EWV vs. SPY
EWV (ProShares UltraShort MSCI Japan) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EWV returned -19.56%/yr vs 15.09%/yr for SPY. Their -0.68 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
EWV vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -28.78% return, which is significantly lower than SPY's 11.70% return. Over the past 10 years, EWV has underperformed SPY with an annualized return of -19.56%, while SPY has yielded a comparatively higher 15.09% annualized return.
EWV
- 1D
- -0.42%
- 1M
- -0.63%
- 6M
- -19.80%
- YTD
- -28.78%
- 1Y
- -43.59%
- 3Y*
- -28.62%
- 5Y*
- -18.34%
- 10Y*
- -19.56%
- ALL TIME*
- -18.83%
SPY
- 1D
- 1.42%
- 1M
- 1.73%
- 6M
- 9.53%
- YTD
- 11.70%
- 1Y
- 23.22%
- 3Y*
- 20.74%
- 5Y*
- 13.05%
- 10Y*
- 15.09%
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $132.47K | $106.48K | $326.13K | |
| $38.19B | $36.17B | $39.59B |
EWV vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -28.78% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
SPY State Street SPDR S&P 500 ETF | 11.70% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between EWV and SPY is -0.66, 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. | -0.66 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.68 |
The correlation between EWV and SPY has been stable across timeframes, ranging from -0.68 to -0.62 - a consistent structural relationship.
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Return for Risk
EWV vs. SPY — Risk / Return Rank
EWV
SPY
EWV vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -4.01 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.32 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.62 | -3.57 |
| Martin ratioReturn relative to average drawdown | -1.53 | 11.20 | -12.72 |
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Drawdowns
EWV vs. SPY - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EWV and SPY.
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Drawdown Indicators
| EWV | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -55.19% | -44.01% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -8.88% | -37.33% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -18.76% | -52.43% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -24.50% | -55.01% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -33.72% | -55.73% |
Current DrawdownCurrent decline from peak | -99.14% | 0.00% | -99.14% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -9.01% | -75.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.15% | 2.08% | +28.07% |
Volatility
EWV vs. SPY - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.97% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.97% | 3.84% | +12.13% |
Volatility (6M)Calculated over the trailing 6-month period | 36.59% | 10.23% | +26.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.77% | 12.87% | +29.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.54% | 17.19% | +20.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.32% | 17.96% | +17.36% |
EWV vs. SPY - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
EWV vs. SPY - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.08%, more than SPY's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.08% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 0.99% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
EWV and SPY have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.97%) compared to SPY (3.84%). In terms of maximum drawdown, EWV dropped -99.20% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.09% vs -19.56% for EWV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.09% return vs -19.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 5.08%, compared with 0.99% for SPY.
EWV is categorized as Japan Equities, while SPY is S&P 500. EWV tracks MSCI Japan Index (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for EWV and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.82 vs -1.02), 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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