EWV vs. TSMG
EWV (ProShares UltraShort MSCI Japan) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while TSMG is a Leveraged Equities fund actively managed by Leverage Shares. EWV is passively managed, while TSMG is actively managed. Over the past year, EWV returned -44.00% vs 136.43% for TSMG. Their -0.47 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.75%/yr for TSMG.
Performance
EWV vs. TSMG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWV achieves a -31.51% return, which is significantly lower than TSMG's 58.23% return.
EWV
- 1D
- -3.83%
- 1M
- -4.44%
- 6M
- -21.69%
- YTD
- -31.51%
- 1Y
- -44.00%
- 3Y*
- -29.54%
- 5Y*
- -18.78%
- 10Y*
- -19.87%
- ALL TIME*
- -18.99%
TSMG
- 1D
- 5.47%
- 1M
- -10.36%
- 6M
- 32.51%
- YTD
- 58.23%
- 1Y
- 136.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 89.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $3.38M | $4.42M | $4.30M |
EWV vs. TSMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
EWV ProShares UltraShort MSCI Japan | -31.51% | -41.09% |
TSMG Leverage Shares 2X Long TSM Daily ETF | 58.23% | 71.03% |
Correlation
The correlation between EWV and TSMG is -0.52, 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. | -0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025 | -0.47 |
The correlation between EWV and TSMG has been stable across timeframes, ranging from -0.52 to -0.47 - 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. TSMG — Risk / Return Rank
EWV
TSMG
EWV vs. TSMG - 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 TSM Daily ETF (TSMG). 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 | TSMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.27 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.40 | -4.36 |
| Martin ratioReturn relative to average drawdown | -1.53 | 10.14 | -11.68 |
Loading charts...
Drawdowns
EWV vs. TSMG - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for EWV and TSMG.
Loading charts...
Drawdown Indicators
| EWV | TSMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -63.67% | -35.53% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -40.36% | -5.85% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | — | — |
Current DrawdownCurrent decline from peak | -99.18% | -26.24% | -72.94% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -17.07% | -67.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 13.51% | +15.21% |
Volatility
EWV vs. TSMG - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.68%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 27.35%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EWV | TSMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 27.35% | -11.67% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 66.82% | -30.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 82.31% | -39.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 85.01% | -47.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 85.01% | -49.67% |
EWV vs. TSMG - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.
Dividends
EWV vs. TSMG - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, less than TSMG's 7.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.28% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
TSMG Leverage Shares 2X Long TSM Daily ETF | 7.26% | 11.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWV and TSMG 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.
TSMG has higher volatility (27.35%) compared to EWV (15.68%). In terms of maximum drawdown, EWV dropped -99.20% vs TSMG's -63.67%.
On 1-year performance, TSMG leads with 136.43% vs -44.00% for EWV. On fees, TSMG is cheaper at 0.75% per year. On volatility, EWV has been the lower-risk option at 15.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSMG has performed better with a 136.43% return vs -44.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for EWV.
TSMG has the higher dividend yield at 7.26%, compared with 5.28% for EWV.
EWV is categorized as Japan Equities, while TSMG is Leveraged Equities. They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for EWV and 0.75% for TSMG.
TSMG currently has the higher Sharpe Ratio (1.67 vs -1.03), 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 TSMG
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