EWV vs. ERX
EWV (ProShares UltraShort MSCI Japan) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, EWV returned -19.87%/yr vs -9.16%/yr for ERX. Their -0.46 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.91%/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 -31.51% return, which is significantly lower than ERX's 64.87% return. Over the past 10 years, EWV has underperformed ERX with an annualized return of -19.87%, while ERX has yielded a comparatively higher -9.16% annualized return.
EWV
- 1D
- -3.83%
- 1M
- -4.44%
- 6M
- -21.69%
- YTD
- -31.51%
- 1Y
- -44.00%
- 3Y*
- -29.54%
- 5Y*
- -18.78%
- 10Y*
- -19.87%
- ALL TIME*
- -18.99%
ERX
- 1D
- -1.02%
- 1M
- 19.48%
- 6M
- 24.53%
- YTD
- 64.87%
- 1Y
- 80.43%
- 3Y*
- 16.45%
- 5Y*
- 35.08%
- 10Y*
- -9.16%
- ALL TIME*
- -7.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.67M | $22.94M | $27.89M | |
| $133.08K | $106.56K | $313.57K |
EWV vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -31.51% | -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 | 64.87% | 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 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.35 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.46 |
The correlation between EWV and ERX shifts across timeframes, from -0.46 (all time) to 0.09 (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.
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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -3.87 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.29 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.70 | -3.65 |
| Martin ratioReturn relative to average drawdown | -1.53 | 6.81 | -8.35 |
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Drawdowns
EWV vs. ERX - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, 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 | -99.20% | -99.54% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -29.97% | -16.24% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -42.34% | -28.85% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -46.90% | -32.61% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -98.59% | +9.14% |
Current DrawdownCurrent decline from peak | -99.18% | -91.68% | -7.50% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -67.25% | -17.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 11.84% | +16.88% |
Volatility
EWV vs. ERX - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.68% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 12.50%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier 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 | 15.68% | 12.50% | +3.18% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 33.60% | +3.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 42.22% | +0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 51.44% | -13.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 68.84% | -33.50% |
EWV vs. ERX - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than ERX's 0.91% expense ratio.
Dividends
EWV vs. ERX - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, more than ERX's 1.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.55% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
EWV ProShares UltraShort MSCI Japan | 5.28% | 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 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.68%) compared to ERX (12.50%). In terms of maximum drawdown, EWV dropped -99.20% vs ERX's -99.54%.
On 10-year performance, ERX leads with -9.16% vs -19.87% for EWV. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.50%. 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 -9.16% return vs -19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.28%, compared with 1.55% for ERX.
EWV is categorized as Japan Equities, while ERX is Energy Equities. EWV tracks MSCI Japan Index (-200%), while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EWV and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.92 vs -1.03), 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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