EWV vs. FLJP
EWV (ProShares UltraShort MSCI Japan) and FLJP (Franklin FTSE Japan ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while FLJP is a Japan Equities fund tracking the FTSE Japan RIC Capped Index. Both are passively managed. Over the past 5 years, EWV returned -17.58%/yr vs 9.03%/yr for FLJP. At a correlation of -0.96, they often move in opposite directions. EWV charges 0.95%/yr vs 0.09%/yr for FLJP.
Performance
EWV vs. FLJP - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than FLJP's 16.23% return.
EWV
- 1D
- -0.28%
- 1M
- -12.11%
- YTD
- -27.97%
- 6M
- -29.61%
- 1Y
- -43.86%
- 3Y*
- -28.45%
- 5Y*
- -17.58%
- 10Y*
- -20.24%
FLJP
- 1D
- 0.33%
- 1M
- 6.40%
- YTD
- 16.23%
- 6M
- 17.97%
- 1Y
- 32.70%
- 3Y*
- 18.66%
- 5Y*
- 9.03%
- 10Y*
- —
EWV vs. FLJP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.97% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -4.10% |
FLJP Franklin FTSE Japan ETF | 16.23% | 26.79% | 6.99% | 20.00% | -16.57% | 0.99% | 15.76% | 18.99% | -14.01% | 2.22% |
Correlation
The correlation between EWV and FLJP 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 (All Time) Calculated using the full available price history since Nov 7, 2017 | -0.96 |
The correlation between EWV and FLJP has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
EWV vs. FLJP — Risk / Return Rank
EWV
FLJP
EWV vs. FLJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Franklin FTSE Japan ETF (FLJP). 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 | FLJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.85 | ||
| Sortino ratioReturn per unit of downside risk | -4.13 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.33 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.47 | -3.41 |
| Martin ratioReturn relative to average drawdown | -1.51 | 8.62 | -10.13 |
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 | FLJP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | 1.74 | -2.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.51 | -0.99 |
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 | 0.45 | -0.92 |
Drawdowns
EWV vs. FLJP - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, which is greater than FLJP's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for EWV and FLJP.
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Drawdown Indicators
| EWV | FLJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -32.49% | -66.64% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -13.30% | -33.58% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -14.17% | -54.50% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -32.49% | -45.23% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | — | — |
Current DrawdownCurrent decline from peak | -99.13% | -0.07% | -99.06% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -9.37% | -74.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 3.80% | +25.25% |
Volatility
EWV vs. FLJP - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 9.11% compared to Franklin FTSE Japan ETF (FLJP) at 4.11%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than FLJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | FLJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 4.11% | +5.00% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 14.72% | +16.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 18.92% | +20.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 17.75% | +18.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 17.79% | +17.16% |
EWV vs. FLJP - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than FLJP's 0.09% expense ratio.
Dividends
EWV vs. FLJP - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.98%, more than FLJP's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.98% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
FLJP Franklin FTSE Japan ETF | 4.43% | 5.15% | 4.56% | 3.00% | 1.92% | 2.40% | 1.51% | 2.26% | 1.50% | 0.10% |
Frequently Asked Questions
EWV and FLJP 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.
EWV has higher volatility (9.11%) compared to FLJP (4.11%). In terms of maximum drawdown, EWV dropped -99.13% vs FLJP's -32.49%.
On 5-year performance, FLJP leads with 9.03% vs -17.58% for EWV. On fees, FLJP is cheaper at 0.09% per year. On volatility, FLJP has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLJP has performed better with a 9.03% return vs -17.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLJP is cheaper with a 0.09% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 4.98%, compared with 4.43% for FLJP.
EWV is categorized as Leveraged Equities, while FLJP is Japan Equities. EWV tracks MSCI Japan Index (-200%), while FLJP tracks FTSE Japan RIC Capped Index. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for EWV and 0.09% for FLJP.
FLJP currently has the higher Sharpe Ratio (1.74 vs -1.11), 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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