EZJ vs. EWV
EZJ (ProShares Ultra MSCI Japan) and EWV (ProShares UltraShort MSCI Japan) are both Leveraged 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 11.50%/yr vs -20.81%/yr for EWV. At a correlation of -0.92, they often move in opposite directions. 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 36.16% return, which is significantly higher than EWV's -32.86% return. Over the past 10 years, EZJ has outperformed EWV with an annualized return of 11.50%, while EWV has yielded a comparatively lower -20.81% 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%
EWV
- 1D
- -3.72%
- 1M
- -11.71%
- YTD
- -32.86%
- 6M
- -32.99%
- 1Y
- -48.52%
- 3Y*
- -28.87%
- 5Y*
- -19.56%
- 10Y*
- -20.81%
EZJ vs. EWV - 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% |
EWV ProShares UltraShort MSCI Japan | -32.86% | -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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | +2.90 | ||
| Sortino ratioReturn per unit of downside risk | +4.13 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.78 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | -0.96 | +3.62 |
| Martin ratioReturn relative to average drawdown | 8.01 | -1.59 | +9.60 |
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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 -99.19%. 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% | -99.19% | +40.56% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -50.49% | +23.71% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -70.80% | +39.32% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -79.23% | +20.60% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -90.70% | +32.07% |
Current DrawdownCurrent decline from peak | 0.00% | -99.19% | +99.19% |
Average DrawdownAverage peak-to-trough decline | -21.25% | -84.29% | +63.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.85% | 30.61% | -21.76% |
Volatility
EZJ vs. EWV - Volatility Comparison
ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 13.35% compared to ProShares UltraShort MSCI Japan (EWV) at 12.53%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than EWV based on this measure. 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 | 13.35% | 12.53% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 32.91% | 33.10% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.37% | 41.26% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.93% | 36.92% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.69% | 35.08% | -0.39% |
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 1.52%, less than EWV's 5.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.34% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
EZJ ProShares Ultra MSCI Japan | 1.52% | 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.
EZJ has higher volatility (13.35%) compared to EWV (12.53%). In terms of maximum drawdown, EZJ dropped -58.63% vs EWV's -99.19%.
On 10-year performance, EZJ leads with 11.50% vs -20.81% for EWV. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 12.53%. 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 -20.81%. 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 5.34%, compared with 1.52% for EZJ.
EZJ tracks MSCI Japan Index (200%), while EWV tracks MSCI Japan Index (-200%).
EZJ currently has the higher Sharpe Ratio (1.72 vs -1.18), 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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