EWV vs. OPPJ
EWV (ProShares UltraShort MSCI Japan) and OPPJ (WisdomTree Japan Opportunities ETF) are both Japan Equities funds - EWV tracks the MSCI Japan Index (-200%) while OPPJ tracks the WisdomTree Japan Opportunities Index. Both are passively managed. Over the past 10 years, EWV returned -20.00%/yr vs 17.32%/yr for OPPJ. At a correlation of -0.74, they often move in opposite directions. EWV charges 0.95%/yr vs 0.58%/yr for OPPJ.
Performance
EWV vs. OPPJ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -29.93% return, which is significantly lower than OPPJ's 25.07% return. Over the past 10 years, EWV has underperformed OPPJ with an annualized return of -20.00%, while OPPJ has yielded a comparatively higher 17.32% annualized return.
EWV
- 1D
- -2.78%
- 1M
- -4.20%
- 6M
- -23.47%
- YTD
- -29.93%
- 1Y
- -47.17%
- 3Y*
- -28.49%
- 5Y*
- -18.46%
- 10Y*
- -20.00%
OPPJ
- 1D
- 1.19%
- 1M
- -0.92%
- 6M
- 15.71%
- YTD
- 25.07%
- 1Y
- 60.60%
- 3Y*
- 33.55%
- 5Y*
- 24.96%
- 10Y*
- 17.32%
EWV vs. OPPJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -29.93% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
OPPJ WisdomTree Japan Opportunities ETF | 25.07% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between EWV and OPPJ is -0.78, 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 | -0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | -0.74 |
The correlation between EWV and OPPJ shifts across timeframes, from -0.78 (1 year) to -0.66 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWV vs. OPPJ — Risk / Return Rank
EWV
OPPJ
EWV vs. OPPJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and WisdomTree Japan Opportunities ETF (OPPJ). 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 | OPPJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.01 | ||
| Sortino ratioReturn per unit of downside risk | -5.45 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.47 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 6.20 | -7.12 |
| Martin ratioReturn relative to average drawdown | -1.44 | 19.65 | -21.09 |
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Drawdowns
EWV vs. OPPJ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than OPPJ's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for EWV and OPPJ.
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Drawdown Indicators
| EWV | OPPJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -39.30% | -59.90% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -9.82% | -41.34% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -16.49% | -54.70% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -16.49% | -63.02% |
Max Drawdown (10Y)Largest decline over 10 years | -89.92% | -39.30% | -50.62% |
Current DrawdownCurrent decline from peak | -99.16% | -5.09% | -94.07% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -6.48% | -77.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.87% | 3.10% | +29.77% |
Volatility
EWV vs. OPPJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 14.40% compared to WisdomTree Japan Opportunities ETF (OPPJ) at 7.59%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than OPPJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | OPPJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.40% | 7.59% | +6.81% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 17.00% | +17.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 21.02% | +21.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.25% | 18.32% | +18.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 19.56% | +15.59% |
EWV vs. OPPJ - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than OPPJ's 0.58% expense ratio.
Dividends
EWV vs. OPPJ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.16%, more than OPPJ's 1.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.16% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% |
OPPJ WisdomTree Japan Opportunities ETF | 1.12% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
Frequently Asked Questions
EWV and OPPJ have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (14.40%) compared to OPPJ (7.59%). In terms of maximum drawdown, EWV dropped -99.20% vs OPPJ's -39.30%.
On 10-year performance, OPPJ leads with 17.32% vs -20.00% for EWV. On fees, OPPJ is cheaper at 0.58% per year. On volatility, OPPJ has been the lower-risk option at 7.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OPPJ has performed better with a 17.32% return vs -20.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OPPJ is cheaper with a 0.58% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.16%, compared with 1.12% for OPPJ.
EWV tracks MSCI Japan Index (-200%), while OPPJ tracks WisdomTree Japan Opportunities Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for EWV and 0.58% for OPPJ.
OPPJ currently has the higher Sharpe Ratio (2.90 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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