EWV vs. UPRO
EWV (ProShares UltraShort MSCI Japan) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - EWV tracks the MSCI Japan Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, EWV returned -20.24%/yr vs 30.09%/yr for UPRO. At a correlation of -0.66, they often move in opposite directions. EWV charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
EWV vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, EWV has underperformed UPRO with an annualized return of -20.24%, while UPRO has yielded a comparatively higher 30.09% 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%
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
EWV vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between EWV and UPRO 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 | -0.60 |
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 Jun 26, 2009 | -0.66 |
The correlation between EWV and UPRO has been stable across timeframes, ranging from -0.66 to -0.60 - a consistent structural relationship.
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Return for Risk
EWV vs. UPRO — Risk / Return Rank
EWV
UPRO
EWV vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.41 | ||
| Sortino ratioReturn per unit of downside risk | -4.39 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.36 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.03 | -3.97 |
| Martin ratioReturn relative to average drawdown | -1.51 | 12.80 | -14.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWV | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | 2.30 | -3.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.46 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | 0.56 | -1.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 0.65 | -1.12 |
Drawdowns
EWV vs. UPRO - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for EWV and UPRO.
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Drawdown Indicators
| EWV | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -76.82% | -22.31% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -26.78% | -20.10% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -48.87% | -19.80% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -63.94% | -13.78% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | -76.82% | -13.28% |
Current DrawdownCurrent decline from peak | -99.13% | -2.09% | -97.04% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -14.42% | -69.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 6.33% | +22.72% |
Volatility
EWV vs. UPRO - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 9.11% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 8.45% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 26.60% | +4.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 35.35% | +4.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 50.32% | -13.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 53.74% | -18.79% |
EWV vs. UPRO - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
EWV vs. UPRO - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.98%, more than UPRO's 0.68% 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% |
UPRO ProShares UltraPro S&P 500 | 0.68% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
EWV and UPRO 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 UPRO (8.45%). In terms of maximum drawdown, EWV dropped -99.13% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.09% vs -20.24% for EWV. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.09% return vs -20.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 4.98%, compared with 0.68% for UPRO.
EWV tracks MSCI Japan Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for EWV and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (2.30 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.
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