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EZJ vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZJ vs. EWJ

Last updated Jun 20, 2026

EZJ (ProShares Ultra MSCI Japan) and EWJ (iShares MSCI Japan ETF) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while EWJ is a Japan Equities fund tracking the MSCI Japan Index. Both are passively managed. Over the past 10 years, EZJ returned 11.50%/yr vs 9.73%/yr for EWJ. Their correlation of 0.93 suggests significant overlap in exposure. EZJ charges 0.95%/yr vs 0.49%/yr for EWJ.

Performance

EZJ vs. EWJ - Performance Comparison

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

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Returns By Period

In the year-to-date period, EZJ achieves a 36.16% return, which is significantly higher than EWJ's 19.87% return. Over the past 10 years, EZJ has outperformed EWJ with an annualized return of 11.50%, while EWJ has yielded a comparatively lower 9.73% 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%

EWJ

1D
1.92%
1M
6.11%
YTD
19.87%
6M
20.11%
1Y
37.45%
3Y*
18.50%
5Y*
10.02%
10Y*
9.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZJ vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWJ
iShares MSCI Japan ETF		19.87%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%

Correlation

The correlation between EZJ and EWJ 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

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2009

0.93

The correlation between EZJ and EWJ has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.

EZJ vs. EWJ - Sectors Allocation Comparison

Sectors
EZJ
EWJ

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%

Industrials

EZJ
24.5%
EWJ
24.5%

Technology

EZJ
20.8%
EWJ
21.7%

Financial Services

EZJ
17.8%
EWJ
17.0%

Consumer Cyclical

EZJ
11.9%
EWJ
11.9%

Communication Services

EZJ
8.8%
EWJ
8.9%

Healthcare

EZJ
5.9%
EWJ
5.6%

Consumer Defensive

EZJ
3.5%
EWJ
3.3%

Basic Materials

EZJ
3.0%
EWJ
3.4%

Real Estate

EZJ
1.9%
EWJ
1.9%

Utilities

EZJ
1.0%
EWJ
1.0%

Energy

EZJ
1.0%
EWJ
0.9%

Compare stocks, funds, or ETFs

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ProShares Ultra MSCI Japan

iShares MSCI Japan ETF

Often compared with EZJ:
EZJ vs. EWVEZJ vs. DXJEZJ vs. EWJVEZJ vs. FLJPEZJ vs. YCLEZJ vs. ^N225EZJ vs. YINN
Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

EZJ vs. EWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZJ
EZJ Risk / Return Rank: 5151
Overall Rank
EZJ Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4949
Sortino Ratio Rank
EZJ Omega Ratio Rank: 5050
Omega Ratio Rank
EZJ Calmar Ratio Rank: 5656
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4949
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 5757
Overall Rank
EWJ Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 5757
Sortino Ratio Rank
EWJ Omega Ratio Rank: 5858
Omega Ratio Rank
EWJ Calmar Ratio Rank: 5858
Calmar Ratio Rank
EWJ Martin Ratio Rank: 5656
Martin Ratio Rank
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. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and iShares MSCI Japan ETF (EWJ). 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.

EZJEWJDifference
Sharpe ratioReturn per unit of total volatility
1.72
1.85

-0.14

Sortino ratioReturn per unit of downside risk
2.30
2.61

-0.31

Omega ratioGain probability vs. loss probability

1.30

1.34

-0.04

Calmar ratioReturn relative to maximum drawdown

2.65

2.77

-0.12

Martin ratioReturn relative to average drawdown

8.01

9.32

-1.31

EZJ vs. EWJ - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.72, which is comparable to the EWJ Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of EZJ and EWJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EZJ vs. EWJ - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, roughly equal to the maximum EWJ drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for EZJ and EWJ.

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Drawdown Indicators

EZJEWJDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-60.93%

+2.30%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-13.59%

-13.19%

Max Drawdown (3Y)

Largest decline over 3 years

-31.48%

-14.68%

-16.80%

Max Drawdown (5Y)

Largest decline over 5 years

-58.63%

-33.14%

-25.49%

Max Drawdown (10Y)

Largest decline over 10 years

-58.63%

-33.14%

-25.49%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-21.25%

-21.71%

+0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.85%

4.03%

+4.82%

Volatility

EZJ vs. EWJ - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 13.35% compared to iShares MSCI Japan ETF (EWJ) at 6.51%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZJEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.35%

6.51%

+6.84%

Volatility (6M)

Calculated over the trailing 6-month period

32.91%

16.08%

+16.83%

Volatility (1Y)

Calculated over the trailing 1-year period

41.37%

20.32%

+21.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.93%

18.40%

+18.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.69%

17.35%

+17.34%

EZJ vs. EWJ - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than EWJ's 0.49% expense ratio.

Dividends

EZJ vs. EWJ - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.52%, less than EWJ's 3.70% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		3.70%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
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

With a correlation of 0.98, EZJ and EWJ 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.

EZJ has higher volatility (13.35%) compared to EWJ (6.51%). In terms of maximum drawdown, EZJ dropped -58.63% vs EWJ's -60.93%.

On 10-year performance, EZJ leads with 11.50% vs 9.73% for EWJ. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWJ has been the lower-risk option at 6.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZJ has performed better with a 11.50% return vs 9.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWJ is cheaper with a 0.49% expense ratio, compared with 0.95% for EZJ.

EWJ has the higher dividend yield at 3.70%, compared with 1.52% for EZJ.

EZJ is categorized as Leveraged Equities, while EWJ is Japan Equities. EZJ tracks MSCI Japan Index (200%), while EWJ tracks MSCI Japan Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EZJ and 0.49% for EWJ.

EWJ currently has the higher Sharpe Ratio (1.85 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.

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