EWV vs. FLJH
EWV (ProShares UltraShort MSCI Japan) and FLJH (Franklin FTSE Japan Hedged ETF) are both Japan Equities funds - EWV tracks the MSCI Japan Index (-200%) while FLJH tracks the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, EWV returned -18.46%/yr vs 21.65%/yr for FLJH. At a correlation of -0.78, they often move in opposite directions. EWV charges 0.95%/yr vs 0.09%/yr for FLJH.
Performance
EWV vs. FLJH - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -29.93% return, which is significantly lower than FLJH's 22.67% return.
EWV
- 1D
- -2.78%
- 1M
- -4.20%
- 6M
- -23.47%
- YTD
- -29.93%
- 1Y
- -47.17%
- 3Y*
- -28.49%
- 5Y*
- -18.46%
- 10Y*
- -20.00%
FLJH
- 1D
- 1.15%
- 1M
- 3.21%
- 6M
- 15.93%
- YTD
- 22.67%
- 1Y
- 47.07%
- 3Y*
- 28.43%
- 5Y*
- 21.65%
- 10Y*
- —
EWV vs. FLJH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -29.93% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -3.82% |
FLJH Franklin FTSE Japan Hedged ETF | 22.67% | 25.26% | 25.89% | 36.02% | -2.75% | 12.68% | 10.65% | 20.34% | -14.66% | 1.26% |
Correlation
The correlation between EWV and FLJH is -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | -0.78 |
The correlation between EWV and FLJH has been stable across timeframes, ranging from -0.86 to -0.78 - a consistent structural relationship.
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Return for Risk
EWV vs. FLJH — Risk / Return Rank
EWV
FLJH
EWV vs. FLJH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Franklin FTSE Japan Hedged ETF (FLJH). 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 | FLJH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.58 | ||
| Sortino ratioReturn per unit of downside risk | -4.98 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.45 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 4.38 | -5.30 |
| Martin ratioReturn relative to average drawdown | -1.44 | 16.55 | -17.99 |
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Drawdowns
EWV vs. FLJH - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than FLJH's maximum drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for EWV and FLJH.
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Drawdown Indicators
| EWV | FLJH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -31.51% | -67.69% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -10.80% | -40.36% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -20.39% | -50.80% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -20.39% | -59.12% |
Max Drawdown (10Y)Largest decline over 10 years | -89.92% | — | — |
Current DrawdownCurrent decline from peak | -99.16% | -2.10% | -97.06% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -5.28% | -79.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.87% | 2.85% | +30.02% |
Volatility
EWV vs. FLJH - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 14.40% compared to Franklin FTSE Japan Hedged ETF (FLJH) at 6.88%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | FLJH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.40% | 6.88% | +7.52% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 14.95% | +19.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 19.18% | +23.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.25% | 18.72% | +18.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 19.88% | +15.27% |
EWV vs. FLJH - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than FLJH's 0.09% expense ratio.
Dividends
EWV vs. FLJH - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.16%, more than FLJH's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.16% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
FLJH Franklin FTSE Japan Hedged ETF | 2.45% | 3.90% | 5.06% | 25.59% | 26.67% | 1.29% | 0.00% | 0.00% | 5.92% | 0.10% |
Frequently Asked Questions
EWV and FLJH have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (14.40%) compared to FLJH (6.88%). In terms of maximum drawdown, EWV dropped -99.20% vs FLJH's -31.51%.
On 5-year performance, FLJH leads with 21.65% vs -18.46% for EWV. On fees, FLJH is cheaper at 0.09% per year. On volatility, FLJH has been the lower-risk option at 6.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLJH has performed better with a 21.65% return vs -18.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLJH is cheaper with a 0.09% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.16%, compared with 2.45% for FLJH.
EWV tracks MSCI Japan Index (-200%), while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for EWV and 0.09% for FLJH.
FLJH currently has the higher Sharpe Ratio (2.47 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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