EWV vs. EWJV
EWV (ProShares UltraShort MSCI Japan) and EWJV (iShares MSCI Japan Value ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while EWJV is a Japan Equities fund tracking the MSCI Japan Value Index. Both are passively managed. Over the past 5 years, EWV returned -17.67%/yr vs 13.59%/yr for EWJV. At a correlation of -0.86, they often move in opposite directions. EWV charges 0.95%/yr vs 0.15%/yr for EWJV.
Performance
EWV vs. EWJV - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -28.36% return, which is significantly lower than EWJV's 15.35% return.
EWV
- 1D
- -0.54%
- 1M
- -9.95%
- YTD
- -28.36%
- 6M
- -28.20%
- 1Y
- -44.27%
- 3Y*
- -28.76%
- 5Y*
- -17.67%
- 10Y*
- -20.10%
EWJV
- 1D
- 0.33%
- 1M
- 5.56%
- YTD
- 15.35%
- 6M
- 17.73%
- 1Y
- 37.16%
- 3Y*
- 24.61%
- 5Y*
- 13.59%
- 10Y*
- —
EWV vs. EWJV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -28.36% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -22.79% |
EWJV iShares MSCI Japan Value ETF | 15.35% | 33.96% | 11.59% | 23.60% | -6.02% | 5.48% | 2.41% | 10.48% |
Correlation
The correlation between EWV and EWJV is -0.91, 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 | -0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019 | -0.86 |
The correlation between EWV and EWJV has been stable across timeframes, ranging from -0.92 to -0.86 - a consistent structural relationship.
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Return for Risk
EWV vs. EWJV — Risk / Return Rank
EWV
EWJV
EWV vs. EWJV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and iShares MSCI Japan Value ETF (EWJV). 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 | EWJV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -4.42 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.36 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.53 | -3.47 |
| Martin ratioReturn relative to average drawdown | -1.52 | 7.69 | -9.21 |
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 | EWJV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.12 | 1.95 | -3.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.76 | -1.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 0.69 | -1.16 |
Drawdowns
EWV vs. EWJV - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.14%, which is greater than EWJV's maximum drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for EWV and EWJV.
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Drawdown Indicators
| EWV | EWJV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.14% | -30.05% | -69.09% |
Max Drawdown (1Y)Largest decline over 1 year | -47.17% | -14.74% | -32.43% |
Max Drawdown (3Y)Largest decline over 3 years | -68.84% | -14.74% | -54.10% |
Max Drawdown (5Y)Largest decline over 5 years | -77.84% | -25.39% | -52.45% |
Max Drawdown (10Y)Largest decline over 10 years | -90.16% | — | — |
Current DrawdownCurrent decline from peak | -99.14% | -3.68% | -95.46% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -6.19% | -78.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 4.85% | +24.35% |
Volatility
EWV vs. EWJV - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 8.77% compared to iShares MSCI Japan Value ETF (EWJV) at 3.85%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than EWJV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | EWJV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 3.85% | +4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 31.21% | 14.55% | +16.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.79% | 19.18% | +20.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.61% | 18.01% | +18.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 18.52% | +16.43% |
EWV vs. EWJV - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than EWJV's 0.15% expense ratio.
Dividends
EWV vs. EWJV - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.00%, more than EWJV's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWJV iShares MSCI Japan Value ETF | 4.64% | 5.35% | 4.10% | 3.32% | 2.71% | 2.46% | 1.96% | 4.29% | 0.00% |
EWV ProShares UltraShort MSCI Japan | 5.00% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
Frequently Asked Questions
EWV and EWJV have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (8.77%) compared to EWJV (3.85%). In terms of maximum drawdown, EWV dropped -99.14% vs EWJV's -30.05%.
On 5-year performance, EWJV leads with 13.59% vs -17.67% for EWV. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EWJV has performed better with a 13.59% return vs -17.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWJV is cheaper with a 0.15% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.00%, compared with 4.64% for EWJV.
EWV is categorized as Leveraged Equities, while EWJV is Japan Equities. EWV tracks MSCI Japan Index (-200%), while EWJV tracks MSCI Japan Value Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EWV and 0.15% for EWJV.
EWJV currently has the higher Sharpe Ratio (1.95 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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