EZJ vs. EWV
EZJ (ProShares Ultra MSCI Japan) and EWV (ProShares UltraShort MSCI Japan) are both Japan Equities funds from ProShares - EZJ tracks the MSCI Japan Index (200%) while EWV tracks the MSCI Japan Index (-200%). Both are passively managed. Over the past 10 years, EZJ returned 9.99%/yr vs -19.72%/yr for EWV. Their -0.92 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EZJ vs. EWV - Performance Comparison
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Returns By Period
In the year-to-date period, EZJ achieves a 23.68% return, which is significantly higher than EWV's -28.49% return. Over the past 10 years, EZJ has outperformed EWV with an annualized return of 9.99%, while EWV has yielded a comparatively lower -19.72% annualized return.
EZJ
- 1D
- -1.58%
- 1M
- -2.03%
- 6M
- 10.39%
- YTD
- 23.68%
- 1Y
- 52.87%
- 3Y*
- 23.37%
- 5Y*
- 8.08%
- 10Y*
- 9.99%
- ALL TIME*
- 7.88%
EWV
- 1D
- 1.58%
- 1M
- -0.21%
- 6M
- -19.75%
- YTD
- -28.49%
- 1Y
- -43.35%
- 3Y*
- -27.86%
- 5Y*
- -18.49%
- 10Y*
- -19.72%
- ALL TIME*
- -18.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $122.99K | $108.17K | $347.89K | |
| $65.91K | $120.27K | $216.70K |
EZJ vs. EWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 23.68% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
EWV ProShares UltraShort MSCI Japan | -28.49% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
Correlation
The correlation between EZJ and EWV is -0.97, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | -0.92 |
The correlation between EZJ and EWV has been stable across timeframes, ranging from -0.98 to -0.92 - a consistent structural relationship.
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Return for Risk
EZJ vs. EWV — Risk / Return Rank
EZJ
EWV
EZJ vs. EWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ProShares UltraShort MSCI Japan (EWV). 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 | EWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.32 | ||
| Sortino ratioReturn per unit of downside risk | +3.38 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.82 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | -0.93 | +2.99 |
| Martin ratioReturn relative to average drawdown | 5.92 | -1.47 | +7.39 |
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Drawdowns
EZJ vs. EWV - Drawdown Comparison
The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum EWV drawdown of -99.20%. Use the drawdown chart below to compare losses from any high point for EZJ and EWV.
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Drawdown Indicators
| EZJ | EWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -99.20% | +40.57% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -47.54% | +20.76% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -71.19% | +39.71% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -79.51% | +20.88% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -89.51% | +30.88% |
Current DrawdownCurrent decline from peak | -10.32% | -99.14% | +88.82% |
Average DrawdownAverage peak-to-trough decline | -21.17% | -84.38% | +63.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.27% | 30.86% | -21.59% |
Volatility
EZJ vs. EWV - Volatility Comparison
ProShares Ultra MSCI Japan (EZJ) and ProShares UltraShort MSCI Japan (EWV) have volatilities of 15.30% and 15.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZJ | EWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.30% | 15.97% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 36.05% | 36.61% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.75% | 42.72% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.50% | 37.54% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.85% | 35.33% | -0.48% |
EZJ vs. EWV - Expense Ratio Comparison
Both EZJ and EWV have an expense ratio of 0.95%.
Dividends
EZJ vs. EWV - Dividend Comparison
EZJ's dividend yield for the trailing twelve months is around 1.92%, less than EWV's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.06% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
EZJ ProShares Ultra MSCI Japan | 1.92% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
Frequently Asked Questions
EZJ and EWV have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.97%) compared to EZJ (15.30%). In terms of maximum drawdown, EZJ dropped -58.63% vs EWV's -99.20%.
On 10-year performance, EZJ leads with 9.99% vs -19.72% for EWV. Both ETFs have the same 0.95% expense ratio. On volatility, EZJ has been the lower-risk option at 15.30%. 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 9.99% return vs -19.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZJ and EWV have the same expense ratio: 0.95% per year.
EWV has the higher dividend yield at 5.06%, compared with 1.92% for EZJ.
EZJ tracks MSCI Japan Index (200%), while EWV tracks MSCI Japan Index (-200%).
EZJ currently has the higher Sharpe Ratio (1.29 vs -1.04), 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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