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 Japan 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 10.05%/yr vs -71.00%/yr for UVXY. Their -0.52 correlation means they have often moved in opposite directions in the past. 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 29.20% return, which is significantly higher than UVXY's -35.49% return. Over the past 10 years, EZJ has outperformed UVXY with an annualized return of 10.05%, while UVXY has yielded a comparatively lower -71.00% annualized return.
EZJ
- 1D
- 3.68%
- 1M
- 2.34%
- 6M
- 12.88%
- YTD
- 29.20%
- 1Y
- 54.78%
- 3Y*
- 26.39%
- 5Y*
- 8.53%
- 10Y*
- 10.05%
- ALL TIME*
- 8.15%
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.09K | $107.47K | $207.90K | |
| $189.58M | $189.56M | $234.35M |
EZJ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 29.20% | 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 | -35.49% | -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 -0.56, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.56 |
Correlation (3Y) Balances recent behavior with more history. | -0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.52 |
The correlation between EZJ and UVXY has been stable across timeframes, ranging from -0.56 to -0.50 - 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +3.26 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.84 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | -0.99 | +3.04 |
| Martin ratioReturn relative to average drawdown | 5.91 | -1.47 | +7.38 |
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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% | -71.36% | +44.58% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -95.42% | +63.94% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -99.68% | +41.05% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -100.00% | +41.37% |
Current DrawdownCurrent decline from peak | -6.31% | -100.00% | +93.69% |
Average DrawdownAverage peak-to-trough decline | -21.16% | -98.76% | +77.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 47.86% | -38.56% |
Volatility
EZJ vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra MSCI Japan (EZJ) is 15.00%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.98%. 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 | 15.00% | 21.98% | -6.98% |
Volatility (6M)Calculated over the trailing 6-month period | 36.21% | 65.18% | -28.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.87% | 86.32% | -43.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.52% | 103.35% | -65.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.85% | 112.07% | -77.22% |
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 1.84%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.84% | 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 -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to EZJ (15.00%). In terms of maximum drawdown, EZJ dropped -58.63% vs UVXY's -100.00%.
On 10-year performance, EZJ leads with 10.05% vs -71.00% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EZJ has been the lower-risk option at 15.00%. 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 10.05% return vs -71.00%. 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 1.84%, compared with 0.00% for UVXY.
EZJ is categorized as Japan 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 (1.29 vs -0.82), 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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