EWV vs. TSMX
EWV (ProShares UltraShort MSCI Japan) and TSMX (Direxion Daily TSM Bull 2X ETF) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while TSMX is a Leveraged Equities fund actively managed by Direxion. EWV is passively managed, while TSMX is actively managed. Over the past year, EWV returned -44.00% vs 135.29% for TSMX. Their -0.42 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.99%/yr for TSMX.
Performance
EWV vs. TSMX - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -31.51% return, which is significantly lower than TSMX's 57.96% 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%
TSMX
- 1D
- 5.05%
- 1M
- -10.36%
- 6M
- 32.01%
- YTD
- 57.96%
- 1Y
- 135.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 93.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $48.50M | $68.13M | $80.50M |
EWV vs. TSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -31.51% | -37.70% | 10.17% |
TSMX Direxion Daily TSM Bull 2X ETF | 57.96% | 81.48% | 16.84% |
Correlation
The correlation between EWV and TSMX is -0.50, 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. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.42 |
The correlation between EWV and TSMX has been stable across timeframes, ranging from -0.50 to -0.42 - a consistent structural relationship.
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Return for Risk
EWV vs. TSMX — Risk / Return Rank
EWV
TSMX
EWV vs. TSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Direxion Daily TSM Bull 2X ETF (TSMX). 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 | TSMX | 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 | 3.41 | -4.36 |
| Martin ratioReturn relative to average drawdown | -1.53 | 10.18 | -11.72 |
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Drawdowns
EWV vs. TSMX - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for EWV and TSMX.
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Drawdown Indicators
| EWV | TSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -63.80% | -35.40% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -39.94% | -6.27% |
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% | -26.11% | -73.07% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -16.00% | -68.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 13.35% | +15.37% |
Volatility
EWV vs. TSMX - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.68%, while Direxion Daily TSM Bull 2X ETF (TSMX) has a volatility of 26.39%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | TSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 26.39% | -10.71% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 65.77% | -28.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 81.58% | -38.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 84.01% | -46.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 84.01% | -48.67% |
EWV vs. TSMX - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is lower than TSMX's 0.99% expense ratio.
Dividends
EWV vs. TSMX - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, less than TSMX's 5.37% 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% |
TSMX Direxion Daily TSM Bull 2X ETF | 5.37% | 8.01% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWV and TSMX have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMX has higher volatility (26.39%) compared to EWV (15.68%). In terms of maximum drawdown, EWV dropped -99.20% vs TSMX's -63.80%.
On 1-year performance, TSMX leads with 135.29% vs -44.00% for EWV. On fees, EWV is cheaper at 0.95% 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, TSMX has performed better with a 135.29% return vs -44.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV is cheaper with a 0.95% expense ratio, compared with 0.99% for TSMX.
TSMX has the higher dividend yield at 5.37%, compared with 5.28% for EWV.
EWV is categorized as Japan Equities, while TSMX is Leveraged Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EWV and 0.99% for TSMX.
TSMX 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.
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