EWV vs. UVXY
EWV (ProShares UltraShort MSCI Japan) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, EWV returned -20.24%/yr vs -72.67%/yr for UVXY. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EWV vs. UVXY - 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 UVXY's -19.06% return. Over the past 10 years, EWV has outperformed UVXY with an annualized return of -20.24%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
EWV vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between EWV and UVXY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.55 |
The correlation between EWV and UVXY has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.
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Return for Risk
EWV vs. UVXY — Risk / Return Rank
EWV
UVXY
EWV vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.82 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.97 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.31 | -0.20 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | -0.87 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | -0.66 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | -0.64 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | -0.68 | +0.21 |
Drawdowns
EWV vs. UVXY - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EWV and UVXY.
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Drawdown Indicators
| EWV | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -100.00% | +0.87% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -75.22% | +28.34% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -95.45% | +26.78% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -99.68% | +21.96% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | -100.00% | +9.90% |
Current DrawdownCurrent decline from peak | -99.13% | -100.00% | +0.87% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -98.55% | +14.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 55.63% | -26.58% |
Volatility
EWV vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 9.11%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that EWV experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 11.77% | -2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 62.64% | -31.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 84.42% | -44.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 103.85% | -67.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 113.82% | -78.87% |
EWV vs. UVXY - Expense Ratio Comparison
Both EWV and UVXY have an expense ratio of 0.95%.
Dividends
EWV vs. UVXY - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.98%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.98% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWV and UVXY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to EWV (9.11%). In terms of maximum drawdown, EWV dropped -99.13% vs UVXY's -100.00%.
On 10-year performance, EWV leads with -20.24% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 9.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWV has performed better with a -20.24% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV and UVXY have the same expense ratio: 0.95% per year.
EWV has the higher dividend yield at 4.98%, compared with 0.00% for UVXY.
EWV is categorized as Leveraged Equities, while UVXY is Volatility. EWV tracks MSCI Japan Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 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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