EWV vs. HEWJ
EWV (ProShares UltraShort MSCI Japan) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - EWV tracks the MSCI Japan Index (-200%) while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, EWV returned -19.87%/yr vs 16.67%/yr for HEWJ. Their -0.84 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.49%/yr for HEWJ.
Performance
EWV vs. HEWJ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -31.51% return, which is significantly lower than HEWJ's 20.71% return. Over the past 10 years, EWV has underperformed HEWJ with an annualized return of -19.87%, while HEWJ has yielded a comparatively higher 16.67% annualized return.
EWV
- 1D
- -3.83%
- 1M
- -4.44%
- 6M
- -21.69%
- YTD
- -31.51%
- 1Y
- -44.00%
- 3Y*
- -29.54%
- 5Y*
- -18.78%
- 10Y*
- -19.87%
- ALL TIME*
- -18.99%
HEWJ
- 1D
- 2.48%
- 1M
- -0.17%
- 6M
- 12.75%
- YTD
- 20.71%
- 1Y
- 45.11%
- 3Y*
- 28.13%
- 5Y*
- 21.79%
- 10Y*
- 16.67%
- ALL TIME*
- 14.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $1.73M | $2.71M | $4.09M |
EWV vs. HEWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -31.51% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.71% | 30.25% | 24.80% | 36.21% | -4.39% | 12.79% | 10.29% | 20.79% | -14.68% | 21.47% |
Correlation
The correlation between EWV and HEWJ is -0.89, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.89 |
Correlation (3Y) Balances recent behavior with more history. | -0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.83 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | -0.84 |
The correlation between EWV and HEWJ has been stable across timeframes, ranging from -0.89 to -0.82 - a consistent structural relationship.
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Return for Risk
EWV vs. HEWJ — Risk / Return Rank
EWV
HEWJ
EWV vs. HEWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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 | HEWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.28 | ||
| Sortino ratioReturn per unit of downside risk | -4.52 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.40 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 4.37 | -5.32 |
| Martin ratioReturn relative to average drawdown | -1.53 | 14.87 | -16.40 |
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Drawdowns
EWV vs. HEWJ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than HEWJ's maximum drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for EWV and HEWJ.
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Drawdown Indicators
| EWV | HEWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -31.53% | -67.67% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -10.37% | -35.84% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -20.90% | -50.29% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -20.90% | -58.61% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -31.53% | -57.92% |
Current DrawdownCurrent decline from peak | -99.18% | -4.58% | -94.60% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -6.57% | -77.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 3.04% | +25.68% |
Volatility
EWV vs. HEWJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.68% compared to iShares Currency Hedged MSCI Japan ETF (HEWJ) at 6.48%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than HEWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | HEWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 6.48% | +9.20% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 16.28% | +20.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 20.19% | +22.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 19.42% | +18.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 19.49% | +15.85% |
EWV vs. HEWJ - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than HEWJ's 0.49% expense ratio.
Dividends
EWV vs. HEWJ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, more than HEWJ's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.28% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% |
HEWJ iShares Currency Hedged MSCI Japan ETF | 4.12% | 5.10% | 2.20% | 2.02% | 47.68% | 2.03% | 1.20% | 2.78% | 1.37% | 1.21% | 1.88% | 3.25% |
Frequently Asked Questions
EWV and HEWJ have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.68%) compared to HEWJ (6.48%). In terms of maximum drawdown, EWV dropped -99.20% vs HEWJ's -31.53%.
On 10-year performance, HEWJ leads with 16.67% vs -19.87% for EWV. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HEWJ has performed better with a 16.67% return vs -19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEWJ is cheaper with a 0.49% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.28%, compared with 4.12% for HEWJ.
EWV tracks MSCI Japan Index (-200%), while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EWV and 0.49% for HEWJ.
HEWJ currently has the higher Sharpe Ratio (2.25 vs -1.03), 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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