EZJ vs. FLJP

Last updated Aug 2, 2026

EZJ (ProShares Ultra MSCI Japan) and FLJP (Franklin FTSE Japan ETF) are both Japan Equities funds - EZJ tracks the MSCI Japan Index (200%) while FLJP tracks the FTSE Japan RIC Capped Index. Both are passively managed. Over the past 5 years, EZJ returned 8.08%/yr vs 9.38%/yr for FLJP. Their correlation of 0.94 means they have usually moved in the same direction. EZJ charges 0.95%/yr vs 0.09%/yr for FLJP.

Performance

EZJ vs. FLJP - Performance Comparison

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

Returns By Period

In the year-to-date period, EZJ achieves a 23.68% return, which is significantly higher than FLJP's 14.80% 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%

FLJP

• 1D: -0.98%
• 1M: -1.06%
• 6M: 8.11%
• YTD: 14.80%
• 1Y: 29.28%
• 3Y*: 17.41%
• 5Y*: 9.38%
• 10Y*: —
• ALL TIME*: 7.71%

*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	$65.91K	$120.27K	$216.70K
FLJP Franklin FTSE Japan ETF	$34.44M	$45.56M	$43.61M

EZJ vs. FLJP - 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%	3.38%
FLJP Franklin FTSE Japan ETF	14.80%	26.79%	6.99%	20.00%	-16.57%	0.99%	15.76%	18.99%	-14.01%	2.53%

Correlation

The correlation between EZJ and FLJP is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.94

The correlation between EZJ and FLJP has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

EZJ vs. FLJP - Sectors Allocation Comparison

Sectors	EZJ	FLJP
Technology	24.6%	20.6%
Industrials	22.8%	25.6%
Financial Services	17.7%	18.4%
Consumer Cyclical	11.3%	11.1%
Communication Services	8.1%	4.4%
Healthcare	5.3%	5.8%
Consumer Defensive	3.4%	4.0%
Basic Materials	3.1%	4.8%
Real Estate	1.9%	2.9%
Utilities	1.0%	1.2%
Energy	0.8%	0.9%

Return for Risk

EZJ vs. FLJP — Risk / Return Rank

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

EZJ

EZJ Risk / Return Rank: 54
EZJ Sharpe Ratio Rank: 54
EZJ Sortino Ratio Rank: 52
EZJ Omega Ratio Rank: 55
EZJ Calmar Ratio Rank: 58
EZJ Martin Ratio Rank: 51

FLJP

FLJP Risk / Return Rank: 65
FLJP Sharpe Ratio Rank: 66
FLJP Sortino Ratio Rank: 65
FLJP Omega Ratio Rank: 67
FLJP Calmar Ratio Rank: 66
FLJP Martin Ratio Rank: 63

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. FLJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Franklin FTSE Japan ETF (FLJP). 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	FLJP	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.51	-0.22
Sortino ratio: Return per unit of downside risk	1.84	2.14	-0.29
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	2.06	2.27	-0.22
Martin ratio: Return relative to average drawdown	5.92	7.59	-1.67

EZJ vs. FLJP - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.29, which is comparable to the FLJP Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of EZJ and FLJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EZJ vs. FLJP - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than FLJP's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for EZJ and FLJP.

Drawdown Indicators

	EZJ	FLJP	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-32.49%	-26.14%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-13.30%	-13.48%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-14.17%	-17.31%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-32.49%	-26.14%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	—	—
Current Drawdown Current decline from peak	-10.32%	-4.24%	-6.08%
Average Drawdown Average peak-to-trough decline	-21.17%	-9.25%	-11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.27%	3.98%	+5.29%

Volatility

EZJ vs. FLJP - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 15.30% compared to Franklin FTSE Japan ETF (FLJP) at 7.24%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than FLJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	FLJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.30%	7.24%	+8.06%
Volatility (6M) Calculated over the trailing 6-month period	36.05%	16.93%	+19.12%
Volatility (1Y) Calculated over the trailing 1-year period	42.75%	20.04%	+22.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.50%	18.12%	+19.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.85%	17.94%	+16.91%

EZJ vs. FLJP - Expense Ratio Comparison

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

Dividends

EZJ vs. FLJP - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.92%, less than FLJP's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	1.92%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%	0.00%
FLJP Franklin FTSE Japan ETF	4.29%	5.15%	4.56%	3.00%	1.92%	2.40%	1.51%	2.26%	1.50%	0.10%

Frequently Asked Questions

Can I hold both EZJ and FLJP in my portfolio?

With a correlation of 0.98, EZJ and FLJP 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.

Which is riskier, EZJ or FLJP?

EZJ has higher volatility (15.30%) compared to FLJP (7.24%). In terms of maximum drawdown, EZJ dropped -58.63% vs FLJP's -32.49%.

Which ETF is better, EZJ or FLJP?

On 5-year performance, FLJP leads with 9.38% vs 8.08% for EZJ. On fees, FLJP is cheaper at 0.09% per year. On volatility, FLJP has been the lower-risk option at 7.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or FLJP?

Over the 5-year period, FLJP has performed better with a 9.38% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or FLJP?

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

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

FLJP has the higher dividend yield at 4.29%, compared with 1.92% for EZJ.

What is the main difference between EZJ and FLJP?

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

Which has better risk-adjusted returns?

FLJP currently has the higher Sharpe Ratio (1.51 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.