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EZJ vs. FLJH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZJ vs. FLJH

Last updated Aug 5, 2026
Documentation

EZJ (ProShares Ultra MSCI Japan) and FLJH (Franklin FTSE Japan Hedged ETF) are both Japan Equities funds - EZJ tracks the MSCI Japan Index (200%) while FLJH tracks the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, EZJ returned 8.53%/yr vs 21.12%/yr for FLJH. Their 0.79 correlation means they have sometimes moved together and sometimes differently. EZJ charges 0.95%/yr vs 0.09%/yr for FLJH.

Performance

EZJ vs. FLJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and Franklin FTSE Japan Hedged ETF (FLJH). 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 29.20% return, which is significantly higher than FLJH's 20.00% return.

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%

FLJH

1D
2.05%
1M
-0.86%
6M
12.42%
YTD
20.00%
1Y
38.42%
3Y*
26.81%
5Y*
21.12%
10Y*
—
ALL TIME*
14.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EZJ

ProShares Ultra MSCI Japan
$67.09K$107.47K$207.90K

FLJH

Franklin FTSE Japan Hedged ETF
$3.04M$2.02M$1.55M

EZJ vs. FLJH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EZJ
ProShares Ultra MSCI Japan		29.20%42.72%3.31%30.78%-38.23%-1.96%22.21%33.76%-30.99%3.38%
FLJH
Franklin FTSE Japan Hedged ETF		20.00%25.26%25.89%36.02%-2.75%12.68%10.65%20.34%-14.66%1.26%

Correlation

The correlation between EZJ and FLJH is 0.89, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.83

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.82

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.79

The correlation between EZJ and FLJH has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

EZJ vs. FLJH - Sectors Allocation Comparison

Sectors
EZJ
FLJH

Technology

24.6%
23.1%

Industrials

22.8%
23.5%

Financial Services

17.7%
16.2%

Consumer Cyclical

11.3%
12.1%

Communication Services

8.1%
7.1%

Healthcare

5.3%
5.2%

Consumer Defensive

3.4%
4.0%

Basic Materials

3.1%
4.0%

Real Estate

1.9%
2.9%

Utilities

1.0%
1.2%

Energy

0.8%
0.8%

Technology

EZJ
24.6%
FLJH
23.1%

Industrials

EZJ
22.8%
FLJH
23.5%

Financial Services

EZJ
17.7%
FLJH
16.2%

Consumer Cyclical

EZJ
11.3%
FLJH
12.1%

Communication Services

EZJ
8.1%
FLJH
7.1%

Healthcare

EZJ
5.3%
FLJH
5.2%

Consumer Defensive

EZJ
3.4%
FLJH
4.0%

Basic Materials

EZJ
3.1%
FLJH
4.0%

Real Estate

EZJ
1.9%
FLJH
2.9%

Utilities

EZJ
1.0%
FLJH
1.2%

Energy

EZJ
0.8%
FLJH
0.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra MSCI Japan

Franklin FTSE Japan Hedged ETF

Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. FLJPEZJ vs. EWJVEZJ vs. YCLEZJ vs. ^N225
Often compared with FLJH:
FLJH vs. FLJPFLJH vs. EWJVFLJH vs. HEWJFLJH vs. EWJFLJH vs. DBJPFLJH vs. OARKFLJH vs. SCHD

Return for Risk

EZJ vs. FLJH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EZJ
EZJ Risk / Return Rank: 4747
Overall Rank
EZJ Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4545
Sortino Ratio Rank
EZJ Omega Ratio Rank: 4747
Omega Ratio Rank
EZJ Calmar Ratio Rank: 5151
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4747
Martin Ratio Rank
FLJH
FLJH Risk / Return Rank: 8080
Overall Rank
FLJH Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
FLJH Sortino Ratio Rank: 7575
Sortino Ratio Rank
FLJH Omega Ratio Rank: 7878
Omega Ratio Rank
FLJH Calmar Ratio Rank: 8585
Calmar Ratio Rank
FLJH Martin Ratio Rank: 8383
Martin Ratio Rank
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. FLJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Franklin FTSE Japan Hedged ETF (FLJH). 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.

EZJFLJHDifference
Sharpe ratioReturn per unit of total volatility
1.29
2.02

-0.73

Sortino ratioReturn per unit of downside risk
1.84
2.71

-0.87

Omega ratioGain probability vs. loss probability

1.24

1.36

-0.12

Calmar ratioReturn relative to maximum drawdown

2.06

3.58

-1.52

Martin ratioReturn relative to average drawdown

5.91

12.57

-6.67

EZJ vs. FLJH - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.29, which is lower than the FLJH Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of EZJ and FLJH, 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. FLJH - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than FLJH's maximum drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for EZJ and FLJH.

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Drawdown Indicators

EZJFLJHDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-31.51%

-27.12%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-10.80%

-15.98%

Max Drawdown (3Y)

Largest decline over 3 years

-31.48%

-20.39%

-11.09%

Max Drawdown (5Y)

Largest decline over 5 years

-58.63%

-20.39%

-38.24%

Max Drawdown (10Y)

Largest decline over 10 years

-58.63%

—

—

Current Drawdown

Current decline from peak

-6.31%

-4.23%

-2.08%

Average Drawdown

Average peak-to-trough decline

-21.16%

-5.27%

-15.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.30%

3.06%

+6.24%

Volatility

EZJ vs. FLJH - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 15.00% compared to Franklin FTSE Japan Hedged ETF (FLJH) at 6.04%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZJFLJHDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.00%

6.04%

+8.96%

Volatility (6M)

Calculated over the trailing 6-month period

36.21%

15.34%

+20.87%

Volatility (1Y)

Calculated over the trailing 1-year period

42.87%

19.20%

+23.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.52%

18.77%

+18.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.85%

19.88%

+14.97%

EZJ vs. FLJH - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than FLJH's 0.09% expense ratio.

Dividends

EZJ vs. FLJH - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.84%, less than FLJH's 2.51% yield.

PositionTTM202520242023202220212020201920182017
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%
FLJH
Franklin FTSE Japan Hedged ETF		2.51%3.90%5.06%25.59%26.67%1.29%0.00%0.00%5.92%0.10%

Frequently Asked Questions

EZJ and FLJH have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZJ has higher volatility (15.00%) compared to FLJH (6.04%). In terms of maximum drawdown, EZJ dropped -58.63% vs FLJH's -31.51%.

On 5-year performance, FLJH leads with 21.12% vs 8.53% for EZJ. On fees, FLJH is cheaper at 0.09% per year. On volatility, FLJH has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLJH has performed better with a 21.12% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLJH is cheaper with a 0.09% expense ratio, compared with 0.95% for EZJ.

FLJH has the higher dividend yield at 2.51%, compared with 1.84% for EZJ.

EZJ tracks MSCI Japan Index (200%), while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for EZJ and 0.09% for FLJH.

FLJH currently has the higher Sharpe Ratio (2.02 vs 1.29), 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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