EZJ vs. UGA
EZJ (ProShares Ultra MSCI Japan) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, EZJ returned 10.97%/yr vs 14.31%/yr for UGA. At a 0.18 correlation, their price movements are largely independent. EZJ charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
EZJ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EZJ achieves a 25.72% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, EZJ has underperformed UGA with an annualized return of 10.97%, while UGA has yielded a comparatively higher 14.31% annualized return.
EZJ
- 1D
- -8.84%
- 1M
- 2.37%
- YTD
- 25.72%
- 6M
- 24.31%
- 1Y
- 62.30%
- 3Y*
- 26.15%
- 5Y*
- 7.77%
- 10Y*
- 10.97%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
EZJ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 25.72% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between EZJ and UGA is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | 0.18 |
The correlation between EZJ and UGA shifts across timeframes, from -0.22 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EZJ vs. UGA — Risk / Return Rank
EZJ
UGA
EZJ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 3.17 | -0.83 |
| Martin ratioReturn relative to average drawdown | 7.05 | 9.39 | -2.34 |
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Drawdowns
EZJ vs. UGA - Drawdown Comparison
The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EZJ and UGA.
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Drawdown Indicators
| EZJ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -86.59% | +27.96% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -18.96% | -7.82% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -26.68% | -4.80% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -38.11% | -20.52% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -75.89% | +17.26% |
Current DrawdownCurrent decline from peak | -8.84% | -18.05% | +9.21% |
Average DrawdownAverage peak-to-trough decline | -21.24% | -36.69% | +15.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.86% | 6.43% | +2.43% |
Volatility
EZJ vs. UGA - Volatility Comparison
ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 16.55% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZJ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.55% | 9.24% | +7.31% |
Volatility (6M)Calculated over the trailing 6-month period | 34.12% | 30.57% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.16% | 35.22% | +6.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 34.45% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.75% | 37.22% | -2.47% |
EZJ vs. UGA - Expense Ratio Comparison
EZJ has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
EZJ vs. UGA - Dividend Comparison
EZJ's dividend yield for the trailing twelve months is around 1.64%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.64% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EZJ and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (16.55%) compared to UGA (9.24%). In terms of maximum drawdown, EZJ dropped -58.63% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 10.97% for EZJ. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs 10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for EZJ.
EZJ has the higher dividend yield at 1.64%, compared with 0.00% for UGA.
EZJ is categorized as Leveraged Equities, while UGA is Oil & Gas. EZJ tracks MSCI Japan Index (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for EZJ and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 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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