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EZJ vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZJ vs. HEWJ

Last updated Jul 16, 2026
Documentation

EZJ (ProShares Ultra MSCI Japan) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - EZJ tracks the MSCI Japan Index (200%) while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, EZJ returned 10.26%/yr vs 16.64%/yr for HEWJ. Their correlation of 0.80 suggests significant overlap in exposure. EZJ charges 0.95%/yr vs 0.49%/yr for HEWJ.

Performance

EZJ vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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 26.97% return, which is significantly higher than HEWJ's 22.43% return. Over the past 10 years, EZJ has underperformed HEWJ with an annualized return of 10.26%, while HEWJ has yielded a comparatively higher 16.64% annualized return.

EZJ

1D
-0.86%
1M
-2.08%
6M
15.00%
YTD
26.97%
1Y
66.17%
3Y*
24.71%
5Y*
8.65%
10Y*
10.26%

HEWJ

1D
-0.37%
1M
0.56%
6M
14.64%
YTD
22.43%
1Y
53.02%
3Y*
29.39%
5Y*
22.34%
10Y*
16.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZJ vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EZJ
ProShares Ultra MSCI Japan		26.97%42.72%3.31%30.78%-38.23%-1.96%22.21%33.76%-30.99%49.10%
HEWJ
iShares Currency Hedged MSCI Japan ETF		22.43%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%

Correlation

The correlation between EZJ and HEWJ is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.80

The correlation between EZJ and HEWJ has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

EZJ vs. HEWJ - Sectors Allocation Comparison

Sectors
EZJ
HEWJ

Industrials

24.5%
23.0%

Technology

20.8%
26.7%

Financial Services

17.8%
17.5%

Consumer Cyclical

11.9%
10.8%

Communication Services

8.8%
5.0%

Healthcare

5.9%
5.7%

Consumer Defensive

3.5%
3.4%

Basic Materials

3.0%
3.8%

Real Estate

1.9%
1.8%

Utilities

1.0%
0.9%

Energy

1.0%
0.8%

Industrials

EZJ
24.5%
HEWJ
23.0%

Technology

EZJ
20.8%
HEWJ
26.7%

Financial Services

EZJ
17.8%
HEWJ
17.5%

Consumer Cyclical

EZJ
11.9%
HEWJ
10.8%

Communication Services

EZJ
8.8%
HEWJ
5.0%

Healthcare

EZJ
5.9%
HEWJ
5.7%

Consumer Defensive

EZJ
3.5%
HEWJ
3.4%

Basic Materials

EZJ
3.0%
HEWJ
3.8%

Real Estate

EZJ
1.9%
HEWJ
1.8%

Utilities

EZJ
1.0%
HEWJ
0.9%

Energy

EZJ
1.0%
HEWJ
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

iShares Currency Hedged MSCI Japan ETF

Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. EWJVEZJ vs. FLJPEZJ vs. YCLEZJ vs. ^N225
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. VOO

Return for Risk

EZJ vs. HEWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZJ
EZJ Risk / Return Rank: 5656
Overall Rank
EZJ Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 5353
Sortino Ratio Rank
EZJ Omega Ratio Rank: 5656
Omega Ratio Rank
EZJ Calmar Ratio Rank: 6161
Calmar Ratio Rank
EZJ Martin Ratio Rank: 5454
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 9292
Overall Rank
HEWJ Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 9191
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 9191
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9393
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9393
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EZJ vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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.

EZJHEWJDifference
Sharpe ratioReturn per unit of total volatility
1.57
2.64

-1.07

Sortino ratioReturn per unit of downside risk
2.11
3.47

-1.35

Omega ratioGain probability vs. loss probability

1.28

1.47

-0.19

Calmar ratioReturn relative to maximum drawdown

2.48

5.14

-2.65

Martin ratioReturn relative to average drawdown

7.44

19.03

-11.59

EZJ vs. HEWJ - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.57, which is lower than the HEWJ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of EZJ and HEWJ, 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. HEWJ - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than HEWJ's maximum drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for EZJ and HEWJ.

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Drawdown Indicators

EZJHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-31.53%

-27.10%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-10.37%

-16.41%

Max Drawdown (3Y)

Largest decline over 3 years

-31.48%

-20.90%

-10.58%

Max Drawdown (5Y)

Largest decline over 5 years

-58.63%

-20.90%

-37.73%

Max Drawdown (10Y)

Largest decline over 10 years

-58.63%

-31.53%

-27.10%

Current Drawdown

Current decline from peak

-7.93%

-3.23%

-4.70%

Average Drawdown

Average peak-to-trough decline

-21.19%

-6.58%

-14.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.92%

2.79%

+6.13%

Volatility

EZJ vs. HEWJ - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 14.81% compared to iShares Currency Hedged MSCI Japan ETF (HEWJ) at 7.68%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than HEWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZJHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.81%

7.68%

+7.13%

Volatility (6M)

Calculated over the trailing 6-month period

34.73%

15.76%

+18.97%

Volatility (1Y)

Calculated over the trailing 1-year period

42.43%

20.16%

+22.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.22%

19.33%

+17.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.69%

19.46%

+15.23%

EZJ vs. HEWJ - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than HEWJ's 0.49% expense ratio.

Dividends

EZJ vs. HEWJ - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.87%, less than HEWJ's 4.06% yield.

PositionTTM20252024202320222021202020192018201720162015
EZJ
ProShares Ultra MSCI Japan		1.87%1.13%2.09%1.11%0.56%0.00%0.00%0.24%4.49%0.00%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.06%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%

Frequently Asked Questions

EZJ and HEWJ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZJ has higher volatility (14.81%) compared to HEWJ (7.68%). In terms of maximum drawdown, EZJ dropped -58.63% vs HEWJ's -31.53%.

On 10-year performance, HEWJ leads with 16.64% vs 10.26% for EZJ. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 7.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HEWJ has performed better with a 16.64% return vs 10.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.95% for EZJ.

HEWJ has the higher dividend yield at 4.06%, compared with 1.87% for EZJ.

EZJ tracks MSCI Japan Index (200%), while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EZJ and 0.49% for HEWJ.

HEWJ currently has the higher Sharpe Ratio (2.64 vs 1.57), 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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