EWV vs. SPUU

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort MSCI Japan (EWV) and Direxion Daily S&P 500 Bull 2x Shares (SPUU).

EWV and SPUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EWV is a passively managed fund by ProShares that tracks the performance of the MSCI Japan Index (-200%). It was launched on Nov 6, 2007. SPUU is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (200%). It was launched on May 28, 2014. Both EWV and SPUU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EWV vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Japan (EWV) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

EWV vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWV ProShares UltraShort MSCI Japan	-10.47%	-37.70%	-11.06%	-28.34%	34.35%	-10.19%	-38.57%	-30.38%	29.90%	-36.24%
SPUU Direxion Daily S&P 500 Bull 2x Shares	-10.01%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Returns By Period

The year-to-date returns for both investments are quite close, with EWV having a -10.47% return and SPUU slightly higher at -10.01%. Over the past 10 years, EWV has underperformed SPUU with an annualized return of -19.50%, while SPUU has yielded a comparatively higher 21.67% annualized return.

EWV

• 1D: -7.30%
• 1M: 17.13%
• YTD: -10.47%
• 6M: -17.35%
• 1Y: -42.07%
• 3Y*: -25.72%
• 5Y*: -14.43%
• 10Y*: -19.50%

SPUU

• 1D: 5.86%
• 1M: -10.17%
• YTD: -10.01%
• 6M: -6.87%
• 1Y: 27.13%
• 3Y*: 28.85%
• 5Y*: 15.86%
• 10Y*: 21.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWV vs. SPUU - Expense Ratio Comparison

EWV has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.

EWV

ProShares UltraShort MSCI Japan

SPUU

Direxion Daily S&P 500 Bull 2x Shares

Return for Risk

EWV vs. SPUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWV

EWV Risk / Return Rank: 2
EWV Sharpe Ratio Rank: 1
EWV Sortino Ratio Rank: 1
EWV Omega Ratio Rank: 1
EWV Calmar Ratio Rank: 2
EWV Martin Ratio Rank: 4

SPUU

SPUU Risk / Return Rank: 52
SPUU Sharpe Ratio Rank: 44
SPUU Sortino Ratio Rank: 50
SPUU Omega Ratio Rank: 53
SPUU Calmar Ratio Rank: 53
SPUU Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWV vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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.

	EWV	SPUU	Difference
Sharpe ratio Return per unit of total volatility	-0.95	0.75	-1.70
Sortino ratio Return per unit of downside risk	-1.37	1.26	-2.63
Omega ratio Gain probability vs. loss probability	0.83	1.19	-0.36
Calmar ratio Return relative to maximum drawdown	-0.67	1.24	-1.91
Martin ratio Return relative to average drawdown	-0.96	5.35	-6.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWV vs. SPUU - Sharpe Ratio Comparison

The current EWV Sharpe Ratio is -0.95, which is lower than the SPUU Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of EWV and SPUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EWV	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	0.75	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	0.48	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	0.61	-1.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	0.56	-1.00

Correlation

The correlation between EWV and SPUU is -0.65. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

EWV vs. SPUU - Dividend Comparison

EWV's dividend yield for the trailing twelve months is around 4.00%, more than SPUU's 1.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWV ProShares UltraShort MSCI Japan	4.00%	3.63%	3.39%	3.42%	0.65%	0.00%	0.00%	0.33%	0.00%	0.00%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.78%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Drawdowns

EWV vs. SPUU - Drawdown Comparison

The maximum EWV drawdown since its inception was -99.12%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for EWV and SPUU.

Drawdown Indicators

	EWV	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.12%	-59.35%	-39.77%
Max Drawdown (1Y) Largest decline over 1 year	-61.39%	-23.10%	-38.29%
Max Drawdown (5Y) Largest decline over 5 years	-77.29%	-46.59%	-30.70%
Max Drawdown (10Y) Largest decline over 10 years	-91.03%	-59.35%	-31.68%
Current Drawdown Current decline from peak	-98.92%	-13.39%	-85.53%
Average Drawdown Average peak-to-trough decline	-84.14%	-9.62%	-74.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.73%	5.35%	+37.38%

Volatility

EWV vs. SPUU - Volatility Comparison

ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 20.21% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 10.70%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWV	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.21%	10.70%	+9.51%
Volatility (6M) Calculated over the trailing 6-month period	30.38%	19.17%	+11.21%
Volatility (1Y) Calculated over the trailing 1-year period	44.35%	36.23%	+8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.30%	33.47%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.96%	35.73%	-0.77%