EZJ vs. DXJS

Last updated Aug 5, 2026

EZJ (ProShares Ultra MSCI Japan) and DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) are both Japan Equities funds - EZJ tracks the MSCI Japan Index (200%) while DXJS tracks the WisdomTree Japan Hedged SmallCap Equity Index. Both are passively managed. Their 0.70 correlation means they have sometimes moved together and sometimes differently. EZJ charges 0.95%/yr vs 0.58%/yr for DXJS.

Performance

EZJ vs. DXJS - Performance Comparison

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

Returns By Period

EZJ

• 1D: 3.68%
• 1M: 2.34%
• 6M: 12.88%
• YTD: 29.20%
• 1Y: 54.78%
• 3Y*: 26.39%
• 5Y*: 8.53%
• 10Y*: 10.05%
• ALL TIME*: 8.15%

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EZJ ProShares Ultra MSCI Japan	$67.09K	$107.47K	$207.90K

EZJ vs. DXJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	29.20%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	23.30%	37.08%	20.70%	38.96%	5.02%	11.66%	-3.22%	18.24%	-18.69%	29.56%

Correlation

The correlation between EZJ and DXJS is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013	0.70

The correlation between EZJ and DXJS has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

EZJ vs. DXJS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EZJ

EZJ Risk / Return Rank: 47
EZJ Sharpe Ratio Rank: 45
EZJ Sortino Ratio Rank: 45
EZJ Omega Ratio Rank: 47
EZJ Calmar Ratio Rank: 51
EZJ Martin Ratio Rank: 47

DXJS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EZJ vs. DXJS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). 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	DXJS	Difference
Sharpe ratio: Return per unit of total volatility	1.29	—	—
Sortino ratio: Return per unit of downside risk	1.84	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.06	—	—
Martin ratio: Return relative to average drawdown	5.91	—	—

Drawdowns

Drawdown Indicators

	EZJ	DXJS	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	—	—
Current Drawdown Current decline from peak	-6.31%	—	—
Average Drawdown Average peak-to-trough decline	-21.16%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.30%	—	—

Volatility

Volatility by Period

	EZJ	DXJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	36.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	42.87%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.52%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.85%	—	—

EZJ vs. DXJS - Expense Ratio Comparison

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

Dividends

EZJ vs. DXJS - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.84%, while DXJS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	0.53%	1.78%	4.02%	2.71%	2.63%	2.96%	3.04%	2.17%	2.06%	1.53%	1.66%	3.61%
EZJ ProShares Ultra MSCI Japan	1.84%	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 DXJS in my portfolio?

EZJ and DXJS have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EZJ or DXJS?

On fees, DXJS is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EZJ or DXJS?

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

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

EZJ has the higher dividend yield at 1.84%, compared with 0.53% for DXJS.

What is the main difference between EZJ and DXJS?

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