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 -19.87%/yr vs 17.39%/yr for OPPJ. Their -0.74 correlation means they have often moved in opposite directions in the past. 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 -31.51% return, which is significantly lower than OPPJ's 23.68% return. Over the past 10 years, EWV has underperformed OPPJ with an annualized return of -19.87%, while OPPJ has yielded a comparatively higher 17.39% 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%
OPPJ
- 1D
- 1.90%
- 1M
- -0.42%
- 6M
- 10.15%
- YTD
- 23.68%
- 1Y
- 54.10%
- 3Y*
- 31.84%
- 5Y*
- 24.63%
- 10Y*
- 17.39%
- ALL TIME*
- 15.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $2.35M | $2.36M | $4.34M |
EWV vs. OPPJ - 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% |
OPPJ WisdomTree Japan Opportunities ETF | 23.68% | 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 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. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.71 |
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 -0.67 (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 | -3.60 | ||
| Sortino ratioReturn per unit of downside risk | -4.91 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.42 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 5.53 | -6.49 |
| Martin ratioReturn relative to average drawdown | -1.53 | 15.48 | -17.01 |
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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 | -46.21% | -9.82% | -36.39% |
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 | -89.45% | -39.30% | -50.15% |
Current DrawdownCurrent decline from peak | -99.18% | -6.15% | -93.03% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -6.48% | -77.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 3.51% | +25.21% |
Volatility
EWV vs. OPPJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.68% compared to WisdomTree Japan Opportunities ETF (OPPJ) at 7.47%. 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 | 15.68% | 7.47% | +8.21% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 17.60% | +19.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 21.22% | +21.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 18.42% | +19.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 19.62% | +15.72% |
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 5.28%, more than OPPJ's 1.13% 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% |
OPPJ WisdomTree Japan Opportunities ETF | 1.13% | 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 (15.68%) compared to OPPJ (7.47%). In terms of maximum drawdown, EWV dropped -99.20% vs OPPJ's -39.30%.
On 10-year performance, OPPJ leads with 17.39% vs -19.87% for EWV. On fees, OPPJ is cheaper at 0.58% per year. On volatility, OPPJ has been the lower-risk option at 7.47%. 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 17.39% return vs -19.87%. 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 5.28%, compared with 1.13% 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 (2.56 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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