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EZJ vs. USD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZJ vs. USD

Last updated Jun 5, 2026

EZJ (ProShares Ultra MSCI Japan) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - EZJ tracks the MSCI Japan Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, EZJ returned 10.56%/yr vs 61.24%/yr for USD. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

EZJ vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and ProShares Ultra Semiconductors (USD). 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 29.29% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, EZJ has underperformed USD with an annualized return of 10.56%, while USD has yielded a comparatively higher 61.24% 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%

USD

1D
-4.99%
1M
31.62%
YTD
103.32%
6M
97.79%
1Y
250.81%
3Y*
125.78%
5Y*
67.80%
10Y*
61.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZJ vs. USD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
USD
ProShares Ultra Semiconductors		103.32%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%

Correlation

The correlation between EZJ and USD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.46

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

0.52

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

0.48

Correlation (All Time)
Calculated using the full available price history since Jun 8, 2009

0.49

The correlation between EZJ and USD has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.

EZJ vs. USD - Sectors Allocation Comparison

Sectors
EZJ
USD

Industrials

26.0%

-

Technology

19.1%
27.4%

Financial Services

17.6%
27.8%

Consumer Cyclical

12.2%

-

Communication Services

7.9%

-

Healthcare

6.2%

-

Consumer Defensive

3.6%

-

Basic Materials

3.0%

-

Real Estate

2.3%

-

Utilities

1.1%

-

Energy

1.1%
0.0%

Industrials

EZJ
26.0%
USD

-

Technology

EZJ
19.1%
USD
27.4%

Financial Services

EZJ
17.6%
USD
27.8%

Consumer Cyclical

EZJ
12.2%
USD

-

Communication Services

EZJ
7.9%
USD

-

Healthcare

EZJ
6.2%
USD

-

Consumer Defensive

EZJ
3.6%
USD

-

Basic Materials

EZJ
3.0%
USD

-

Real Estate

EZJ
2.3%
USD

-

Utilities

EZJ
1.1%
USD

-

Energy

EZJ
1.1%
USD
0.0%

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ProShares Ultra MSCI Japan

ProShares Ultra Semiconductors

Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. EWJVEZJ vs. FLJPEZJ vs. YCLEZJ vs. ^N225
Often compared with USD:
USD vs. SOXLUSD vs. SMHUSD vs. TQQQUSD vs. QQQUSD vs. SCHDUSD vs. SPYUSD vs. FNGO

Return for Risk

EZJ vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZJ
EZJ Risk / Return Rank: 4343
Overall Rank
EZJ Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4242
Sortino Ratio Rank
EZJ Omega Ratio Rank: 4343
Omega Ratio Rank
EZJ Calmar Ratio Rank: 4545
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4343
Martin Ratio Rank
USD
USD Risk / Return Rank: 8989
Overall Rank
USD Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
USD Sortino Ratio Rank: 8282
Sortino Ratio Rank
USD Omega Ratio Rank: 8181
Omega Ratio Rank
USD Calmar Ratio Rank: 9595
Calmar Ratio Rank
USD Martin Ratio Rank: 9292
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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ProShares Ultra Semiconductors (USD). 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.

EZJUSDDifference
Sharpe ratioReturn per unit of total volatility
1.49
4.12

-2.63

Sortino ratioReturn per unit of downside risk
2.10
3.62

-1.51

Omega ratioGain probability vs. loss probability

1.27

1.48

-0.21

Calmar ratioReturn relative to maximum drawdown

2.21

7.94

-5.73

Martin ratioReturn relative to average drawdown

6.79

22.96

-16.18

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZJ vs. USD - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.49, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of EZJ and USD, 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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Sharpe Ratios by Period

EZJUSDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

4.12

-2.63

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.89

-0.68

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.31

0.89

-0.58

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.49

-0.25

Drawdowns

EZJ vs. USD - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EZJ and USD.

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Drawdown Indicators

EZJUSDDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-88.63%

+30.00%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-31.80%

+5.02%

Max Drawdown (3Y)

Largest decline over 3 years

-31.48%

-64.46%

+32.98%

Max Drawdown (5Y)

Largest decline over 5 years

-58.63%

-77.85%

+19.22%

Max Drawdown (10Y)

Largest decline over 10 years

-58.63%

-77.85%

+19.22%

Current Drawdown

Current decline from peak

-3.87%

-6.07%

+2.20%

Average Drawdown

Average peak-to-trough decline

-21.28%

-32.35%

+11.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.72%

10.98%

-2.26%

Volatility

EZJ vs. USD - Volatility Comparison

The current volatility for ProShares Ultra MSCI Japan (EZJ) is 8.46%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that EZJ experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZJUSDDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.46%

21.29%

-12.83%

Volatility (6M)

Calculated over the trailing 6-month period

30.74%

46.74%

-16.00%

Volatility (1Y)

Calculated over the trailing 1-year period

39.67%

61.28%

-21.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.58%

76.56%

-39.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.53%

69.24%

-34.71%

EZJ vs. USD - Expense Ratio Comparison

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

Dividends

EZJ vs. USD - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.60%, more than USD's 0.23% yield.

PositionTTM20252024202320222021202020192018201720162015
EZJ
ProShares Ultra MSCI Japan		1.60%1.13%2.09%1.11%0.56%0.00%0.00%0.24%4.49%0.00%0.00%0.00%
USD
ProShares Ultra Semiconductors		0.23%0.39%0.10%0.05%0.30%0.00%0.14%0.72%0.93%0.32%0.46%0.39%

Frequently Asked Questions

EZJ and USD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (21.29%) compared to EZJ (8.46%). In terms of maximum drawdown, EZJ dropped -58.63% vs USD's -88.63%.

On 10-year performance, USD leads with 61.24% vs 10.56% for EZJ. Both ETFs have the same 0.95% expense ratio. On volatility, EZJ has been the lower-risk option at 8.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USD has performed better with a 61.24% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EZJ has the higher dividend yield at 1.60%, compared with 0.23% for USD.

EZJ tracks MSCI Japan Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

USD currently has the higher Sharpe Ratio (4.12 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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