EZJ vs. ULE
EZJ (ProShares Ultra MSCI Japan) and ULE (ProShares Ultra Euro) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EZJ returned 10.56%/yr vs -2.66%/yr for ULE. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
EZJ vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, EZJ achieves a 29.29% return, which is significantly higher than ULE's -2.89% return. Over the past 10 years, EZJ has outperformed ULE with an annualized return of 10.56%, while ULE has yielded a comparatively lower -2.66% annualized return.
EZJ
- 1D
- 0.39%
- 1M
- 10.56%
- YTD
- 29.29%
- 6M
- 28.96%
- 1Y
- 58.99%
- 3Y*
- 26.09%
- 5Y*
- 7.76%
- 10Y*
- 10.56%
ULE
- 1D
- 0.28%
- 1M
- -1.64%
- YTD
- -2.89%
- 6M
- -1.27%
- 1Y
- 1.11%
- 3Y*
- 4.59%
- 5Y*
- -3.77%
- 10Y*
- -2.66%
EZJ vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 29.29% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
ULE ProShares Ultra Euro | -2.89% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between EZJ and ULE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2009 | 0.24 |
The correlation between EZJ and ULE shifts across timeframes, from 0.24 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EZJ vs. ULE — Risk / Return Rank
EZJ
ULE
EZJ vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ProShares Ultra Euro (ULE). 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.
| EZJ | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.03 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 0.11 | +2.11 |
| Martin ratioReturn relative to average drawdown | 6.79 | 0.23 | +6.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EZJ | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 0.08 | +1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.24 | +0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | -0.18 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | -0.21 | +0.45 |
Drawdowns
EZJ vs. ULE - Drawdown Comparison
The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum ULE drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for EZJ and ULE.
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Drawdown Indicators
| EZJ | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -72.74% | +14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -10.40% | -16.38% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -17.44% | -14.04% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -40.94% | -17.69% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -51.30% | -7.33% |
Current DrawdownCurrent decline from peak | -3.87% | -62.09% | +58.22% |
Average DrawdownAverage peak-to-trough decline | -21.28% | -46.06% | +24.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.72% | 4.80% | +3.92% |
Volatility
EZJ vs. ULE - Volatility Comparison
ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 8.46% compared to ProShares Ultra Euro (ULE) at 2.42%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZJ | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.46% | 2.42% | +6.04% |
Volatility (6M)Calculated over the trailing 6-month period | 30.74% | 8.95% | +21.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.67% | 13.38% | +26.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.58% | 16.12% | +20.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.53% | 15.21% | +19.32% |
EZJ vs. ULE - Expense Ratio Comparison
Both EZJ and ULE have an expense ratio of 0.95%.
Dividends
EZJ vs. ULE - Dividend Comparison
EZJ's dividend yield for the trailing twelve months is around 1.60%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.60% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EZJ and ULE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (8.46%) compared to ULE (2.42%). In terms of maximum drawdown, EZJ dropped -58.63% vs ULE's -72.74%.
On 10-year performance, EZJ leads with 10.56% vs -2.66% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.42%. 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 10.56% return vs -2.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZJ and ULE have the same expense ratio: 0.95% per year.
EZJ has the higher dividend yield at 1.60%, compared with 0.00% for ULE.
EZJ is categorized as Leveraged Equities, while ULE is Leveraged Currency. EZJ tracks MSCI Japan Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).
EZJ currently has the higher Sharpe Ratio (1.49 vs 0.08), 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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