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EZJ vs. SPXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZJ vs. SPXL

Last updated Aug 5, 2026
Documentation

EZJ (ProShares Ultra MSCI Japan) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - EZJ is a Japan Equities fund tracking the MSCI Japan Index (200%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, EZJ returned 10.05%/yr vs 29.35%/yr for SPXL. Their 0.62 correlation means they have sometimes moved together and sometimes differently. EZJ charges 0.95%/yr vs 0.84%/yr for SPXL.

Performance

EZJ vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 29.20% return, which is significantly lower than SPXL's 34.10% return. Over the past 10 years, EZJ has underperformed SPXL with an annualized return of 10.05%, while SPXL has yielded a comparatively higher 29.35% 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%

SPXL

1D
5.32%
1M
9.58%
6M
31.29%
YTD
34.10%
1Y
62.41%
3Y*
49.31%
5Y*
21.34%
10Y*
29.35%
ALL TIME*
27.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EZJ

ProShares Ultra MSCI Japan
$67.09K$107.47K$207.90K

SPXL

Direxion Daily S&P 500 Bull 3X ETF
$587.62M$494.77M$551.13M

EZJ vs. SPXL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPXL
Direxion Daily S&P 500 Bull 3X ETF		34.10%31.94%63.61%69.49%-56.55%98.75%9.64%102.80%-25.11%71.03%

Correlation

The correlation between EZJ and SPXL is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.67

Correlation (3Y)
Balances recent behavior with more history.

0.64

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.65

Correlation (10Y)
Provides a long-term view across more market conditions.

0.61

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2009

0.62

The correlation between EZJ and SPXL has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

EZJ vs. SPXL - Sectors Allocation Comparison

Sectors
EZJ
SPXL

Technology

24.6%
9.0%

Industrials

22.8%
1.8%

Financial Services

17.7%
2.9%

Consumer Cyclical

11.3%
2.1%

Communication Services

8.1%
2.2%

Healthcare

5.3%
2.1%

Consumer Defensive

3.4%
1.1%

Basic Materials

3.1%
0.4%

Real Estate

1.9%
0.5%

Utilities

1.0%
0.6%

Energy

0.8%
0.8%

Technology

EZJ
24.6%
SPXL
9.0%

Industrials

EZJ
22.8%
SPXL
1.8%

Financial Services

EZJ
17.7%
SPXL
2.9%

Consumer Cyclical

EZJ
11.3%
SPXL
2.1%

Communication Services

EZJ
8.1%
SPXL
2.2%

Healthcare

EZJ
5.3%
SPXL
2.1%

Consumer Defensive

EZJ
3.4%
SPXL
1.1%

Basic Materials

EZJ
3.1%
SPXL
0.4%

Real Estate

EZJ
1.9%
SPXL
0.5%

Utilities

EZJ
1.0%
SPXL
0.6%

Energy

EZJ
0.8%
SPXL
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

Direxion Daily S&P 500 Bull 3X ETF

Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. FLJPEZJ vs. EWJVEZJ vs. YCLEZJ vs. ^N225
Often compared with SPXL:
SPXL vs. SPYSPXL vs. TQQQSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU

Return for Risk

EZJ vs. SPXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EZJ
EZJ Risk / Return Rank: 4747
Overall Rank
EZJ Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4545
Sortino Ratio Rank
EZJ Omega Ratio Rank: 4747
Omega Ratio Rank
EZJ Calmar Ratio Rank: 5151
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4747
Martin Ratio Rank
SPXL
SPXL Risk / Return Rank: 5959
Overall Rank
SPXL Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 5454
Sortino Ratio Rank
SPXL Omega Ratio Rank: 5555
Omega Ratio Rank
SPXL Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPXL Martin Ratio Rank: 6666
Martin Ratio Rank
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. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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.

EZJSPXLDifference
Sharpe ratioReturn per unit of total volatility
1.29
1.63

-0.34

Sortino ratioReturn per unit of downside risk
1.84
2.13

-0.29

Omega ratioGain probability vs. loss probability

1.24

1.27

-0.03

Calmar ratioReturn relative to maximum drawdown

2.06

2.34

-0.29

Martin ratioReturn relative to average drawdown

5.91

8.97

-3.06

EZJ vs. SPXL - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.29, which is comparable to the SPXL Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EZJ and SPXL, 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. SPXL - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for EZJ and SPXL.

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Drawdown Indicators

EZJSPXLDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-76.86%

+18.23%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-26.77%

-0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-31.48%

-48.95%

+17.47%

Max Drawdown (5Y)

Largest decline over 5 years

-58.63%

-63.80%

+5.17%

Max Drawdown (10Y)

Largest decline over 10 years

-58.63%

-76.86%

+18.23%

Current Drawdown

Current decline from peak

-6.31%

0.00%

-6.31%

Average Drawdown

Average peak-to-trough decline

-21.16%

-16.03%

-5.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.30%

6.98%

+2.32%

Volatility

EZJ vs. SPXL - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 15.00% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 12.36%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZJSPXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.00%

12.36%

+2.64%

Volatility (6M)

Calculated over the trailing 6-month period

36.21%

31.09%

+5.12%

Volatility (1Y)

Calculated over the trailing 1-year period

42.87%

38.80%

+4.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.52%

50.71%

-13.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.85%

53.51%

-18.66%

EZJ vs. SPXL - Expense Ratio Comparison

EZJ has a 0.95% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

EZJ vs. SPXL - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.84%, more than SPXL's 0.48% yield.

PositionTTM202520242023202220212020201920182017
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%
SPXL
Direxion Daily S&P 500 Bull 3X ETF		0.48%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%

Frequently Asked Questions

EZJ and SPXL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZJ has higher volatility (15.00%) compared to SPXL (12.36%). In terms of maximum drawdown, EZJ dropped -58.63% vs SPXL's -76.86%.

On 10-year performance, SPXL leads with 29.35% vs 10.05% for EZJ. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 12.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXL has performed better with a 29.35% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for EZJ.

EZJ has the higher dividend yield at 1.84%, compared with 0.48% for SPXL.

EZJ is categorized as Japan Equities, while SPXL is Leveraged Equities. EZJ tracks MSCI Japan Index (200%), while SPXL tracks S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EZJ and 0.84% for SPXL.

SPXL currently has the higher Sharpe Ratio (1.63 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.

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