EWV vs. UPRO
EWV (ProShares UltraShort MSCI Japan) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, EWV returned -19.87%/yr vs 29.22%/yr for UPRO. Their -0.66 correlation means they have often moved in opposite directions in the past. 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 -31.51% return, which is significantly lower than UPRO's 33.75% return. Over the past 10 years, EWV has underperformed UPRO with an annualized return of -19.87%, while UPRO has yielded a comparatively higher 29.22% annualized 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%
UPRO
- 1D
- 5.34%
- 1M
- 9.50%
- 6M
- 30.93%
- YTD
- 33.75%
- 1Y
- 61.82%
- 3Y*
- 49.06%
- 5Y*
- 20.91%
- 10Y*
- 29.22%
- ALL TIME*
- 33.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $337.28M | $304.70M | $362.53M |
EWV vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -31.51% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
UPRO ProShares UltraPro S&P 500 | 33.75% | 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 -0.66, 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. | -0.66 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.66 |
The correlation between EWV and UPRO has been stable across timeframes, ranging from -0.66 to -0.62 - 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.
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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.27 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.32 | -3.27 |
| Martin ratioReturn relative to average drawdown | -1.53 | 8.87 | -10.41 |
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Drawdowns
EWV vs. UPRO - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, 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 | -99.20% | -76.82% | -22.38% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -26.78% | -19.43% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -48.87% | -22.32% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -63.94% | -15.57% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -76.82% | -12.63% |
Current DrawdownCurrent decline from peak | -99.18% | 0.00% | -99.18% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -14.34% | -70.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 6.99% | +21.73% |
Volatility
EWV vs. UPRO - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.68% compared to ProShares UltraPro S&P 500 (UPRO) at 12.34%. 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 | 15.68% | 12.34% | +3.34% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 30.99% | +5.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 38.70% | +4.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 50.79% | -13.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 53.83% | -18.49% |
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 5.28%, more than UPRO's 0.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.28% | 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 | 0.70% | 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 -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.68%) compared to UPRO (12.34%). In terms of maximum drawdown, EWV dropped -99.20% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 29.22% vs -19.87% for EWV. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 12.34%. 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 29.22% return vs -19.87%. 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 5.28%, compared with 0.70% for UPRO.
EWV is categorized as Japan Equities, while UPRO is Leveraged Equities. 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 (1.62 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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