EWV vs. EZJ
EWV (ProShares UltraShort MSCI Japan) and EZJ (ProShares Ultra MSCI Japan) are both Leveraged Equities funds from ProShares - EWV tracks the MSCI Japan Index (-200%) while EZJ tracks the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, EWV returned -20.50%/yr vs 10.97%/yr for EZJ. At a correlation of -0.92, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EWV vs. EZJ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.73% return, which is significantly lower than EZJ's 25.72% return. Over the past 10 years, EWV has underperformed EZJ with an annualized return of -20.50%, while EZJ has yielded a comparatively higher 10.97% annualized return.
EWV
- 1D
- 9.12%
- 1M
- -4.14%
- YTD
- -27.73%
- 6M
- -26.75%
- 1Y
- -46.22%
- 3Y*
- -28.99%
- 5Y*
- -17.97%
- 10Y*
- -20.50%
EZJ
- 1D
- -8.84%
- 1M
- 2.37%
- YTD
- 25.72%
- 6M
- 24.31%
- 1Y
- 62.30%
- 3Y*
- 26.15%
- 5Y*
- 7.77%
- 10Y*
- 10.97%
EWV vs. EZJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.73% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
EZJ ProShares Ultra MSCI Japan | 25.72% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
Correlation
The correlation between EWV and EZJ is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | -0.92 |
The correlation between EWV and EZJ has been stable across timeframes, ranging from -0.98 to -0.92 - a consistent structural relationship.
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Return for Risk
EWV vs. EZJ — Risk / Return Rank
EWV
EZJ
EWV vs. EZJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and ProShares Ultra MSCI Japan (EZJ). 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 | EZJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.27 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.34 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.50 | 7.05 | -8.55 |
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Drawdowns
EWV vs. EZJ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than EZJ's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for EWV and EZJ.
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Drawdown Indicators
| EWV | EZJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -58.63% | -40.57% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -26.78% | -24.38% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -31.48% | -39.71% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -58.63% | -20.88% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -58.63% | -32.20% |
Current DrawdownCurrent decline from peak | -99.13% | -8.84% | -90.29% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -21.24% | -63.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 8.86% | +22.06% |
Volatility
EWV vs. EZJ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.65%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 16.55%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than EZJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | EZJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 16.55% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 34.12% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 42.16% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 37.15% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.09% | 34.75% | +0.34% |
EWV vs. EZJ - Expense Ratio Comparison
Both EWV and EZJ have an expense ratio of 0.95%.
Dividends
EWV vs. EZJ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.96%, more than EZJ's 1.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.96% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
EZJ ProShares Ultra MSCI Japan | 1.64% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
Frequently Asked Questions
EWV and EZJ have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (16.55%) compared to EWV (15.65%). In terms of maximum drawdown, EWV dropped -99.20% vs EZJ's -58.63%.
On 10-year performance, EZJ leads with 10.97% vs -20.50% for EWV. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 15.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EZJ has performed better with a 10.97% return vs -20.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV and EZJ have the same expense ratio: 0.95% per year.
EWV has the higher dividend yield at 4.96%, compared with 1.64% for EZJ.
EWV tracks MSCI Japan Index (-200%), while EZJ tracks MSCI Japan Index (200%).
EZJ currently has the higher Sharpe Ratio (1.49 vs -1.10), 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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