EZJ vs. UVXY
EZJ (ProShares Ultra MSCI Japan) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, EZJ returned 10.56%/yr vs -72.73%/yr for UVXY. At a correlation of -0.51, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EZJ vs. UVXY - 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 UVXY's -23.07% return. Over the past 10 years, EZJ has outperformed UVXY with an annualized return of 10.56%, while UVXY has yielded a comparatively lower -72.73% 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%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
EZJ vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between EZJ and UVXY is -0.49, 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 | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | -0.51 |
The correlation between EZJ and UVXY has been stable across timeframes, ranging from -0.53 to -0.49 - a consistent structural relationship.
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Return for Risk
EZJ vs. UVXY — Risk / Return Rank
EZJ
UVXY
EZJ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.77 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.81 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | -0.97 | +3.19 |
| Martin ratioReturn relative to average drawdown | 6.79 | -1.33 | +8.11 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | -0.88 | +2.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.66 | +0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | -0.64 | +0.95 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | -0.68 | +0.91 |
Drawdowns
EZJ vs. UVXY - Drawdown Comparison
The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EZJ and UVXY.
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Drawdown Indicators
| EZJ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -100.00% | +41.37% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -76.19% | +49.41% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -95.25% | +63.77% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -99.69% | +41.06% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -100.00% | +41.37% |
Current DrawdownCurrent decline from peak | -3.87% | -100.00% | +96.13% |
Average DrawdownAverage peak-to-trough decline | -21.28% | -98.55% | +77.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.72% | 55.83% | -47.11% |
Volatility
EZJ vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra MSCI Japan (EZJ) is 8.46%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that EZJ experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZJ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.46% | 12.26% | -3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 30.74% | 62.79% | -32.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.67% | 84.51% | -44.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.58% | 103.82% | -67.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.53% | 113.81% | -79.28% |
EZJ vs. UVXY - Expense Ratio Comparison
Both EZJ and UVXY have an expense ratio of 0.95%.
Dividends
EZJ vs. UVXY - Dividend Comparison
EZJ's dividend yield for the trailing twelve months is around 1.60%, while UVXY 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EZJ and UVXY have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to EZJ (8.46%). In terms of maximum drawdown, EZJ dropped -58.63% vs UVXY's -100.00%.
On 10-year performance, EZJ leads with 10.56% vs -72.73% for UVXY. 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, EZJ has performed better with a 10.56% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZJ and UVXY have the same expense ratio: 0.95% per year.
EZJ has the higher dividend yield at 1.60%, compared with 0.00% for UVXY.
EZJ is categorized as Leveraged Equities, while UVXY is Volatility. EZJ tracks MSCI Japan Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
EZJ currently has the higher Sharpe Ratio (1.49 vs -0.88), 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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