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 -20.00%/yr vs 7.86%/yr for SCJ. At a correlation of -0.85, they often move in opposite directions. 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 -29.93% return, which is significantly lower than SCJ's 17.14% return. Over the past 10 years, EWV has underperformed SCJ with an annualized return of -20.00%, while SCJ has yielded a comparatively higher 7.86% 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%
SCJ
- 1D
- 0.83%
- 1M
- 2.71%
- 6M
- 13.70%
- YTD
- 17.14%
- 1Y
- 31.00%
- 3Y*
- 18.07%
- 5Y*
- 7.98%
- 10Y*
- 7.86%
EWV vs. SCJ - 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% |
SCJ iShares MSCI Japan Small Cap ETF | 17.14% | 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 -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.79 - 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 | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.31 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.32 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.56 | -3.48 |
| Martin ratioReturn relative to average drawdown | -1.44 | 8.56 | -10.00 |
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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 | -51.16% | -12.17% | -38.99% |
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 | -89.92% | -38.87% | -51.05% |
Current DrawdownCurrent decline from peak | -99.16% | -2.23% | -96.93% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -10.33% | -74.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.87% | 3.63% | +29.24% |
Volatility
EWV vs. SCJ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 14.40% compared to iShares MSCI Japan Small Cap ETF (SCJ) at 5.04%. 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 | 14.40% | 5.04% | +9.36% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 14.07% | +20.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 16.82% | +25.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.25% | 15.91% | +21.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 16.29% | +18.86% |
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 5.16%, more than SCJ's 2.74% 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% |
SCJ iShares MSCI Japan Small Cap ETF | 2.74% | 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 -0.79, 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 SCJ (5.04%). In terms of maximum drawdown, EWV dropped -99.20% vs SCJ's -43.52%.
On 10-year performance, SCJ leads with 7.86% vs -20.00% for EWV. On fees, SCJ is cheaper at 0.49% per year. On volatility, SCJ has been the lower-risk option at 5.04%. 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 7.86% return vs -20.00%. 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 5.16%, compared with 2.74% 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 (1.85 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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