EWV vs. ERX
EWV (ProShares UltraShort MSCI Japan) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - EWV tracks the MSCI Japan Index (-200%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, EWV returned -20.24%/yr vs -8.79%/yr for ERX. At a correlation of -0.47, they often move in opposite directions. EWV charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
EWV vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than ERX's 66.93% return. Over the past 10 years, EWV has underperformed ERX with an annualized return of -20.24%, while ERX has yielded a comparatively higher -8.79% 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%
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
EWV vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between EWV and ERX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | -0.47 |
The correlation between EWV and ERX shifts across timeframes, from -0.47 (all time) to 0.04 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWV vs. ERX — Risk / Return Rank
EWV
ERX
EWV vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Direxion Daily Energy Bull 2X Shares (ERX). 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.
| EWV | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.32 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.32 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.89 | -4.83 |
| Martin ratioReturn relative to average drawdown | -1.51 | 10.60 | -12.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWV | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | 2.21 | -3.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.56 | -1.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | -0.13 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | -0.09 | -0.38 |
Drawdowns
EWV vs. ERX - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for EWV and ERX.
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Drawdown Indicators
| EWV | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -99.54% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -23.34% | -23.54% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -42.34% | -26.33% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -46.90% | -30.82% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | -98.59% | +8.49% |
Current DrawdownCurrent decline from peak | -99.13% | -91.57% | -7.56% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -67.02% | -17.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 8.57% | +20.48% |
Volatility
EWV vs. ERX - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 9.11%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.49%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 16.49% | -7.38% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 33.45% | -2.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 41.14% | -1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 51.98% | -15.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 69.18% | -34.23% |
EWV vs. ERX - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
EWV vs. ERX - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.98%, more than ERX's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
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% |
Frequently Asked Questions
EWV and ERX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (16.49%) compared to EWV (9.11%). In terms of maximum drawdown, EWV dropped -99.13% vs ERX's -99.54%.
On 10-year performance, ERX leads with -8.79% vs -20.24% for EWV. On fees, EWV is cheaper at 0.95% per year. On volatility, EWV has been the lower-risk option at 9.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -8.79% return vs -20.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.
EWV has the higher dividend yield at 4.98%, compared with 1.61% for ERX.
EWV tracks MSCI Japan Index (-200%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EWV and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (2.21 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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