EWV vs. NBJP
EWV (ProShares UltraShort MSCI Japan) and NBJP (Neuberger Berman Japan Equity ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while NBJP is a Japan Equities fund actively managed by Neuberger Berman. EWV is passively managed, while NBJP is actively managed. Over the past year, EWV returned -44.27% vs 35.70% for NBJP. At a correlation of -0.89, they often move in opposite directions. EWV charges 0.95%/yr vs 0.50%/yr for NBJP.
Performance
EWV vs. NBJP - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -28.36% return, which is significantly lower than NBJP's 19.10% return.
EWV
- 1D
- -0.54%
- 1M
- -9.95%
- YTD
- -28.36%
- 6M
- -28.20%
- 1Y
- -44.27%
- 3Y*
- -28.76%
- 5Y*
- -17.67%
- 10Y*
- -20.10%
NBJP
- 1D
- 0.19%
- 1M
- 6.21%
- YTD
- 19.10%
- 6M
- 20.98%
- 1Y
- 35.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EWV vs. NBJP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -28.36% | -37.70% | 7.13% |
NBJP Neuberger Berman Japan Equity ETF | 19.10% | 30.41% | -3.34% |
Correlation
The correlation between EWV and NBJP is -0.87, 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 | -0.87 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2024 | -0.89 |
The correlation between EWV and NBJP has been stable across timeframes, ranging from -0.89 to -0.87 - a consistent structural relationship.
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Return for Risk
EWV vs. NBJP — Risk / Return Rank
EWV
NBJP
EWV vs. NBJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Neuberger Berman Japan Equity ETF (NBJP). 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 | NBJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.33 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.50 | -3.44 |
| Martin ratioReturn relative to average drawdown | -1.52 | 8.99 | -10.51 |
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 | NBJP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.12 | 1.82 | -2.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | — | — |
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 | 1.37 | -1.84 |
Drawdowns
EWV vs. NBJP - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.14%, which is greater than NBJP's maximum drawdown of -14.34%. Use the drawdown chart below to compare losses from any high point for EWV and NBJP.
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Drawdown Indicators
| EWV | NBJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.14% | -14.34% | -84.80% |
Max Drawdown (1Y)Largest decline over 1 year | -47.17% | -14.34% | -32.83% |
Max Drawdown (3Y)Largest decline over 3 years | -68.84% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -77.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -90.16% | — | — |
Current DrawdownCurrent decline from peak | -99.14% | -0.61% | -98.53% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -3.22% | -81.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 3.98% | +25.22% |
Volatility
EWV vs. NBJP - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 8.77% compared to Neuberger Berman Japan Equity ETF (NBJP) at 5.43%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than NBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | NBJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 5.43% | +3.34% |
Volatility (6M)Calculated over the trailing 6-month period | 31.21% | 16.50% | +14.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.79% | 19.70% | +20.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.61% | 19.52% | +17.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 19.52% | +15.43% |
EWV vs. NBJP - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than NBJP's 0.50% expense ratio.
Dividends
EWV vs. NBJP - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.00%, more than NBJP's 1.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.00% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
NBJP Neuberger Berman Japan Equity ETF | 1.92% | 2.29% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWV and NBJP have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (8.77%) compared to NBJP (5.43%). In terms of maximum drawdown, EWV dropped -99.14% vs NBJP's -14.34%.
On 1-year performance, NBJP leads with 35.70% vs -44.27% for EWV. On fees, NBJP is cheaper at 0.50% per year. On volatility, NBJP has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NBJP has performed better with a 35.70% return vs -44.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NBJP is cheaper with a 0.50% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.00%, compared with 1.92% for NBJP.
EWV is categorized as Leveraged Equities, while NBJP is Japan Equities. They also come from different issuers: ProShares and Neuberger Berman. Their fees differ too: 0.95% for EWV and 0.50% for NBJP.
NBJP currently has the higher Sharpe Ratio (1.82 vs -1.12), 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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