EWV vs. EWJ
EWV (ProShares UltraShort MSCI Japan) and EWJ (iShares MSCI Japan ETF) are both Japan Equities funds - EWV tracks the MSCI Japan Index (-200%) while EWJ tracks the MSCI Japan Index. Both are passively managed. Over the past 10 years, EWV returned -20.01%/yr vs 9.24%/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 -30.73% return, which is significantly lower than EWJ's 17.74% return. Over the past 10 years, EWV has underperformed EWJ with an annualized return of -20.01%, while EWJ has yielded a comparatively higher 9.24% annualized return.
EWV
- 1D
- -2.26%
- 1M
- -5.30%
- 6M
- -23.98%
- YTD
- -30.73%
- 1Y
- -47.99%
- 3Y*
- -29.24%
- 5Y*
- -18.45%
- 10Y*
- -20.01%
EWJ
- 1D
- 1.10%
- 1M
- 2.54%
- 6M
- 12.36%
- YTD
- 17.74%
- 1Y
- 36.29%
- 3Y*
- 18.61%
- 5Y*
- 9.25%
- 10Y*
- 9.24%
EWV vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -30.73% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
EWJ iShares MSCI Japan ETF | 17.74% | 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 | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.32 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.60 | -3.52 |
| Martin ratioReturn relative to average drawdown | -1.44 | 8.74 | -10.18 |
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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 | -89.92% | -33.14% | -56.78% |
Current DrawdownCurrent decline from peak | -99.17% | -2.50% | -96.67% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -21.67% | -62.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.59% | 4.04% | +28.55% |
Volatility
EWV vs. EWJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.09% compared to iShares MSCI Japan ETF (EWJ) at 7.64%. 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 | 15.09% | 7.64% | +7.45% |
Volatility (6M)Calculated over the trailing 6-month period | 34.72% | 16.91% | +17.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.17% | 20.69% | +21.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.18% | 18.51% | +18.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.11% | 17.34% | +17.77% |
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 5.22%, more than EWJ's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWJ iShares MSCI Japan ETF | 3.77% | 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 | 5.22% | 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 (15.09%) compared to EWJ (7.64%). In terms of maximum drawdown, EWV dropped -99.20% vs EWJ's -60.93%.
On 10-year performance, EWJ leads with 9.24% vs -20.01% for EWV. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWJ has been the lower-risk option at 7.64%. 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 9.24% return vs -20.01%. 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 5.22%, compared with 3.77% for EWJ.
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 (1.71 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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