EWV vs. EWJ
EWV (ProShares UltraShort MSCI Japan) and EWJ (iShares MSCI Japan ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while EWJ is a Japan Equities fund tracking the MSCI Japan Index. Both are passively managed. Over the past 10 years, EWV returned -21.19%/yr vs 10.06%/yr for EWJ. At a correlation of -0.97, they often move in opposite directions. EWV charges 0.95%/yr vs 0.49%/yr for EWJ.
Performance
EWV vs. EWJ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -33.77% return, which is significantly lower than EWJ's 20.75% return. Over the past 10 years, EWV has underperformed EWJ with an annualized return of -21.19%, while EWJ has yielded a comparatively higher 10.06% annualized return.
EWV
- 1D
- -1.36%
- 1M
- -12.15%
- YTD
- -33.77%
- 6M
- -34.15%
- 1Y
- -50.94%
- 3Y*
- -31.03%
- 5Y*
- -19.70%
- 10Y*
- -21.19%
EWJ
- 1D
- 0.74%
- 1M
- 6.43%
- YTD
- 20.75%
- 6M
- 21.17%
- 1Y
- 40.95%
- 3Y*
- 20.20%
- 5Y*
- 10.09%
- 10Y*
- 10.06%
EWV vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -33.77% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
EWJ iShares MSCI Japan ETF | 20.75% | 25.84% | 7.03% | 20.29% | -17.72% | 1.16% | 15.40% | 19.34% | -14.10% | 24.27% |
Correlation
The correlation between EWV and EWJ is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.97 |
The correlation between EWV and EWJ has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
EWV vs. EWJ — Risk / Return Rank
EWV
EWJ
EWV vs. EWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and iShares MSCI Japan ETF (EWJ). 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 | EWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.28 | ||
| Sortino ratioReturn per unit of downside risk | -4.81 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.37 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 3.03 | -4.03 |
| Martin ratioReturn relative to average drawdown | -1.66 | 10.19 | -11.85 |
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Drawdowns
EWV vs. EWJ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than EWJ's maximum drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for EWV and EWJ.
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Drawdown Indicators
| EWV | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -60.93% | -38.27% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -13.59% | -37.57% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -14.68% | -56.51% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -33.14% | -46.37% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -33.14% | -57.69% |
Current DrawdownCurrent decline from peak | -99.20% | 0.00% | -99.20% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -21.71% | -62.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.78% | 4.03% | +26.75% |
Volatility
EWV vs. EWJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 12.52% compared to iShares MSCI Japan ETF (EWJ) at 6.48%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.52% | 6.48% | +6.04% |
Volatility (6M)Calculated over the trailing 6-month period | 32.97% | 16.02% | +16.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.15% | 20.26% | +20.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.93% | 18.40% | +18.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.06% | 17.33% | +17.73% |
EWV vs. EWJ - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than EWJ's 0.49% expense ratio.
Dividends
EWV vs. EWJ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.41%, more than EWJ's 3.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWJ iShares MSCI Japan ETF | 3.67% | 4.52% | 2.34% | 2.03% | 1.23% | 2.08% | 1.04% | 2.03% | 1.71% | 1.25% | 1.95% | 1.27% |
EWV ProShares UltraShort MSCI Japan | 5.41% | 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 EWJ have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (12.52%) compared to EWJ (6.48%). In terms of maximum drawdown, EWV dropped -99.20% vs EWJ's -60.93%.
On 10-year performance, EWJ leads with 10.06% vs -21.19% for EWV. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWJ has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWJ has performed better with a 10.06% return vs -21.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWJ is cheaper with a 0.49% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.41%, compared with 3.67% for EWJ.
EWV is categorized as Leveraged Equities, while EWJ is Japan Equities. EWV tracks MSCI Japan Index (-200%), while EWJ tracks MSCI Japan Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EWV and 0.49% for EWJ.
EWJ currently has the higher Sharpe Ratio (2.04 vs -1.24), 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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