EWV vs. XTJL

Last updated Jun 24, 2026

EWV (ProShares UltraShort MSCI Japan) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. EWV is passively managed, while XTJL is actively managed. Over the past 3 years, EWV returned -28.99%/yr vs 14.41%/yr for XTJL. At a correlation of -0.61, they often move in opposite directions. EWV charges 0.95%/yr vs 0.79%/yr for XTJL.

Performance

EWV vs. XTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Japan (EWV) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWV achieves a -27.73% return, which is significantly lower than XTJL's 5.60% return.

EWV

• 1D: 9.12%
• 1M: -4.14%
• YTD: -27.73%
• 6M: -26.75%
• 1Y: -46.22%
• 3Y*: -28.99%
• 5Y*: -17.97%
• 10Y*: -20.50%

XTJL

• 1D: -0.06%
• 1M: 0.45%
• YTD: 5.60%
• 6M: 5.32%
• 1Y: 14.52%
• 3Y*: 14.41%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWV vs. XTJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EWV ProShares UltraShort MSCI Japan	-27.73%	-37.70%	-11.06%	-28.34%	34.35%	-4.93%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	5.60%	15.42%	14.43%	25.72%	-15.66%	7.81%

Correlation

The correlation between EWV and XTJL is -0.56, 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	-0.56
Correlation (3Y) Calculated over the trailing 3-year period	-0.55
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	-0.61

The correlation between EWV and XTJL has been stable across timeframes, ranging from -0.61 to -0.55 - a consistent structural relationship.

Return for Risk

EWV vs. XTJL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWV

EWV Risk / Return Rank: 1
EWV Sharpe Ratio Rank: 1
EWV Sortino Ratio Rank: 1
EWV Omega Ratio Rank: 1
EWV Calmar Ratio Rank: 1
EWV Martin Ratio Rank: 1

XTJL

XTJL Risk / Return Rank: 72
XTJL Sharpe Ratio Rank: 65
XTJL Sortino Ratio Rank: 71
XTJL Omega Ratio Rank: 80
XTJL Calmar Ratio Rank: 62
XTJL Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWV vs. XTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	1.98	-3.09
Sortino ratio: Return per unit of downside risk	-1.68	2.95	-4.63
Omega ratio: Gain probability vs. loss probability	0.80	1.44	-0.64
Calmar ratio: Return relative to maximum drawdown	-0.91	2.85	-3.76
Martin ratio: Return relative to average drawdown	-1.50	16.13	-17.63

EWV vs. XTJL - Sharpe Ratio Comparison

The current EWV Sharpe Ratio is -1.10, which is lower than the XTJL Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EWV and XTJL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWV vs. XTJL - Drawdown Comparison

The maximum EWV drawdown since its inception was -99.20%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for EWV and XTJL.

Drawdown Indicators

	EWV	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-99.20%	-23.24%	-75.96%
Max Drawdown (1Y) Largest decline over 1 year	-51.16%	-5.12%	-46.04%
Max Drawdown (3Y) Largest decline over 3 years	-71.19%	-16.70%	-54.49%
Max Drawdown (5Y) Largest decline over 5 years	-79.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-90.83%	—	—
Current Drawdown Current decline from peak	-99.13%	-0.06%	-99.07%
Average Drawdown Average peak-to-trough decline	-84.30%	-4.00%	-80.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.92%	0.90%	+30.02%

Volatility

EWV vs. XTJL - Volatility Comparison

ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.65% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 0.36%. This indicates that EWV's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWV	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.65%	0.36%	+15.29%
Volatility (6M) Calculated over the trailing 6-month period	34.20%	5.65%	+28.55%
Volatility (1Y) Calculated over the trailing 1-year period	42.12%	7.35%	+34.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.15%	15.14%	+22.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.09%	15.14%	+19.95%

EWV vs. XTJL - Expense Ratio Comparison

EWV has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

EWV vs. XTJL - Dividend Comparison

EWV's dividend yield for the trailing twelve months is around 4.96%, while XTJL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EWV ProShares UltraShort MSCI Japan	4.96%	3.63%	3.39%	3.42%	0.65%	0.00%	0.00%	0.33%	0.00%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWV and XTJL in my portfolio?

EWV and XTJL have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWV or XTJL?

EWV has higher volatility (15.65%) compared to XTJL (0.36%). In terms of maximum drawdown, EWV dropped -99.20% vs XTJL's -23.24%.

Which ETF is better, EWV or XTJL?

On 3-year performance, XTJL leads with 14.41% vs -28.99% for EWV. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWV or XTJL?

Over the 3-year period, XTJL has performed better with a 14.41% return vs -28.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWV or XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for EWV.

Which ETF pays a higher dividend yield, EWV or XTJL?

EWV has the higher dividend yield at 4.96%, compared with 0.00% for XTJL.

What is the main difference between EWV and XTJL?

They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for EWV and 0.79% for XTJL.

Which has better risk-adjusted returns?

XTJL currently has the higher Sharpe Ratio (1.98 vs -1.10), 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.