EWV vs. USD
EWV (ProShares UltraShort MSCI Japan) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, EWV returned -19.87%/yr vs 55.47%/yr for USD. Their -0.53 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EWV vs. USD - 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 USD's 71.41% return. Over the past 10 years, EWV has underperformed USD with an annualized return of -19.87%, while USD has yielded a comparatively higher 55.47% 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%
USD
- 1D
- 10.39%
- 1M
- 2.58%
- 6M
- 64.91%
- YTD
- 71.41%
- 1Y
- 106.91%
- 3Y*
- 102.00%
- 5Y*
- 57.55%
- 10Y*
- 55.47%
- ALL TIME*
- 28.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $73.98M | $71.11M | $96.07M |
EWV vs. USD - 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% |
USD ProShares Ultra Semiconductors | 71.41% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between EWV and USD is -0.54, 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. | -0.54 |
Correlation (3Y) Balances recent behavior with more history. | -0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.53 |
The correlation between EWV and USD has been stable across timeframes, ranging from -0.54 to -0.47 - a consistent structural relationship.
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Return for Risk
EWV vs. USD — Risk / Return Rank
EWV
USD
EWV vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.25 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.73 | -3.69 |
| Martin ratioReturn relative to average drawdown | -1.53 | 7.78 | -9.31 |
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Drawdowns
EWV vs. USD - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EWV and USD.
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Drawdown Indicators
| EWV | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -88.63% | -10.57% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -39.33% | -6.88% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -64.46% | -6.73% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -77.85% | -1.66% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -77.85% | -11.60% |
Current DrawdownCurrent decline from peak | -99.18% | -20.81% | -78.37% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -32.23% | -52.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 13.80% | +14.92% |
Volatility
EWV vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.68%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.12%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 29.12% | -13.44% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 61.81% | -25.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 74.29% | -31.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 78.90% | -41.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 70.46% | -35.12% |
EWV vs. USD - Expense Ratio Comparison
Both EWV and USD have an expense ratio of 0.95%.
Dividends
EWV vs. USD - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, more than USD's 0.34% 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% |
USD ProShares Ultra Semiconductors | 0.34% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
EWV and USD have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.12%) compared to EWV (15.68%). In terms of maximum drawdown, EWV dropped -99.20% vs USD's -88.63%.
On 10-year performance, USD leads with 55.47% vs -19.87% for EWV. Both ETFs have the same 0.95% expense ratio. 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 10-year period, USD has performed better with a 55.47% return vs -19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV and USD have the same expense ratio: 0.95% per year.
EWV has the higher dividend yield at 5.28%, compared with 0.34% for USD.
EWV is categorized as Japan Equities, while USD is Leveraged Equities. EWV tracks MSCI Japan Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.45 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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