EWV vs. SCJ
EWV (ProShares UltraShort MSCI Japan) and SCJ (iShares MSCI Japan Small Cap ETF) are both Japan Equities funds - EWV tracks the MSCI Japan Index (-200%) while SCJ tracks the MSCI Japan Small Cap Index. Both are passively managed. Over the past 10 years, EWV returned -19.87%/yr vs 7.73%/yr for SCJ. Their -0.85 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.49%/yr for SCJ.
Performance
EWV vs. SCJ - 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 SCJ's 17.78% return. Over the past 10 years, EWV has underperformed SCJ with an annualized return of -19.87%, while SCJ has yielded a comparatively higher 7.73% 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%
SCJ
- 1D
- 0.98%
- 1M
- -0.10%
- 6M
- 10.57%
- YTD
- 17.78%
- 1Y
- 25.81%
- 3Y*
- 18.43%
- 5Y*
- 8.14%
- 10Y*
- 7.73%
- ALL TIME*
- 6.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $4.45M | $4.38M | $5.08M |
EWV vs. SCJ - 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% |
SCJ iShares MSCI Japan Small Cap ETF | 17.78% | 29.58% | 3.41% | 13.22% | -12.75% | -2.95% | 7.46% | 16.16% | -17.17% | 31.61% |
Correlation
The correlation between EWV and SCJ is -0.80, 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. | -0.80 |
Correlation (3Y) Balances recent behavior with more history. | -0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.86 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | -0.85 |
The correlation between EWV and SCJ has been stable across timeframes, ranging from -0.87 to -0.80 - a consistent structural relationship.
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Return for Risk
EWV vs. SCJ — Risk / Return Rank
EWV
SCJ
EWV vs. SCJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and iShares MSCI Japan Small Cap ETF (SCJ). 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 | SCJ | 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 | 1.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.13 | -3.09 |
| Martin ratioReturn relative to average drawdown | -1.53 | 6.92 | -8.45 |
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Drawdowns
EWV vs. SCJ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than SCJ's maximum drawdown of -43.52%. Use the drawdown chart below to compare losses from any high point for EWV and SCJ.
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Drawdown Indicators
| EWV | SCJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -43.52% | -55.68% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -12.17% | -34.04% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -12.43% | -58.76% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -33.25% | -46.26% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -38.87% | -50.58% |
Current DrawdownCurrent decline from peak | -99.18% | -1.70% | -97.48% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -10.31% | -74.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 3.74% | +24.98% |
Volatility
EWV vs. SCJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.68% compared to iShares MSCI Japan Small Cap ETF (SCJ) at 6.25%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than SCJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | SCJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 6.25% | +9.43% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 14.53% | +22.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 17.18% | +25.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 16.01% | +21.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 16.34% | +19.00% |
EWV vs. SCJ - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than SCJ's 0.49% expense ratio.
Dividends
EWV vs. SCJ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, more than SCJ's 2.72% 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% |
SCJ iShares MSCI Japan Small Cap ETF | 2.72% | 3.14% | 1.79% | 1.99% | 1.18% | 1.87% | 0.89% | 1.85% | 1.44% | 1.45% | 2.73% | 1.53% |
Frequently Asked Questions
EWV and SCJ have a correlation of -0.80, 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 SCJ (6.25%). In terms of maximum drawdown, EWV dropped -99.20% vs SCJ's -43.52%.
On 10-year performance, SCJ leads with 7.73% vs -19.87% for EWV. On fees, SCJ is cheaper at 0.49% per year. On volatility, SCJ has been the lower-risk option at 6.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCJ has performed better with a 7.73% return vs -19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCJ is cheaper with a 0.49% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.28%, compared with 2.72% for SCJ.
EWV tracks MSCI Japan Index (-200%), while SCJ tracks MSCI Japan Small Cap Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EWV and 0.49% for SCJ.
SCJ 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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