EZJ vs. DFJ

Last updated Jul 16, 2026

EZJ (ProShares Ultra MSCI Japan) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds - EZJ tracks the MSCI Japan Index (200%) while DFJ tracks the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 10 years, EZJ returned 10.26%/yr vs 9.04%/yr for DFJ. Their correlation of 0.80 suggests significant overlap in exposure. EZJ charges 0.95%/yr vs 0.58%/yr for DFJ.

Performance

EZJ vs. DFJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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 DFJ's 12.84% return. Over the past 10 years, EZJ has outperformed DFJ with an annualized return of 10.26%, while DFJ has yielded a comparatively lower 9.04% 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%

DFJ

• 1D: 0.33%
• 1M: 2.13%
• 6M: 9.09%
• YTD: 12.84%
• 1Y: 30.43%
• 3Y*: 19.33%
• 5Y*: 10.45%
• 10Y*: 9.04%

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

EZJ vs. DFJ - 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%
DFJ WisdomTree Japan SmallCap Dividend Fund	12.84%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%

Correlation

The correlation between EZJ and DFJ is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.80

The correlation between EZJ and DFJ shifts across timeframes, from 0.68 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

EZJ vs. DFJ - Sectors Allocation Comparison

Sectors	EZJ	DFJ
Industrials	24.5%	26.9%
Technology	20.8%	13.1%
Financial Services	17.8%	13.2%
Consumer Cyclical	11.9%	14.6%
Communication Services	8.8%	1.6%
Healthcare	5.9%	3.7%
Consumer Defensive	3.5%	6.4%
Basic Materials	3.0%	13.6%
Real Estate	1.9%	2.8%
Utilities	1.0%	1.5%
Energy	1.0%	0.6%

Return for Risk

EZJ vs. DFJ — 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

DFJ

DFJ Risk / Return Rank: 61
DFJ Sharpe Ratio Rank: 69
DFJ Sortino Ratio Rank: 69
DFJ Omega Ratio Rank: 64
DFJ Calmar Ratio Rank: 58
DFJ Martin Ratio Rank: 47

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. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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	DFJ	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.80	-0.23
Sortino ratio: Return per unit of downside risk	2.11	2.52	-0.41
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.48	2.35	+0.14
Martin ratio: Return relative to average drawdown	7.44	6.37	+1.07

EZJ vs. DFJ - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.57, which is comparable to the DFJ Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of EZJ and DFJ, 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. DFJ - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than DFJ's maximum drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for EZJ and DFJ.

Drawdown Indicators

	EZJ	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-46.00%	-12.63%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-13.03%	-13.75%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-13.03%	-18.45%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-29.71%	-28.92%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-40.02%	-18.61%
Current Drawdown Current decline from peak	-7.93%	-3.69%	-4.24%
Average Drawdown Average peak-to-trough decline	-21.19%	-11.12%	-10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	4.79%	+4.13%

Volatility

EZJ vs. DFJ - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 14.81% compared to WisdomTree Japan SmallCap Dividend Fund (DFJ) at 4.96%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than DFJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.81%	4.96%	+9.85%
Volatility (6M) Calculated over the trailing 6-month period	34.73%	14.29%	+20.44%
Volatility (1Y) Calculated over the trailing 1-year period	42.43%	17.05%	+25.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.22%	15.97%	+21.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.69%	16.94%	+17.75%

EZJ vs. DFJ - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than DFJ's 0.58% expense ratio.

Dividends

EZJ vs. DFJ - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.87%, less than DFJ's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.60%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
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 DFJ in my portfolio?

EZJ and DFJ have a correlation of 0.68, 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 DFJ?

EZJ has higher volatility (14.81%) compared to DFJ (4.96%). In terms of maximum drawdown, EZJ dropped -58.63% vs DFJ's -46.00%.

Which ETF is better, EZJ or DFJ?

On 10-year performance, EZJ leads with 10.26% vs 9.04% for DFJ. On fees, DFJ is cheaper at 0.58% per year. On volatility, DFJ has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or DFJ?

Over the 10-year period, EZJ has performed better with a 10.26% return vs 9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or DFJ?

DFJ is cheaper with a 0.58% expense ratio, compared with 0.95% for EZJ.

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

DFJ has the higher dividend yield at 2.60%, compared with 1.87% for EZJ.

What is the main difference between EZJ and DFJ?

EZJ tracks MSCI Japan Index (200%), while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for EZJ and 0.58% for DFJ.

Which has better risk-adjusted returns?

DFJ currently has the higher Sharpe Ratio (1.80 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.