EZJ vs. GSJY

Last updated Aug 5, 2026

EZJ (ProShares Ultra MSCI Japan) and GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) are both Japan Equities funds - EZJ tracks the MSCI Japan Index (200%) while GSJY tracks the Goldman Sachs ActiveBeta Japan Equity Index. Both are passively managed. Over the past 10 years, EZJ returned 10.05%/yr vs 9.25%/yr for GSJY. Their correlation of 0.91 means they have usually moved in the same direction. EZJ charges 0.95%/yr vs 0.25%/yr for GSJY.

Performance

EZJ vs. GSJY - Performance Comparison

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

Returns By Period

In the year-to-date period, EZJ achieves a 29.20% return, which is significantly higher than GSJY's 16.41% return. Over the past 10 years, EZJ has outperformed GSJY with an annualized return of 10.05%, while GSJY has yielded a comparatively lower 9.25% annualized 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%

GSJY

• 1D: 1.83%
• 1M: 2.61%
• 6M: 8.28%
• YTD: 16.41%
• 1Y: 29.97%
• 3Y*: 18.67%
• 5Y*: 9.66%
• 10Y*: 9.25%
• ALL TIME*: 9.36%

*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	$67.09K	$107.47K	$207.90K
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	$170.72K	$189.37K	$272.48K

EZJ vs. GSJY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	29.20%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	16.41%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-11.56%	25.50%

Correlation

The correlation between EZJ and GSJY 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 (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.91

The correlation between EZJ and GSJY has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.

EZJ vs. GSJY - Sectors Allocation Comparison

Sectors	EZJ	GSJY
Technology	24.6%	23.3%
Industrials	22.8%	23.3%
Financial Services	17.7%	18.8%
Consumer Cyclical	11.3%	12.0%
Communication Services	8.1%	5.9%
Healthcare	5.3%	4.6%
Consumer Defensive	3.4%	3.1%
Basic Materials	3.1%	3.4%
Real Estate	1.9%	1.2%
Utilities	1.0%	1.5%
Energy	0.8%	3.0%

Return for Risk

EZJ vs. GSJY — Risk / Return Rank

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

EZJ

EZJ Risk / Return Rank: 47
EZJ Sharpe Ratio Rank: 45
EZJ Sortino Ratio Rank: 45
EZJ Omega Ratio Rank: 47
EZJ Calmar Ratio Rank: 51
EZJ Martin Ratio Rank: 47

GSJY

GSJY Risk / Return Rank: 53
GSJY Sharpe Ratio Rank: 53
GSJY Sortino Ratio Rank: 52
GSJY Omega Ratio Rank: 54
GSJY Calmar Ratio Rank: 53
GSJY Martin Ratio Rank: 52

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. GSJY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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	GSJY	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.47	-0.18
Sortino ratio: Return per unit of downside risk	1.84	2.09	-0.25
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	2.06	2.14	-0.08
Martin ratio: Return relative to average drawdown	5.91	6.85	-0.94

EZJ vs. GSJY - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.29, which is comparable to the GSJY Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EZJ and GSJY, 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. GSJY - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than GSJY's maximum drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for EZJ and GSJY.

Drawdown Indicators

	EZJ	GSJY	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-32.53%	-26.10%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-14.08%	-12.70%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-14.96%	-16.52%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-32.53%	-26.10%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-32.53%	-26.10%
Current Drawdown Current decline from peak	-6.31%	-0.68%	-5.63%
Average Drawdown Average peak-to-trough decline	-21.16%	-7.51%	-13.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.30%	4.39%	+4.91%

Volatility

EZJ vs. GSJY - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 15.00% compared to Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) at 6.96%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than GSJY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	GSJY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.00%	6.96%	+8.04%
Volatility (6M) Calculated over the trailing 6-month period	36.21%	17.30%	+18.91%
Volatility (1Y) Calculated over the trailing 1-year period	42.87%	20.53%	+22.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.52%	18.42%	+19.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.85%	17.17%	+17.68%

EZJ vs. GSJY - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than GSJY's 0.25% expense ratio.

Dividends

EZJ vs. GSJY - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.84%, less than GSJY's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.99%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%

Frequently Asked Questions

Can I hold both EZJ and GSJY in my portfolio?

With a correlation of 0.98, EZJ and GSJY 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 GSJY?

EZJ has higher volatility (15.00%) compared to GSJY (6.96%). In terms of maximum drawdown, EZJ dropped -58.63% vs GSJY's -32.53%.

Which ETF is better, EZJ or GSJY?

On 10-year performance, EZJ leads with 10.05% vs 9.25% for GSJY. On fees, GSJY is cheaper at 0.25% per year. On volatility, GSJY has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or GSJY?

Over the 10-year period, EZJ has performed better with a 10.05% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or GSJY?

GSJY is cheaper with a 0.25% expense ratio, compared with 0.95% for EZJ.

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

GSJY has the higher dividend yield at 1.99%, compared with 1.84% for EZJ.

What is the main difference between EZJ and GSJY?

EZJ tracks MSCI Japan Index (200%), while GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index. They also come from different issuers: ProShares and Goldman Sachs. Their fees differ too: 0.95% for EZJ and 0.25% for GSJY.

Which has better risk-adjusted returns?

GSJY currently has the higher Sharpe Ratio (1.47 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.