EWV vs. KORU
EWV (ProShares UltraShort MSCI Japan) and KORU (Direxion Daily South Korea Bull 3X Shares) are both Leveraged Equities funds - EWV tracks the MSCI Japan Index (-200%) while KORU tracks the MSCI Korea 25-50 Index. Both are passively managed. Over the past 10 years, EWV returned -20.50%/yr vs 14.49%/yr for KORU. At a correlation of -0.55, they often move in opposite directions. EWV charges 0.95%/yr vs 1.29%/yr for KORU.
Performance
EWV vs. KORU - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.73% return, which is significantly lower than KORU's 285.56% return. Over the past 10 years, EWV has underperformed KORU with an annualized return of -20.50%, while KORU has yielded a comparatively higher 14.49% annualized return.
EWV
- 1D
- 9.12%
- 1M
- -4.14%
- YTD
- -27.73%
- 6M
- -26.75%
- 1Y
- -46.22%
- 3Y*
- -28.99%
- 5Y*
- -17.97%
- 10Y*
- -20.50%
KORU
- 1D
- -35.70%
- 1M
- -10.30%
- YTD
- 285.56%
- 6M
- 341.44%
- 1Y
- 858.44%
- 3Y*
- 100.70%
- 5Y*
- 11.21%
- 10Y*
- 14.49%
EWV vs. KORU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.73% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
KORU Direxion Daily South Korea Bull 3X Shares | 285.56% | 432.73% | -62.18% | 28.61% | -70.16% | -33.86% | 48.78% | 5.47% | -59.89% | 167.08% |
Correlation
The correlation between EWV and KORU is -0.56, 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 | -0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013 | -0.55 |
The correlation between EWV and KORU has been stable across timeframes, ranging from -0.57 to -0.52 - a consistent structural relationship.
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Return for Risk
EWV vs. KORU — Risk / Return Rank
EWV
KORU
EWV vs. KORU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Direxion Daily South Korea Bull 3X Shares (KORU). 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 | KORU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.12 | ||
| Sortino ratioReturn per unit of downside risk | -5.23 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.53 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 14.12 | -15.03 |
| Martin ratioReturn relative to average drawdown | -1.50 | 41.38 | -42.88 |
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Drawdowns
EWV vs. KORU - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, roughly equal to the maximum KORU drawdown of -95.79%. Use the drawdown chart below to compare losses from any high point for EWV and KORU.
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Drawdown Indicators
| EWV | KORU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -95.79% | -3.41% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -61.39% | +10.23% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -73.34% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -93.34% | +13.83% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -95.79% | +4.96% |
Current DrawdownCurrent decline from peak | -99.13% | -44.66% | -54.47% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -57.41% | -26.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 20.91% | +10.01% |
Volatility
EWV vs. KORU - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.65%, while Direxion Daily South Korea Bull 3X Shares (KORU) has a volatility of 92.27%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than KORU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | KORU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 92.27% | -76.62% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 138.63% | -104.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 144.16% | -102.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 91.40% | -54.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.09% | 83.03% | -47.94% |
EWV vs. KORU - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is lower than KORU's 1.29% expense ratio.
Dividends
EWV vs. KORU - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.96%, more than KORU's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.96% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
KORU Direxion Daily South Korea Bull 3X Shares | 0.24% | 0.89% | 4.10% | 2.55% | 0.48% | 0.76% | 0.01% | 0.93% | 1.40% | 3.59% |
Frequently Asked Questions
EWV and KORU have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KORU has higher volatility (92.27%) compared to EWV (15.65%). In terms of maximum drawdown, EWV dropped -99.20% vs KORU's -95.79%.
On 10-year performance, KORU leads with 14.49% vs -20.50% for EWV. On fees, EWV is cheaper at 0.95% per year. On volatility, EWV has been the lower-risk option at 15.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KORU has performed better with a 14.49% return vs -20.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV is cheaper with a 0.95% expense ratio, compared with 1.29% for KORU.
EWV has the higher dividend yield at 4.96%, compared with 0.24% for KORU.
EWV tracks MSCI Japan Index (-200%), while KORU tracks MSCI Korea 25-50 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EWV and 1.29% for KORU.
KORU currently has the higher Sharpe Ratio (6.02 vs -1.10), 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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