EZJ vs. YCL
EZJ (ProShares Ultra MSCI Japan) and YCL (ProShares Ultra Yen) are both exchange-traded funds - EZJ is a Japan Equities fund tracking the MSCI Japan Index (200%), while YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EZJ returned 10.41%/yr vs -12.98%/yr for YCL. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EZJ vs. YCL - Performance Comparison
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Returns By Period
In the year-to-date period, EZJ achieves a 30.22% return, which is significantly higher than YCL's -8.16% return. Over the past 10 years, EZJ has outperformed YCL with an annualized return of 10.41%, while YCL has yielded a comparatively lower -12.98% annualized return.
EZJ
- 1D
- 2.44%
- 1M
- 5.55%
- 6M
- 18.84%
- YTD
- 30.22%
- 1Y
- 67.49%
- 3Y*
- 26.44%
- 5Y*
- 8.39%
- 10Y*
- 10.41%
YCL
- 1D
- 0.84%
- 1M
- -2.37%
- 6M
- -6.69%
- YTD
- -8.16%
- 1Y
- -21.08%
- 3Y*
- -15.35%
- 5Y*
- -19.60%
- 10Y*
- -12.98%
EZJ vs. YCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 30.22% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
YCL ProShares Ultra Yen | -8.16% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
Correlation
The correlation between EZJ and YCL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | -0.03 |
The correlation between EZJ and YCL shifts across timeframes, from -0.03 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EZJ vs. YCL — Risk / Return Rank
EZJ
YCL
EZJ vs. YCL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and ProShares Ultra Yen (YCL). 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 | YCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.91 | ||
| Sortino ratioReturn per unit of downside risk | +4.22 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.77 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | -0.98 | +3.41 |
| Martin ratioReturn relative to average drawdown | 7.30 | -1.57 | +8.87 |
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Drawdowns
EZJ vs. YCL - Drawdown Comparison
The maximum EZJ drawdown since its inception was -58.63%, smaller than the maximum YCL drawdown of -88.56%. Use the drawdown chart below to compare losses from any high point for EZJ and YCL.
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Drawdown Indicators
| EZJ | YCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -88.56% | +29.93% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -22.69% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -41.98% | +10.50% |
Max Drawdown (5Y)Largest decline over 5 years | -58.63% | -67.35% | +8.72% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -77.51% | +18.88% |
Current DrawdownCurrent decline from peak | -5.58% | -88.44% | +82.86% |
Average DrawdownAverage peak-to-trough decline | -21.20% | -53.30% | +32.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 14.46% | -5.57% |
Volatility
EZJ vs. YCL - Volatility Comparison
ProShares Ultra MSCI Japan (EZJ) has a higher volatility of 15.60% compared to ProShares Ultra Yen (YCL) at 3.06%. This indicates that EZJ's price experiences larger fluctuations and is considered to be riskier than YCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZJ | YCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.60% | 3.06% | +12.54% |
Volatility (6M)Calculated over the trailing 6-month period | 34.61% | 11.16% | +23.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.18% | 16.30% | +25.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.16% | 20.51% | +16.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.65% | 18.38% | +16.27% |
EZJ vs. YCL - Expense Ratio Comparison
Both EZJ and YCL have an expense ratio of 0.95%.
Dividends
EZJ vs. YCL - Dividend Comparison
EZJ's dividend yield for the trailing twelve months is around 1.83%, while YCL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.83% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
YCL ProShares Ultra Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EZJ and YCL have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (15.60%) compared to YCL (3.06%). In terms of maximum drawdown, EZJ dropped -58.63% vs YCL's -88.56%.
On 10-year performance, EZJ leads with 10.41% vs -12.98% for YCL. Both ETFs have the same 0.95% expense ratio. On volatility, YCL has been the lower-risk option at 3.06%. 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 10.41% return vs -12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZJ and YCL have the same expense ratio: 0.95% per year.
EZJ has the higher dividend yield at 1.83%, compared with 0.00% for YCL.
EZJ is categorized as Japan Equities, while YCL is Leveraged Currency. EZJ tracks MSCI Japan Index (200%), while YCL tracks USD/JPY Exchange Rate (-200%).
EZJ currently has the higher Sharpe Ratio (1.54 vs -1.37), 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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