EWV vs. SOXL
EWV (ProShares UltraShort MSCI Japan) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - EWV tracks the MSCI Japan Index (-200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, EWV returned -20.50%/yr vs 64.56%/yr for SOXL. At a correlation of -0.54, they often move in opposite directions. EWV charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
EWV vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.73% return, which is significantly lower than SOXL's 450.61% return. Over the past 10 years, EWV has underperformed SOXL with an annualized return of -20.50%, while SOXL has yielded a comparatively higher 64.56% annualized return.
EWV
- 1D
- 9.12%
- 1M
- -4.14%
- YTD
- -27.73%
- 6M
- -26.75%
- 1Y
- -46.22%
- 3Y*
- -28.99%
- 5Y*
- -17.97%
- 10Y*
- -20.50%
SOXL
- 1D
- -23.06%
- 1M
- 21.44%
- YTD
- 450.61%
- 6M
- 429.57%
- 1Y
- 976.09%
- 3Y*
- 120.84%
- 5Y*
- 42.16%
- 10Y*
- 64.56%
EWV vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.73% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 450.61% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between EWV and SOXL is -0.52, 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 | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.54 |
The correlation between EWV and SOXL has been stable across timeframes, ranging from -0.56 to -0.51 - a consistent structural relationship.
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Return for Risk
EWV vs. SOXL — Risk / Return Rank
EWV
SOXL
EWV vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.55 | ||
| Sortino ratioReturn per unit of downside risk | -5.71 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.58 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 22.69 | -23.59 |
| Martin ratioReturn relative to average drawdown | -1.50 | 72.83 | -74.33 |
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Drawdowns
EWV vs. SOXL - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for EWV and SOXL.
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Drawdown Indicators
| EWV | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -90.46% | -8.74% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -43.47% | -7.69% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -87.88% | +16.69% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -90.46% | +10.95% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -90.46% | -0.37% |
Current DrawdownCurrent decline from peak | -99.13% | -23.06% | -76.07% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -34.95% | -49.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 13.52% | +17.40% |
Volatility
EWV vs. SOXL - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.65%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 68.39% | -52.74% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 99.84% | -65.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 116.79% | -74.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 110.35% | -73.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.09% | 100.62% | -65.53% |
EWV vs. SOXL - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
EWV vs. SOXL - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.96%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.96% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
EWV and SOXL have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.39%) compared to EWV (15.65%). In terms of maximum drawdown, EWV dropped -99.20% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.56% vs -20.50% for EWV. On fees, SOXL is cheaper at 0.75% per year. On volatility, EWV has been the lower-risk option at 15.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.56% return vs -20.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 4.96%, compared with 0.03% for SOXL.
EWV tracks MSCI Japan Index (-200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EWV and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (8.45 vs -1.10), 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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