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 Leveraged 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 -20.24%/yr vs 15.49%/yr for SPY. At a correlation of -0.68, they often move in opposite directions. EWV charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
EWV vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, EWV has underperformed SPY with an annualized return of -20.24%, while SPY has yielded a comparatively higher 15.49% annualized return.
EWV
- 1D
- -0.28%
- 1M
- -12.11%
- YTD
- -27.97%
- 6M
- -29.61%
- 1Y
- -43.86%
- 3Y*
- -28.45%
- 5Y*
- -17.58%
- 10Y*
- -20.24%
SPY
- 1D
- -0.70%
- 1M
- 5.05%
- YTD
- 10.91%
- 6M
- 10.91%
- 1Y
- 27.98%
- 3Y*
- 22.35%
- 5Y*
- 13.83%
- 10Y*
- 15.49%
EWV vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.97% | -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 | 10.91% | 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 -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2007 | -0.68 |
The correlation between EWV and SPY has been stable across timeframes, ranging from -0.68 to -0.61 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| EWV | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.48 | ||
| Sortino ratioReturn per unit of downside risk | -4.86 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.43 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.16 | -4.10 |
| Martin ratioReturn relative to average drawdown | -1.51 | 14.72 | -16.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EWV | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | 2.38 | -3.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.82 | -1.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | 0.87 | -1.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 0.59 | -1.05 |
Drawdowns
EWV vs. SPY - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, 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.
Loading charts...
Drawdown Indicators
| EWV | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -55.19% | -43.94% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -8.88% | -38.00% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -18.76% | -49.91% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -24.50% | -53.22% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | -33.72% | -56.38% |
Current DrawdownCurrent decline from peak | -99.13% | -0.70% | -98.43% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -9.05% | -75.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 1.91% | +27.14% |
Volatility
EWV vs. SPY - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 9.11% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. 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.
Loading charts...
Volatility by Period
| EWV | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 2.84% | +6.27% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 8.90% | +22.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 11.83% | +28.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 17.05% | +19.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 17.94% | +17.01% |
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 4.98%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.98% | 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 | 0.98% | 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 -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (9.11%) compared to SPY (2.84%). In terms of maximum drawdown, EWV dropped -99.13% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.49% vs -20.24% for EWV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. 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 15.49% return vs -20.24%. 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 4.98%, compared with 0.98% for SPY.
EWV is categorized as Leveraged 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 (2.38 vs -1.11), 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.
Find the right allocation for EWV and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer