EZJ vs. ^N225

Last updated Apr 3, 2026

Compare and contrast key facts about ProShares Ultra MSCI Japan (EZJ) and Nikkei 225 (^N225).

EZJ is a passively managed fund by ProShares that tracks the performance of the MSCI Japan Index (200%). It was launched on Jun 2, 2009.

Performance

EZJ vs. ^N225 - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and Nikkei 225 (^N225). The values are adjusted to include any dividend payments, if applicable.

EZJ vs. ^N225 - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	7.59%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%
^N225 Nikkei 225	2.18%	26.56%	7.17%	19.21%	-20.48%	-5.90%	22.42%	19.73%	-10.20%	23.76%

Different Trading Currencies

EZJ is traded in USD, while ^N225 is traded in JPY. To make them comparable, the ^N225 values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EZJ achieves a 7.59% return, which is significantly higher than ^N225's 5.03% return. Over the past 10 years, EZJ has outperformed ^N225 with an annualized return of 9.86%, while ^N225 has yielded a comparatively lower 9.01% annualized return.

EZJ

• 1D: -3.14%
• 1M: -4.94%
• YTD: 7.59%
• 6M: 15.23%
• 1Y: 51.97%
• 3Y*: 21.96%
• 5Y*: 3.88%
• 10Y*: 9.86%

^N225

• 1D: 0.00%
• 1M: -5.30%
• YTD: 5.03%
• 6M: 10.71%
• 1Y: 40.78%
• 3Y*: 16.34%
• 5Y*: 4.61%
• 10Y*: 9.01%

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

Return for Risk

EZJ vs. ^N225 — Risk / Return Rank

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

EZJ

EZJ Risk / Return Rank: 62
EZJ Sharpe Ratio Rank: 63
EZJ Sortino Ratio Rank: 65
EZJ Omega Ratio Rank: 60
EZJ Calmar Ratio Rank: 65
EZJ Martin Ratio Rank: 59

^N225

^N225 Risk / Return Rank: 90
^N225 Sharpe Ratio Rank: 93
^N225 Sortino Ratio Rank: 97
^N225 Omega Ratio Rank: 93
^N225 Calmar Ratio Rank: 81
^N225 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.

EZJ vs. ^N225 - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Nikkei 225 (^N225). 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.

	EZJ	^N225	Difference
Sharpe ratio Return per unit of total volatility	1.17	1.52	-0.35
Sortino ratio Return per unit of downside risk	1.73	2.26	-0.53
Omega ratio Gain probability vs. loss probability	1.24	1.29	-0.06
Calmar ratio Return relative to maximum drawdown	1.94	2.06	-0.11
Martin ratio Return relative to average drawdown	6.82	7.31	-0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZJ vs. ^N225 - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.17, which is comparable to the ^N225 Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of EZJ and ^N225, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EZJ	^N225	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.52	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.20	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.44	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.20	+0.01

Correlation

The correlation between EZJ and ^N225 is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

EZJ vs. ^N225 - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than ^N225's maximum drawdown of -52.37%. Use the drawdown chart below to compare losses from any high point for EZJ and ^N225.

Drawdown Indicators

	EZJ	^N225	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-81.87%	+23.24%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-13.23%	-13.55%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-26.26%	-32.37%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-31.80%	-26.83%
Current Drawdown Current decline from peak	-20.00%	-9.73%	-10.27%
Average Drawdown Average peak-to-trough decline	-21.39%	-34.31%	+12.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.64%	4.63%	+3.01%

Volatility

EZJ vs. ^N225 - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 18.05% compared to Nikkei 225 (^N225) at 10.61%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than ^N225 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	^N225	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.05%	10.61%	+7.44%
Volatility (6M) Calculated over the trailing 6-month period	31.33%	19.33%	+12.00%
Volatility (1Y) Calculated over the trailing 1-year period	44.59%	28.54%	+16.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.40%	23.28%	+13.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.56%	21.33%	+13.23%