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 -20.59%/yr vs -73.88%/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 -28.59% return, which is significantly lower than UVXY's -23.04% return. Over the past 10 years, EWV has outperformed UVXY with an annualized return of -20.59%, while UVXY has yielded a comparatively lower -73.88% annualized return.
EWV
- 1D
- -1.18%
- 1M
- -5.27%
- YTD
- -28.59%
- 6M
- -27.94%
- 1Y
- -45.71%
- 3Y*
- -29.27%
- 5Y*
- -18.01%
- 10Y*
- -20.59%
UVXY
- 1D
- -1.25%
- 1M
- -15.98%
- YTD
- -23.04%
- 6M
- -25.05%
- 1Y
- -71.58%
- 3Y*
- -62.12%
- 5Y*
- -66.83%
- 10Y*
- -73.88%
EWV vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -28.59% | -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 | -23.04% | -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 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
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 4, 2011 | 0.55 |
The correlation between EWV and UVXY has been stable across timeframes, ranging from 0.50 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.83 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.98 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.42 | -0.05 |
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Drawdowns
EWV vs. UVXY - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, 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 | -99.20% | -100.00% | +0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -72.99% | +21.83% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -94.91% | +23.72% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -99.71% | +20.20% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -100.00% | +9.17% |
Current DrawdownCurrent decline from peak | -99.14% | -100.00% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -98.75% | +14.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.06% | 51.19% | -20.13% |
Volatility
EWV vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.67%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.80%. 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 | 15.67% | 25.80% | -10.13% |
Volatility (6M)Calculated over the trailing 6-month period | 34.19% | 66.21% | -32.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.13% | 85.44% | -43.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.14% | 103.95% | -66.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.08% | 112.37% | -77.29% |
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 5.02%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.02% | 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 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.80%) compared to EWV (15.67%). In terms of maximum drawdown, EWV dropped -99.20% vs UVXY's -100.00%.
On 10-year performance, EWV leads with -20.59% vs -73.88% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 15.67%. 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 -20.59% return vs -73.88%. 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 5.02%, 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 (-0.84 vs -1.09), 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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