EWV vs. JPXN
EWV (ProShares UltraShort MSCI Japan) and JPXN (iShares JPX-Nikkei 400 ETF) are both Japan Equities funds - EWV tracks the MSCI Japan Index (-200%) while JPXN tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, EWV returned -19.87%/yr vs 9.04%/yr for JPXN. Their -0.94 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.48%/yr for JPXN.
Performance
EWV vs. JPXN - 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 JPXN's 18.10% return. Over the past 10 years, EWV has underperformed JPXN with an annualized return of -19.87%, while JPXN has yielded a comparatively higher 9.04% 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%
JPXN
- 1D
- 1.72%
- 1M
- 1.78%
- 6M
- 9.98%
- YTD
- 18.10%
- 1Y
- 29.79%
- 3Y*
- 18.64%
- 5Y*
- 9.64%
- 10Y*
- 9.04%
- ALL TIME*
- 5.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $766.97K | $881.82K | $1.31M |
EWV vs. JPXN - 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% |
JPXN iShares JPX-Nikkei 400 ETF | 18.10% | 26.03% | 6.48% | 19.69% | -16.29% | 0.16% | 15.12% | 19.40% | -14.87% | 24.41% |
Correlation
The correlation between EWV and JPXN is -0.97, 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. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.94 |
The correlation between EWV and JPXN 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. JPXN — Risk / Return Rank
EWV
JPXN
EWV vs. JPXN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and iShares JPX-Nikkei 400 ETF (JPXN). 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 | JPXN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.55 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.28 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.28 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.53 | 7.72 | -9.26 |
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Drawdowns
EWV vs. JPXN - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than JPXN's maximum drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for EWV and JPXN.
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Drawdown Indicators
| EWV | JPXN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -55.54% | -43.66% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -13.11% | -33.10% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -13.95% | -57.24% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -33.21% | -46.30% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -33.21% | -56.24% |
Current DrawdownCurrent decline from peak | -99.18% | -0.67% | -98.51% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -14.97% | -69.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 3.87% | +24.85% |
Volatility
EWV vs. JPXN - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.68% compared to iShares JPX-Nikkei 400 ETF (JPXN) at 6.75%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than JPXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | JPXN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 6.75% | +8.93% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 16.72% | +20.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 19.84% | +23.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 18.01% | +19.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 17.12% | +18.22% |
EWV vs. JPXN - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than JPXN's 0.48% expense ratio.
Dividends
EWV vs. JPXN - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, more than JPXN's 2.71% 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% |
JPXN iShares JPX-Nikkei 400 ETF | 2.71% | 3.14% | 2.29% | 2.57% | 1.47% | 2.63% | 1.27% | 1.92% | 1.60% | 1.50% | 2.07% | 1.32% |
Frequently Asked Questions
EWV and JPXN 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 (15.68%) compared to JPXN (6.75%). In terms of maximum drawdown, EWV dropped -99.20% vs JPXN's -55.54%.
On 10-year performance, JPXN leads with 9.04% vs -19.87% for EWV. On fees, JPXN is cheaper at 0.48% per year. On volatility, JPXN has been the lower-risk option at 6.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JPXN has performed better with a 9.04% return vs -19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPXN is cheaper with a 0.48% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.28%, compared with 2.71% for JPXN.
EWV tracks MSCI Japan Index (-200%), while JPXN tracks JPX-Nikkei Index 400. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EWV and 0.48% for JPXN.
JPXN currently has the higher Sharpe Ratio (1.51 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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