EWV vs. GSJY
EWV (ProShares UltraShort MSCI Japan) and GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while GSJY is a Japan Equities fund tracking the Goldman Sachs ActiveBeta Japan Equity Index. Both are passively managed. Over the past 10 years, EWV returned -21.19%/yr vs 9.80%/yr for GSJY. At a correlation of -0.94, they often move in opposite directions. EWV charges 0.95%/yr vs 0.25%/yr for GSJY.
Performance
EWV vs. GSJY - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -33.77% return, which is significantly lower than GSJY's 17.20% return. Over the past 10 years, EWV has underperformed GSJY with an annualized return of -21.19%, while GSJY has yielded a comparatively higher 9.80% annualized return.
EWV
- 1D
- -1.36%
- 1M
- -12.15%
- YTD
- -33.77%
- 6M
- -34.15%
- 1Y
- -50.94%
- 3Y*
- -31.03%
- 5Y*
- -19.70%
- 10Y*
- -21.19%
GSJY
- 1D
- 0.70%
- 1M
- 5.20%
- YTD
- 17.20%
- 6M
- 17.46%
- 1Y
- 37.62%
- 3Y*
- 19.62%
- 5Y*
- 9.97%
- 10Y*
- 9.80%
EWV vs. GSJY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -33.77% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
GSJY Goldman Sachs ActiveBeta Japan Equity ETF | 17.20% | 26.22% | 8.89% | 19.18% | -16.15% | 0.41% | 13.81% | 18.29% | -11.56% | 25.50% |
Correlation
The correlation between EWV and GSJY 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 | -0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016 | -0.94 |
The correlation between EWV and GSJY has been stable across timeframes, ranging from -0.98 to -0.94 - a consistent structural relationship.
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Return for Risk
EWV vs. GSJY — Risk / Return Rank
EWV
GSJY
EWV vs. GSJY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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 | GSJY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -4.62 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.35 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.68 | -3.68 |
| Martin ratioReturn relative to average drawdown | -1.66 | 8.80 | -10.46 |
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Drawdowns
EWV vs. GSJY - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than GSJY's maximum drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for EWV and GSJY.
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Drawdown Indicators
| EWV | GSJY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -32.53% | -66.67% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -14.08% | -37.08% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -14.96% | -56.23% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -32.53% | -46.98% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -32.53% | -58.30% |
Current DrawdownCurrent decline from peak | -99.20% | 0.00% | -99.20% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -7.56% | -76.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.78% | 4.28% | +26.50% |
Volatility
EWV vs. GSJY - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 12.52% compared to Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) at 5.99%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than GSJY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | GSJY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.52% | 5.99% | +6.53% |
Volatility (6M)Calculated over the trailing 6-month period | 32.97% | 16.00% | +16.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.15% | 20.07% | +21.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.93% | 18.21% | +18.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.06% | 17.08% | +17.98% |
EWV vs. GSJY - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than GSJY's 0.25% expense ratio.
Dividends
EWV vs. GSJY - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.41%, more than GSJY's 1.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.41% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% |
GSJY Goldman Sachs ActiveBeta Japan Equity ETF | 1.69% | 1.99% | 1.64% | 2.11% | 2.13% | 1.73% | 1.22% | 2.79% | 3.28% | 1.70% | 2.09% |
Frequently Asked Questions
EWV and GSJY 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 (12.52%) compared to GSJY (5.99%). In terms of maximum drawdown, EWV dropped -99.20% vs GSJY's -32.53%.
On 10-year performance, GSJY leads with 9.80% vs -21.19% for EWV. On fees, GSJY is cheaper at 0.25% per year. On volatility, GSJY has been the lower-risk option at 5.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSJY has performed better with a 9.80% return vs -21.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSJY is cheaper with a 0.25% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.41%, compared with 1.69% for GSJY.
EWV is categorized as Leveraged Equities, while GSJY is Japan Equities. EWV tracks MSCI Japan Index (-200%), while GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index. They also come from different issuers: ProShares and Goldman Sachs. Their fees differ too: 0.95% for EWV and 0.25% for GSJY.
GSJY currently has the higher Sharpe Ratio (1.89 vs -1.24), 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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