EWV vs. TERG

Last updated Jun 4, 2026

EWV (ProShares UltraShort MSCI Japan) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. EWV is passively managed, while TERG is actively managed. At a correlation of -0.61, they often move in opposite directions. EWV charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

EWV vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Japan (EWV) and Leverage Shares 2X Long TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than TERG's 229.64% 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%

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWV vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
EWV ProShares UltraShort MSCI Japan	-27.97%	-2.74%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between EWV and TERG is -0.61, 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 (All Time) Calculated using the full available price history since Nov 18, 2025	-0.61

Return for Risk

EWV vs. TERG — Risk / Return Rank

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

EWV

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

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	—	—
Sortino ratio: Return per unit of downside risk	-1.63	—	—
Omega ratio: Gain probability vs. loss probability	0.80	—	—
Calmar ratio: Return relative to maximum drawdown	-0.94	—	—
Martin ratio: Return relative to average drawdown	-1.51	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EWV	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.11	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	9.90	-10.36

Drawdowns

EWV vs. TERG - Drawdown Comparison

The maximum EWV drawdown since its inception was -99.13%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for EWV and TERG.

Drawdown Indicators

	EWV	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-99.13%	-49.52%	-49.61%
Max Drawdown (1Y) Largest decline over 1 year	-46.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-68.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-77.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-90.10%	—	—
Current Drawdown Current decline from peak	-99.13%	-15.98%	-83.15%
Average Drawdown Average peak-to-trough decline	-84.28%	-13.73%	-70.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.05%	—	—

Volatility

Volatility by Period

	EWV	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.88%	139.25%	-99.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.62%	139.25%	-102.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.95%	139.25%	-104.30%

EWV vs. TERG - Expense Ratio Comparison

EWV has a 0.95% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

EWV vs. TERG - Dividend Comparison

EWV's dividend yield for the trailing twelve months is around 4.98%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EWV ProShares UltraShort MSCI Japan	4.98%	3.63%	3.39%	3.42%	0.65%	0.00%	0.00%	0.33%	0.00%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWV and TERG in my portfolio?

EWV and TERG have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWV or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWV or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 0.95% for EWV.

Which ETF pays a higher dividend yield, EWV or TERG?

EWV has the higher dividend yield at 4.98%, compared with 0.00% for TERG.

What is the main difference between EWV and TERG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for EWV and 0.75% for TERG.