.73% return, which is significantly lower than DXJ's 20.23% return. Over the past 10 years, EWV has underperformed DXJ with an annualized return of -20.50%, while DXJ has yielded a comparatively higher 19.25% annualized 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%
DXJ
- 1D
- -3.57%
- 1M
- 2.21%
- YTD
- 20.23%
- 6M
- 20.18%
- 1Y
- 55.89%
- 3Y*
- 31.66%
- 5Y*
- 26.40%
- 10Y*
- 19.25%
EWV vs. DXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.73% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
DXJ WisdomTree Japan Hedged Equity Fund | 20.23% | 32.78% | 29.83% | 42.04% | 5.96% | 17.99% | 3.94% | 18.94% | -19.78% | 22.81% |
Correlation
The correlation between EWV and DXJ is -0.82, 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 | -0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.83 |
The correlation between EWV and DXJ has been stable across timeframes, ranging from -0.83 to -0.78 - a consistent structural relationship.
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Return for Risk
EWV vs. DXJ — Risk / Return Rank
EWV
DXJ
EWV vs. DXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and WisdomTree Japan Hedged Equity Fund (DXJ). 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 | DXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.20 | ||
| Sortino ratioReturn per unit of downside risk | -5.70 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.55 | -0.75 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 5.12 | -6.02 |
| Martin ratioReturn relative to average drawdown | -1.50 | 19.78 | -21.28 |
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Drawdowns
EWV vs. DXJ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for EWV and DXJ.
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Drawdown Indicators
| EWV | DXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -49.63% | -49.57% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -10.98% | -40.18% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -22.19% | -49.00% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -22.19% | -57.32% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -39.14% | -51.69% |
Current DrawdownCurrent decline from peak | -99.13% | -3.57% | -95.56% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -14.30% | -70.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 2.83% | +28.09% |
Volatility
EWV vs. DXJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.65% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 6.28%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | DXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 6.28% | +9.37% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 14.08% | +20.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 18.14% | +23.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 19.08% | +18.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.09% | 20.00% | +15.09% |
EWV vs. DXJ - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than DXJ's 0.48% expense ratio.
Dividends
EWV vs. DXJ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.96%, more than DXJ's 1.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 1.08% | 1.29% | 3.48% | 3.44% | 3.02% | 2.64% | 2.53% | 2.47% | 2.92% | 2.30% | 1.98% | 5.95% |
EWV ProShares UltraShort MSCI Japan | 4.96% | 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 DXJ have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.65%) compared to DXJ (6.28%). In terms of maximum drawdown, EWV dropped -99.20% vs DXJ's -49.63%.
On 10-year performance, DXJ leads with 19.25% vs -20.50% for EWV. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJ has performed better with a 19.25% return vs -20.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJ is cheaper with a 0.48% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 4.96%, compared with 1.08% for DXJ.
EWV is categorized as Leveraged Equities, while DXJ is Japan Equities. EWV tracks MSCI Japan Index (-200%), while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for EWV and 0.48% for DXJ.
DXJ currently has the higher Sharpe Ratio (3.10 vs -1.10), 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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