EZJ vs. JPY

Last updated Jun 5, 2026

EZJ (ProShares Ultra MSCI Japan) and JPY (Lazard Japanese Equity ETF) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while JPY is a Japan Equities fund actively managed by Lazard. EZJ is passively managed, while JPY is actively managed. Over the past year, EZJ returned 58.99% vs 34.24% for JPY. Their correlation of 0.95 suggests significant overlap in exposure. EZJ charges 0.95%/yr vs 0.60%/yr for JPY.

Performance

EZJ vs. JPY - Performance Comparison

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

Returns By Period

In the year-to-date period, EZJ achieves a 29.29% return, which is significantly higher than JPY's 17.16% return.

EZJ

• 1D: 0.39%
• 1M: 10.56%
• YTD: 29.29%
• 6M: 28.96%
• 1Y: 58.99%
• 3Y*: 26.09%
• 5Y*: 7.76%
• 10Y*: 10.56%

JPY

• 1D: 0.28%
• 1M: 6.88%
• YTD: 17.16%
• 6M: 17.21%
• 1Y: 34.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EZJ vs. JPY - Yearly Performance Comparison

	2026 (YTD)	2025
EZJ ProShares Ultra MSCI Japan	29.29%	71.86%
JPY Lazard Japanese Equity ETF	17.16%	39.81%

Correlation

The correlation between EZJ and JPY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025	0.95

The correlation between EZJ and JPY has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

EZJ vs. JPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EZJ

EZJ Risk / Return Rank: 43
EZJ Sharpe Ratio Rank: 43
EZJ Sortino Ratio Rank: 42
EZJ Omega Ratio Rank: 43
EZJ Calmar Ratio Rank: 45
EZJ Martin Ratio Rank: 43

JPY

JPY Risk / Return Rank: 50
JPY Sharpe Ratio Rank: 52
JPY Sortino Ratio Rank: 51
JPY Omega Ratio Rank: 53
JPY Calmar Ratio Rank: 47
JPY Martin Ratio Rank: 47

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. JPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Lazard Japanese Equity ETF (JPY). 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.

	EZJ	JPY	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.74	-0.24
Sortino ratio: Return per unit of downside risk	2.10	2.45	-0.35
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.21	2.27	-0.06
Martin ratio: Return relative to average drawdown	6.79	7.71	-0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZJ vs. JPY - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.49, which is comparable to the JPY Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of EZJ and JPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EZJ	JPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.74	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	2.54	-2.30

Drawdowns

EZJ vs. JPY - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than JPY's maximum drawdown of -15.13%. Use the drawdown chart below to compare losses from any high point for EZJ and JPY.

Drawdown Indicators

	EZJ	JPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-15.13%	-43.50%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-15.13%	-11.65%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	—	—
Current Drawdown Current decline from peak	-3.87%	0.00%	-3.87%
Average Drawdown Average peak-to-trough decline	-21.28%	-2.57%	-18.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.72%	4.45%	+4.27%

Volatility

EZJ vs. JPY - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 8.46% compared to Lazard Japanese Equity ETF (JPY) at 3.84%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than JPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	JPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	3.84%	+4.62%
Volatility (6M) Calculated over the trailing 6-month period	30.74%	14.90%	+15.84%
Volatility (1Y) Calculated over the trailing 1-year period	39.67%	19.78%	+19.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.58%	21.06%	+15.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.53%	21.06%	+13.47%

EZJ vs. JPY - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than JPY's 0.60% expense ratio.

Dividends

EZJ vs. JPY - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.60%, less than JPY's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EZJ ProShares Ultra MSCI Japan	1.60%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%
JPY Lazard Japanese Equity ETF	2.03%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EZJ and JPY in my portfolio?

With a correlation of 0.95, EZJ and JPY 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 JPY?

EZJ has higher volatility (8.46%) compared to JPY (3.84%). In terms of maximum drawdown, EZJ dropped -58.63% vs JPY's -15.13%.

Which ETF is better, EZJ or JPY?

On 1-year performance, EZJ leads with 58.99% vs 34.24% for JPY. On fees, JPY is cheaper at 0.60% per year. On volatility, JPY has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or JPY?

Over the 1-year period, EZJ has performed better with a 58.99% return vs 34.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or JPY?

JPY is cheaper with a 0.60% expense ratio, compared with 0.95% for EZJ.

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

JPY has the higher dividend yield at 2.03%, compared with 1.60% for EZJ.

What is the main difference between EZJ and JPY?

EZJ is categorized as Leveraged Equities, while JPY is Japan Equities. They also come from different issuers: ProShares and Lazard. Their fees differ too: 0.95% for EZJ and 0.60% for JPY.

Which has better risk-adjusted returns?

JPY currently has the higher Sharpe Ratio (1.74 vs 1.49), 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.