EZJ vs. BBJP

Last updated Jun 5, 2026

EZJ (ProShares Ultra MSCI Japan) and BBJP (JPMorgan BetaBuilders Japan ETF) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while BBJP is a Japan Equities fund tracking the Morningstar Japan Target Market Exposure Index. Both are passively managed. Over the past 5 years, EZJ returned 7.76%/yr vs 8.99%/yr for BBJP. With a 0.96 correlation, they move nearly in lockstep. EZJ charges 0.95%/yr vs 0.19%/yr for BBJP.

Performance

EZJ vs. BBJP - Performance Comparison

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

Returns By Period

In the year-to-date period, EZJ achieves a 29.29% return, which is significantly higher than BBJP's 15.72% return.

EZJ

• 1D: 0.39%
• 1M: 10.56%
• YTD: 29.29%
• 6M: 28.96%
• 1Y: 58.99%
• 3Y*: 26.09%
• 5Y*: 7.76%
• 10Y*: 10.56%

BBJP

• 1D: 0.30%
• 1M: 5.16%
• YTD: 15.72%
• 6M: 16.31%
• 1Y: 32.49%
• 3Y*: 18.68%
• 5Y*: 8.99%
• 10Y*: —

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

EZJ vs. BBJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EZJ ProShares Ultra MSCI Japan	29.29%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-29.40%
BBJP JPMorgan BetaBuilders Japan ETF	15.72%	26.55%	7.47%	20.65%	-17.24%	1.21%	15.42%	18.85%	-13.92%

Correlation

The correlation between EZJ and BBJP is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018	0.96

The correlation between EZJ and BBJP has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

EZJ vs. BBJP - Sectors Allocation Comparison

Sectors	EZJ	BBJP
Industrials	26.0%	26.7%
Technology	19.1%	17.8%
Financial Services	17.6%	17.1%
Consumer Cyclical	12.2%	12.6%
Communication Services	7.9%	7.7%
Healthcare	6.2%	6.1%
Consumer Defensive	3.6%	3.7%
Basic Materials	3.0%	3.2%
Real Estate	2.3%	2.7%
Utilities	1.1%	1.3%
Energy	1.1%	1.0%

Return for Risk

EZJ vs. BBJP — Risk / Return Rank

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

EZJ

EZJ Risk / Return Rank: 43
EZJ Sharpe Ratio Rank: 43
EZJ Sortino Ratio Rank: 42
EZJ Omega Ratio Rank: 43
EZJ Calmar Ratio Rank: 45
EZJ Martin Ratio Rank: 43

BBJP

BBJP Risk / Return Rank: 50
BBJP Sharpe Ratio Rank: 50
BBJP Sortino Ratio Rank: 51
BBJP Omega Ratio Rank: 52
BBJP Calmar Ratio Rank: 49
BBJP Martin Ratio Rank: 49

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. BBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and JPMorgan BetaBuilders Japan ETF (BBJP). 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	BBJP	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.68	-0.19
Sortino ratio: Return per unit of downside risk	2.10	2.44	-0.34
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	2.21	2.40	-0.19
Martin ratio: Return relative to average drawdown	6.79	8.07	-1.28
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. BBJP - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.49, which is comparable to the BBJP Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of EZJ and BBJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EZJ	BBJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.68	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.50	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.45	-0.22

Drawdowns

EZJ vs. BBJP - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than BBJP's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for EZJ and BBJP.

Drawdown Indicators

	EZJ	BBJP	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-32.66%	-25.97%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-13.60%	-13.18%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-14.49%	-16.99%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-32.66%	-25.97%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	—	—
Current Drawdown Current decline from peak	-3.87%	-0.55%	-3.32%
Average Drawdown Average peak-to-trough decline	-21.28%	-8.52%	-12.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.72%	4.04%	+4.68%

Volatility

EZJ vs. BBJP - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 8.46% compared to JPMorgan BetaBuilders Japan ETF (BBJP) at 4.15%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than BBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	BBJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	4.15%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	30.74%	14.98%	+15.76%
Volatility (1Y) Calculated over the trailing 1-year period	39.67%	19.40%	+20.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.58%	18.15%	+18.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.53%	18.29%	+16.24%

EZJ vs. BBJP - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than BBJP's 0.19% expense ratio.

Dividends

EZJ vs. BBJP - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.60%, less than BBJP's 4.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BBJP JPMorgan BetaBuilders Japan ETF	4.64%	5.37%	2.80%	3.05%	1.52%	2.89%	1.12%	2.31%	0.65%
EZJ ProShares Ultra MSCI Japan	1.60%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%

Frequently Asked Questions

Can I hold both EZJ and BBJP in my portfolio?

With a correlation of 0.98, EZJ and BBJP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EZJ or BBJP?

EZJ has higher volatility (8.46%) compared to BBJP (4.15%). In terms of maximum drawdown, EZJ dropped -58.63% vs BBJP's -32.66%.

Which ETF is better, EZJ or BBJP?

On 5-year performance, BBJP leads with 8.99% vs 7.76% for EZJ. On fees, BBJP is cheaper at 0.19% per year. On volatility, BBJP has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or BBJP?

Over the 5-year period, BBJP has performed better with a 8.99% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or BBJP?

BBJP is cheaper with a 0.19% expense ratio, compared with 0.95% for EZJ.

Which ETF pays a higher dividend yield, EZJ or BBJP?

BBJP has the higher dividend yield at 4.64%, compared with 1.60% for EZJ.

What is the main difference between EZJ and BBJP?

EZJ is categorized as Leveraged Equities, while BBJP is Japan Equities. EZJ tracks MSCI Japan Index (200%), while BBJP tracks Morningstar Japan Target Market Exposure Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for EZJ and 0.19% for BBJP.

Which has better risk-adjusted returns?

BBJP currently has the higher Sharpe Ratio (1.68 vs 1.49), 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.