EZJ vs. OPPJ
EZJ (ProShares Ultra MSCI Japan) and OPPJ (WisdomTree Japan Opportunities ETF) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while OPPJ is a Japan Equities fund tracking the WisdomTree Japan Opportunities Index. Both are passively managed. Over the past 10 years, EZJ returned 11.65%/yr vs 18.37%/yr for OPPJ. A 0.71 correlation means they provide meaningful diversification when combined. EZJ charges 0.95%/yr vs 0.58%/yr for OPPJ.
Performance
EZJ vs. OPPJ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with EZJ having a 27.24% return and OPPJ slightly lower at 25.91%. Over the past 10 years, EZJ has underperformed OPPJ with an annualized return of 11.65%, while OPPJ has yielded a comparatively higher 18.37% annualized return.
EZJ
- 1D
- 1.48%
- 1M
- 0.91%
- YTD
- 27.24%
- 6M
- 26.38%
- 1Y
- 62.45%
- 3Y*
- 26.61%
- 5Y*
- 7.82%
- 10Y*
- 11.65%
OPPJ
- 1D
- 0.92%
- 1M
- -0.95%
- YTD
- 25.91%
- 6M
- 27.59%
- 1Y
- 63.71%
- 3Y*
- 34.06%
- 5Y*
- 25.09%
- 10Y*
- 18.37%
EZJ vs. OPPJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 27.24% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
OPPJ WisdomTree Japan Opportunities ETF | 25.91% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between EZJ and OPPJ is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | 0.71 |
The correlation between EZJ and OPPJ shifts across timeframes, from 0.66 (5 years) to 0.78 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EZJ vs. OPPJ — Risk / Return Rank
EZJ
OPPJ
EZJ vs. OPPJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and WisdomTree Japan Opportunities ETF (OPPJ). 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 | OPPJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.51 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 6.52 | -4.17 |
| Martin ratioReturn relative to average drawdown | 7.04 | 21.68 | -14.64 |
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Drawdowns
EZJ vs. OPPJ - Drawdown Comparison
The maximum EZJ drawdown since its inception was -58.63%, which is greater than OPPJ's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for EZJ and OPPJ.
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Drawdown Indicators
| EZJ | OPPJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -39.30% | -19.33% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -9.82% | -16.96% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -16.49% | -14.99% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -16.49% | -42.14% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -39.30% | -19.33% |
Current DrawdownCurrent decline from peak | -7.74% | -4.46% | -3.28% |
Average DrawdownAverage peak-to-trough decline | -21.23% | -6.48% | -14.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 2.95% | +5.95% |
Volatility
EZJ vs. OPPJ - Volatility Comparison
ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 16.40% compared to WisdomTree Japan Opportunities ETF (OPPJ) at 7.42%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than OPPJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZJ | OPPJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.40% | 7.42% | +8.98% |
Volatility (6M)Calculated over the trailing 6-month period | 34.13% | 16.49% | +17.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.14% | 20.71% | +21.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.14% | 18.26% | +18.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.74% | 19.58% | +15.16% |
EZJ vs. OPPJ - Expense Ratio Comparison
EZJ has a 0.95% expense ratio, which is higher than OPPJ's 0.58% expense ratio.
Dividends
EZJ vs. OPPJ - Dividend Comparison
EZJ's dividend yield for the trailing twelve months is around 1.87%, more than OPPJ's 1.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
OPPJ WisdomTree Japan Opportunities ETF | 1.11% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
Frequently Asked Questions
EZJ and OPPJ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (16.40%) compared to OPPJ (7.42%). In terms of maximum drawdown, EZJ dropped -58.63% vs OPPJ's -39.30%.
On 10-year performance, OPPJ leads with 18.37% vs 11.65% for EZJ. On fees, OPPJ is cheaper at 0.58% per year. On volatility, OPPJ has been the lower-risk option at 7.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OPPJ has performed better with a 18.37% return vs 11.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OPPJ is cheaper with a 0.58% expense ratio, compared with 0.95% for EZJ.
EZJ has the higher dividend yield at 1.87%, compared with 1.11% for OPPJ.
EZJ is categorized as Leveraged Equities, while OPPJ is Japan Equities. EZJ tracks MSCI Japan Index (200%), while OPPJ tracks WisdomTree Japan Opportunities Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for EZJ and 0.58% for OPPJ.
OPPJ currently has the higher Sharpe Ratio (3.09 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.
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