EZJ vs. UGE

Last updated Jun 13, 2026

EZJ (ProShares Ultra MSCI Japan) and UGE (ProShares Ultra Consumer Goods) are both Leveraged Equities funds from ProShares - EZJ tracks the MSCI Japan Index (200%) while UGE tracks the Dow Jones U.S. Consumer Goods Index (200%). Both are passively managed. Over the past 10 years, EZJ returned 11.13%/yr vs 8.80%/yr for UGE. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

EZJ vs. UGE - Performance Comparison

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

Returns By Period

In the year-to-date period, EZJ achieves a 24.65% return, which is significantly higher than UGE's 18.88% return. Over the past 10 years, EZJ has outperformed UGE with an annualized return of 11.13%, while UGE has yielded a comparatively lower 8.80% annualized return.

EZJ

• 1D: 1.04%
• 1M: -1.93%
• YTD: 24.65%
• 6M: 23.79%
• 1Y: 53.47%
• 3Y*: 22.06%
• 5Y*: 7.09%
• 10Y*: 11.13%

UGE

• 1D: 1.08%
• 1M: 1.97%
• YTD: 18.88%
• 6M: 15.24%
• 1Y: 7.12%
• 3Y*: 7.90%
• 5Y*: -1.08%
• 10Y*: 8.80%

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

EZJ vs. UGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	24.65%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%
UGE ProShares Ultra Consumer Goods	18.88%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%

Correlation

The correlation between EZJ and UGE is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.42

Over the past year, the correlation between EZJ and UGE has dropped to 0.10 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

EZJ vs. UGE - Sectors Allocation Comparison

Sectors	EZJ	UGE
Industrials	26.0%	-
Technology	19.1%	-
Financial Services	17.6%	-
Consumer Cyclical	12.2%	1.0%
Communication Services	7.9%	-
Healthcare	6.2%	-
Consumer Defensive	3.6%	99.0%
Basic Materials	3.0%	-
Real Estate	2.3%	-
Utilities	1.1%	-
Energy	1.1%	-

Return for Risk

EZJ vs. UGE — 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: 42
EZJ Sortino Ratio Rank: 42
EZJ Omega Ratio Rank: 42
EZJ Calmar Ratio Rank: 45
EZJ Martin Ratio Rank: 42

UGE

UGE Risk / Return Rank: 14
UGE Sharpe Ratio Rank: 14
UGE Sortino Ratio Rank: 14
UGE Omega Ratio Rank: 14
UGE Calmar Ratio Rank: 14
UGE Martin Ratio Rank: 13

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. UGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ProShares Ultra Consumer Goods (UGE). 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	UGE	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.28	+1.03
Sortino ratio: Return per unit of downside risk	1.89	0.58	+1.31
Omega ratio: Gain probability vs. loss probability	1.24	1.07	+0.18
Calmar ratio: Return relative to maximum drawdown	2.01	0.38	+1.63
Martin ratio: Return relative to average drawdown	6.06	0.67	+5.39

EZJ vs. UGE - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.31, which is higher than the UGE Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of EZJ and UGE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EZJ vs. UGE - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum UGE drawdown of -71.36%. Use the drawdown chart below to compare losses from any high point for EZJ and UGE.

Drawdown Indicators

	EZJ	UGE	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-71.36%	+12.73%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-18.95%	-7.83%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-24.80%	-6.68%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-56.55%	-2.08%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-57.14%	-1.49%
Current Drawdown Current decline from peak	-7.32%	-32.84%	+25.52%
Average Drawdown Average peak-to-trough decline	-21.26%	-18.75%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.86%	10.64%	-1.78%

Volatility

EZJ vs. UGE - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 12.82% compared to ProShares Ultra Consumer Goods (UGE) at 8.67%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than UGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	UGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.82%	8.67%	+4.15%
Volatility (6M) Calculated over the trailing 6-month period	32.61%	20.01%	+12.60%
Volatility (1Y) Calculated over the trailing 1-year period	41.13%	25.39%	+15.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.89%	31.37%	+5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.65%	33.11%	+1.54%

EZJ vs. UGE - Expense Ratio Comparison

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

Dividends

EZJ vs. UGE - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.66%, less than UGE's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZJ ProShares Ultra MSCI Japan	1.66%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%	0.00%	0.00%	0.00%
UGE ProShares Ultra Consumer Goods	2.05%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both EZJ and UGE in my portfolio?

EZJ and UGE have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZJ or UGE?

EZJ has higher volatility (12.82%) compared to UGE (8.67%). In terms of maximum drawdown, EZJ dropped -58.63% vs UGE's -71.36%.

Which ETF is better, EZJ or UGE?

On 10-year performance, EZJ leads with 11.13% vs 8.80% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, UGE has been the lower-risk option at 8.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZJ or UGE?

Over the 10-year period, EZJ has performed better with a 11.13% return vs 8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZJ or UGE?

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

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

UGE has the higher dividend yield at 2.05%, compared with 1.66% for EZJ.

What is the main difference between EZJ and UGE?

EZJ tracks MSCI Japan Index (200%), while UGE tracks Dow Jones U.S. Consumer Goods Index (200%).

Which has better risk-adjusted returns?

EZJ currently has the higher Sharpe Ratio (1.31 vs 0.28), 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.