EZJ vs. IFED
EZJ (ProShares Ultra MSCI Japan) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both exchange-traded funds - EZJ is a Japan Equities fund tracking the MSCI Japan Index (200%), while IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, EZJ returned 26.39%/yr vs 18.28%/yr for IFED. Their 0.56 correlation means they have sometimes moved together and sometimes differently. EZJ charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
EZJ vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, EZJ achieves a 29.20% return, which is significantly higher than IFED's 6.57% 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%
IFED
- 1D
- 0.00%
- 1M
- 10.34%
- 6M
- 12.77%
- YTD
- 6.57%
- 1Y
- 9.27%
- 3Y*
- 18.28%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.09K | $107.47K | $207.90K | |
| $121.94K | $80.88K | $45.76K |
EZJ vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 29.20% | 42.72% | 3.31% | 30.78% | -38.23% | -15.81% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 6.57% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between EZJ and IFED is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.56 |
The correlation between EZJ and IFED shifts across timeframes, from 0.39 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EZJ vs. IFED — Risk / Return Rank
EZJ
IFED
EZJ vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.11 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 0.46 | +1.59 |
| Martin ratioReturn relative to average drawdown | 5.91 | 1.43 | +4.48 |
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Drawdowns
EZJ vs. IFED - Drawdown Comparison
The maximum EZJ drawdown since its inception was -58.63%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for EZJ and IFED.
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Drawdown Indicators
| EZJ | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -22.36% | -36.27% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -20.18% | -6.60% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -22.36% | -9.12% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | — | — |
Current DrawdownCurrent decline from peak | -6.31% | -10.51% | +4.20% |
Average DrawdownAverage peak-to-trough decline | -21.16% | -5.85% | -15.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 6.50% | +2.80% |
Volatility
EZJ vs. IFED - Volatility Comparison
The current volatility for ProShares Ultra MSCI Japan (EZJ) is 15.00%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 24.37%. This indicates that EZJ experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZJ | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.00% | 24.37% | -9.37% |
Volatility (6M)Calculated over the trailing 6-month period | 36.21% | 28.12% | +8.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.87% | 29.47% | +13.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.52% | 22.59% | +14.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.85% | 22.59% | +12.26% |
EZJ vs. IFED - Expense Ratio Comparison
EZJ has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
EZJ vs. IFED - Dividend Comparison
EZJ's dividend yield for the trailing twelve months is around 1.84%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.84% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EZJ and IFED have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (24.37%) compared to EZJ (15.00%). In terms of maximum drawdown, EZJ dropped -58.63% vs IFED's -22.36%.
On 3-year performance, EZJ leads with 26.39% vs 18.28% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, EZJ has been the lower-risk option at 15.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EZJ has performed better with a 26.39% return vs 18.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for EZJ.
EZJ has the higher dividend yield at 1.84%, compared with 0.00% for IFED.
EZJ is categorized as Japan Equities, while IFED is Leveraged Equities. EZJ tracks MSCI Japan Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for EZJ and 0.45% for IFED.
EZJ currently has the higher Sharpe Ratio (1.29 vs 0.32), 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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