EWV vs. VPL
EWV (ProShares UltraShort MSCI Japan) and VPL (Vanguard FTSE Pacific ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), while VPL is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific Index. Both are passively managed. Over the past 10 years, EWV returned -20.24%/yr vs 10.84%/yr for VPL. At a correlation of -0.91, they often move in opposite directions. EWV charges 0.95%/yr vs 0.08%/yr for VPL.
Performance
EWV vs. VPL - 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 VPL's 30.29% return. Over the past 10 years, EWV has underperformed VPL with an annualized return of -20.24%, while VPL has yielded a comparatively higher 10.84% 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%
VPL
- 1D
- -0.28%
- 1M
- 10.45%
- YTD
- 30.29%
- 6M
- 33.07%
- 1Y
- 53.61%
- 3Y*
- 23.02%
- 5Y*
- 10.36%
- 10Y*
- 10.84%
EWV vs. VPL - 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% |
VPL Vanguard FTSE Pacific ETF | 30.29% | 32.66% | 1.68% | 15.58% | -15.20% | 1.10% | 16.65% | 18.16% | -14.40% | 28.85% |
Correlation
The correlation between EWV and VPL is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2007 | -0.91 |
The correlation between EWV and VPL has been stable across timeframes, ranging from -0.92 to -0.90 - a consistent structural relationship.
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Return for Risk
EWV vs. VPL — Risk / Return Rank
EWV
VPL
EWV vs. VPL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Vanguard FTSE Pacific ETF (VPL). 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 | VPL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.86 | ||
| Sortino ratioReturn per unit of downside risk | -5.22 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.49 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 4.04 | -4.98 |
| Martin ratioReturn relative to average drawdown | -1.51 | 15.95 | -17.46 |
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 | VPL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | 2.76 | -3.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.60 | -1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | 0.63 | -1.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 0.34 | -0.81 |
Drawdowns
EWV vs. VPL - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, which is greater than VPL's maximum drawdown of -55.49%. Use the drawdown chart below to compare losses from any high point for EWV and VPL.
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Drawdown Indicators
| EWV | VPL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -55.49% | -43.64% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -13.33% | -33.55% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -16.35% | -52.32% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -31.09% | -46.63% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | -33.90% | -56.20% |
Current DrawdownCurrent decline from peak | -99.13% | -0.28% | -98.85% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -11.63% | -72.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 3.37% | +25.68% |
Volatility
EWV vs. VPL - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 9.11% compared to Vanguard FTSE Pacific ETF (VPL) at 7.32%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than VPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | VPL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 7.32% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 16.71% | +14.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 19.55% | +20.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 17.29% | +19.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 17.29% | +17.66% |
EWV vs. VPL - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than VPL's 0.08% expense ratio.
Dividends
EWV vs. VPL - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.98%, more than VPL's 2.73% 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% |
VPL Vanguard FTSE Pacific ETF | 2.73% | 4.01% | 3.15% | 3.12% | 2.75% | 3.19% | 1.81% | 2.84% | 3.06% | 2.57% | 2.65% | 2.43% |
Frequently Asked Questions
EWV and VPL have a correlation of -0.90, 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 VPL (7.32%). In terms of maximum drawdown, EWV dropped -99.13% vs VPL's -55.49%.
On 10-year performance, VPL leads with 10.84% vs -20.24% for EWV. On fees, VPL is cheaper at 0.08% per year. On volatility, VPL has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VPL has performed better with a 10.84% return vs -20.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VPL is cheaper with a 0.08% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 4.98%, compared with 2.73% for VPL.
EWV is categorized as Leveraged Equities, while VPL is Asia Pacific Equities. EWV tracks MSCI Japan Index (-200%), while VPL tracks FTSE Developed Asia Pacific Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for EWV and 0.08% for VPL.
VPL currently has the higher Sharpe Ratio (2.76 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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