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EZJ vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZJ vs. SQQQ

Last updated Jun 26, 2026

EZJ (ProShares Ultra MSCI Japan) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - EZJ tracks the MSCI Japan Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EZJ returned 11.65%/yr vs -56.54%/yr for SQQQ. At a correlation of -0.56, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EZJ vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and ProShares UltraPro Short QQQ (SQQQ). 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 27.24% return, which is significantly higher than SQQQ's -40.98% return. Over the past 10 years, EZJ has outperformed SQQQ with an annualized return of 11.65%, while SQQQ has yielded a comparatively lower -56.54% 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%

SQQQ

1D
-2.42%
1M
2.09%
YTD
-40.98%
6M
-38.01%
1Y
-59.41%
3Y*
-54.63%
5Y*
-47.03%
10Y*
-56.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZJ vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		-40.98%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between EZJ and SQQQ is -0.61, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.61

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

-0.59

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

-0.61

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

-0.55

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-0.56

The correlation between EZJ and SQQQ has been stable across timeframes, ranging from -0.61 to -0.55 - a consistent structural relationship.

EZJ vs. SQQQ - Sectors Allocation Comparison

Sectors
EZJ
SQQQ

Industrials

24.5%

-

Technology

20.8%

-

Financial Services

17.8%
122.0%

Consumer Cyclical

11.9%

-

Communication Services

8.8%

-

Healthcare

5.9%

-

Consumer Defensive

3.5%

-

Basic Materials

3.0%

-

Real Estate

1.9%

-

Utilities

1.0%

-

Energy

1.0%

-

Industrials

EZJ
24.5%
SQQQ

-

Technology

EZJ
20.8%
SQQQ

-

Financial Services

EZJ
17.8%
SQQQ
122.0%

Consumer Cyclical

EZJ
11.9%
SQQQ

-

Communication Services

EZJ
8.8%
SQQQ

-

Healthcare

EZJ
5.9%
SQQQ

-

Consumer Defensive

EZJ
3.5%
SQQQ

-

Basic Materials

EZJ
3.0%
SQQQ

-

Real Estate

EZJ
1.9%
SQQQ

-

Utilities

EZJ
1.0%
SQQQ

-

Energy

EZJ
1.0%
SQQQ

-

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

ProShares UltraPro Short QQQ

Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. EWJVEZJ vs. FLJPEZJ vs. YCLEZJ vs. ^N225
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. QIDSQQQ vs. SPXUSQQQ vs. UVXY

Return for Risk

EZJ vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZJ
EZJ Risk / Return Rank: 4949
Overall Rank
EZJ Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4545
Sortino Ratio Rank
EZJ Omega Ratio Rank: 4848
Omega Ratio Rank
EZJ Calmar Ratio Rank: 5454
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4747
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 11
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ProShares UltraPro Short QQQ (SQQQ). 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.

EZJSQQQDifference
Sharpe ratioReturn per unit of total volatility
1.49
-1.11

+2.60

Sortino ratioReturn per unit of downside risk
2.04
-1.98

+4.02

Omega ratioGain probability vs. loss probability

1.27

0.79

+0.49

Calmar ratioReturn relative to maximum drawdown

2.34

-0.96

+3.30

Martin ratioReturn relative to average drawdown

7.04

-1.84

+8.89

EZJ vs. SQQQ - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.49, which is higher than the SQQQ Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of EZJ and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EZJ and SQQQ.

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Drawdown Indicators

EZJSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-100.00%

+41.37%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-62.23%

+35.45%

Max Drawdown (3Y)

Largest decline over 3 years

-31.48%

-92.51%

+61.03%

Max Drawdown (5Y)

Largest decline over 5 years

-58.63%

-97.27%

+38.64%

Max Drawdown (10Y)

Largest decline over 10 years

-58.63%

-99.98%

+41.35%

Current Drawdown

Current decline from peak

-7.74%

-100.00%

+92.26%

Average Drawdown

Average peak-to-trough decline

-21.23%

-92.73%

+71.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.90%

33.76%

-24.86%

Volatility

EZJ vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra MSCI Japan (EZJ) is 16.40%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.22%. This indicates that EZJ experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZJSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.40%

26.22%

-9.82%

Volatility (6M)

Calculated over the trailing 6-month period

34.13%

43.25%

-9.12%

Volatility (1Y)

Calculated over the trailing 1-year period

42.14%

53.47%

-11.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.14%

67.54%

-30.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.74%

66.45%

-31.71%

EZJ vs. SQQQ - Expense Ratio Comparison

Both EZJ and SQQQ have an expense ratio of 0.95%.

Dividends

EZJ vs. SQQQ - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.87%, less than SQQQ's 10.12% yield.

PositionTTM202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		10.12%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

EZJ and SQQQ have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.22%) compared to EZJ (16.40%). In terms of maximum drawdown, EZJ dropped -58.63% vs SQQQ's -100.00%.

On 10-year performance, EZJ leads with 11.65% vs -56.54% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EZJ has been the lower-risk option at 16.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZJ has performed better with a 11.65% return vs -56.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EZJ and SQQQ have the same expense ratio: 0.95% per year.

SQQQ has the higher dividend yield at 10.12%, compared with 1.87% for EZJ.

EZJ tracks MSCI Japan Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

EZJ currently has the higher Sharpe Ratio (1.49 vs -1.11), 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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