EZJ vs. DXJ

Last updated Jun 20, 2026

EZJ (ProShares Ultra MSCI Japan) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, EZJ returned 11.50%/yr vs 19.15%/yr for DXJ. A 0.79 correlation means they provide meaningful diversification when combined. EZJ charges 0.95%/yr vs 0.48%/yr for DXJ.

Performance

EZJ vs. DXJ - Performance Comparison

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

Returns By Period

In the year-to-date period, EZJ achieves a 36.16% return, which is significantly higher than DXJ's 23.83% return. Over the past 10 years, EZJ has underperformed DXJ with an annualized return of 11.50%, while DXJ has yielded a comparatively higher 19.15% annualized return.

EZJ

• 1D: 4.51%
• 1M: 11.96%
• YTD: 36.16%
• 6M: 36.73%
• 1Y: 70.65%
• 3Y*: 26.40%
• 5Y*: 10.03%
• 10Y*: 11.50%

DXJ

• 1D: 1.50%
• 1M: 5.22%
• YTD: 23.83%
• 6M: 23.80%
• 1Y: 59.50%
• 3Y*: 32.22%
• 5Y*: 27.72%
• 10Y*: 19.15%

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

EZJ vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	36.16%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%
DXJ WisdomTree Japan Hedged Equity Fund	23.83%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between EZJ and DXJ is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.79

The correlation between EZJ and DXJ has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

EZJ vs. DXJ - Sectors Allocation Comparison

Sectors	EZJ	DXJ
Industrials	24.5%	27.4%
Technology	20.8%	12.9%
Financial Services	17.8%	18.3%
Consumer Cyclical	11.9%	15.6%
Communication Services	8.8%	2.7%
Healthcare	5.9%	6.8%
Consumer Defensive	3.5%	4.7%
Basic Materials	3.0%	8.5%
Real Estate	1.9%	-
Utilities	1.0%	0.1%
Energy	1.0%	1.7%

Return for Risk

EZJ vs. DXJ — Risk / Return Rank

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

EZJ

EZJ Risk / Return Rank: 51
EZJ Sharpe Ratio Rank: 53
EZJ Sortino Ratio Rank: 49
EZJ Omega Ratio Rank: 50
EZJ Calmar Ratio Rank: 56
EZJ Martin Ratio Rank: 49

DXJ

DXJ Risk / Return Rank: 93
DXJ Sharpe Ratio Rank: 94
DXJ Sortino Ratio Rank: 93
DXJ Omega Ratio Rank: 93
DXJ Calmar Ratio Rank: 91
DXJ Martin Ratio Rank: 92

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. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and WisdomTree Japan Hedged Equity Fund (DXJ). 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	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.72	3.36	-1.65
Sortino ratio: Return per unit of downside risk	2.30	4.42	-2.12
Omega ratio: Gain probability vs. loss probability	1.30	1.60	-0.30
Calmar ratio: Return relative to maximum drawdown	2.65	5.45	-2.79
Martin ratio: Return relative to average drawdown	8.01	21.13	-13.12

EZJ vs. DXJ - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.72, which is lower than the DXJ Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of EZJ and DXJ, 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. DXJ - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for EZJ and DXJ.

Drawdown Indicators

	EZJ	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-49.63%	-9.00%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-10.98%	-15.80%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-22.19%	-9.29%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-22.19%	-36.44%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-39.14%	-19.49%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-21.25%	-14.31%	-6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.85%	2.83%	+6.02%

Volatility

EZJ vs. DXJ - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 13.35% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.92%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.35%	4.92%	+8.43%
Volatility (6M) Calculated over the trailing 6-month period	32.91%	13.56%	+19.35%
Volatility (1Y) Calculated over the trailing 1-year period	41.37%	17.79%	+23.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	19.01%	+17.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.69%	20.17%	+14.52%

EZJ vs. DXJ - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

EZJ vs. DXJ - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.52%, more than DXJ's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	1.04%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
EZJ ProShares Ultra MSCI Japan	1.52%	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 DXJ in my portfolio?

EZJ and DXJ have a correlation of 0.82, 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 DXJ?

EZJ has higher volatility (13.35%) compared to DXJ (4.92%). In terms of maximum drawdown, EZJ dropped -58.63% vs DXJ's -49.63%.

Which ETF is better, EZJ or DXJ?

On 10-year performance, DXJ leads with 19.15% vs 11.50% for EZJ. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or DXJ?

Over the 10-year period, DXJ has performed better with a 19.15% return vs 11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or DXJ?

DXJ is cheaper with a 0.48% expense ratio, compared with 0.95% for EZJ.

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

EZJ has the higher dividend yield at 1.52%, compared with 1.04% for DXJ.

What is the main difference between EZJ and DXJ?

EZJ is categorized as Leveraged Equities, while DXJ is Japan Equities. EZJ tracks MSCI Japan Index (200%), while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for EZJ and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.36 vs 1.72), 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.