EZJ vs. DBJP

Last updated Jul 16, 2026

EZJ (ProShares Ultra MSCI Japan) and DBJP (Xtrackers MSCI Japan Hedged Equity ETF) are both Japan Equities funds - EZJ tracks the MSCI Japan Index (200%) while DBJP tracks the MSCI Japan US Dollar Hedged Index. Both are passively managed. Over the past 10 years, EZJ returned 10.26%/yr vs 16.69%/yr for DBJP. A 0.78 correlation means they provide meaningful diversification when combined. EZJ charges 0.95%/yr vs 0.45%/yr for DBJP.

Performance

EZJ vs. DBJP - Performance Comparison

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

Returns By Period

In the year-to-date period, EZJ achieves a 26.97% return, which is significantly higher than DBJP's 22.75% return. Over the past 10 years, EZJ has underperformed DBJP with an annualized return of 10.26%, while DBJP has yielded a comparatively higher 16.69% annualized return.

EZJ

• 1D: -0.86%
• 1M: -2.08%
• 6M: 15.00%
• YTD: 26.97%
• 1Y: 66.17%
• 3Y*: 24.71%
• 5Y*: 8.65%
• 10Y*: 10.26%

DBJP

• 1D: -0.22%
• 1M: 0.92%
• 6M: 14.89%
• YTD: 22.75%
• 1Y: 53.23%
• 3Y*: 29.49%
• 5Y*: 22.44%
• 10Y*: 16.69%

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

EZJ vs. DBJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	26.97%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%
DBJP Xtrackers MSCI Japan Hedged Equity ETF	22.75%	29.51%	25.53%	36.21%	-4.19%	13.04%	10.53%	20.87%	-14.82%	21.24%

Correlation

The correlation between EZJ and DBJP is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 9, 2011	0.78

The correlation between EZJ and DBJP shifts across timeframes, from 0.78 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

EZJ vs. DBJP - Sectors Allocation Comparison

Sectors	EZJ	DBJP
Industrials	24.5%	24.5%
Technology	20.8%	21.7%
Financial Services	17.8%	17.0%
Consumer Cyclical	11.9%	11.9%
Communication Services	8.8%	8.9%
Healthcare	5.9%	5.6%
Consumer Defensive	3.5%	3.3%
Basic Materials	3.0%	3.4%
Real Estate	1.9%	1.9%
Utilities	1.0%	1.0%
Energy	1.0%	0.9%

Return for Risk

EZJ vs. DBJP — Risk / Return Rank

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

EZJ

EZJ Risk / Return Rank: 56
EZJ Sharpe Ratio Rank: 57
EZJ Sortino Ratio Rank: 53
EZJ Omega Ratio Rank: 56
EZJ Calmar Ratio Rank: 61
EZJ Martin Ratio Rank: 54

DBJP

DBJP Risk / Return Rank: 92
DBJP Sharpe Ratio Rank: 93
DBJP Sortino Ratio Rank: 91
DBJP Omega Ratio Rank: 91
DBJP Calmar Ratio Rank: 93
DBJP Martin Ratio Rank: 93

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. DBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP). 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.

	EZJ	DBJP	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.66	-1.09
Sortino ratio: Return per unit of downside risk	2.11	3.50	-1.39
Omega ratio: Gain probability vs. loss probability	1.28	1.47	-0.19
Calmar ratio: Return relative to maximum drawdown	2.48	5.15	-2.66
Martin ratio: Return relative to average drawdown	7.44	19.03	-11.60

EZJ vs. DBJP - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.57, which is lower than the DBJP Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of EZJ and DBJP, 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

EZJ vs. DBJP - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than DBJP's maximum drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for EZJ and DBJP.

Drawdown Indicators

	EZJ	DBJP	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-31.30%	-27.33%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-10.39%	-16.39%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-21.50%	-9.98%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-21.50%	-37.13%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-31.30%	-27.33%
Current Drawdown Current decline from peak	-7.93%	-2.97%	-4.96%
Average Drawdown Average peak-to-trough decline	-21.19%	-7.25%	-13.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	2.80%	+6.12%

Volatility

EZJ vs. DBJP - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 14.81% compared to Xtrackers MSCI Japan Hedged Equity ETF (DBJP) at 7.36%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than DBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	DBJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.81%	7.36%	+7.45%
Volatility (6M) Calculated over the trailing 6-month period	34.73%	15.73%	+19.00%
Volatility (1Y) Calculated over the trailing 1-year period	42.43%	20.11%	+22.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.22%	19.20%	+18.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.69%	19.25%	+15.44%

EZJ vs. DBJP - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than DBJP's 0.45% expense ratio.

Dividends

EZJ vs. DBJP - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.87%, more than DBJP's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBJP Xtrackers MSCI Japan Hedged Equity ETF	1.24%	2.81%	2.80%	5.21%	0.80%	2.30%	2.53%	2.56%	3.87%	2.07%	1.13%	5.95%
EZJ ProShares Ultra MSCI Japan	1.87%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EZJ and DBJP in my portfolio?

EZJ and DBJP have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZJ or DBJP?

EZJ has higher volatility (14.81%) compared to DBJP (7.36%). In terms of maximum drawdown, EZJ dropped -58.63% vs DBJP's -31.30%.

Which ETF is better, EZJ or DBJP?

On 10-year performance, DBJP leads with 16.69% vs 10.26% for EZJ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or DBJP?

Over the 10-year period, DBJP has performed better with a 16.69% return vs 10.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or DBJP?

DBJP is cheaper with a 0.45% expense ratio, compared with 0.95% for EZJ.

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

EZJ has the higher dividend yield at 1.87%, compared with 1.24% for DBJP.

What is the main difference between EZJ and DBJP?

EZJ tracks MSCI Japan Index (200%), while DBJP tracks MSCI Japan US Dollar Hedged Index. They also come from different issuers: ProShares and Xtrackers. Their fees differ too: 0.95% for EZJ and 0.45% for DBJP.

Which has better risk-adjusted returns?

DBJP currently has the higher Sharpe Ratio (2.66 vs 1.57), 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.