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FJP vs. EZJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FJP vs. EZJ

Last updated Aug 4, 2026
Documentation

FJP (First Trust Japan AlphaDEX Fund) and EZJ (ProShares Ultra MSCI Japan) are both Japan Equities funds - FJP tracks the NASDAQ AlphaDEX Japan Index while EZJ tracks the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, FJP returned 7.30%/yr vs 9.66%/yr for EZJ. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FJP charges 0.80%/yr vs 0.95%/yr for EZJ.

Performance

FJP vs. EZJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and ProShares Ultra MSCI Japan (EZJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FJP achieves a 11.92% return, which is significantly lower than EZJ's 24.61% return. Over the past 10 years, FJP has underperformed EZJ with an annualized return of 7.30%, while EZJ has yielded a comparatively higher 9.66% annualized return.

FJP

1D
0.46%
1M
-2.16%
6M
5.22%
YTD
11.92%
1Y
26.90%
3Y*
18.09%
5Y*
10.76%
10Y*
7.30%
ALL TIME*
5.83%

EZJ

1D
0.76%
1M
-1.29%
6M
10.98%
YTD
24.61%
1Y
54.02%
3Y*
24.88%
5Y*
8.00%
10Y*
9.66%
ALL TIME*
7.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EZJ

ProShares Ultra MSCI Japan
$66.89K$110.67K$215.08K

FJP

First Trust Japan AlphaDEX Fund
$726.42K$746.73K$724.49K

FJP vs. EZJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FJP
First Trust Japan AlphaDEX Fund		11.92%33.60%5.80%23.00%-12.83%-1.13%3.60%7.72%-18.60%27.63%
EZJ
ProShares Ultra MSCI Japan		24.61%42.72%3.31%30.78%-38.23%-1.96%22.21%33.76%-30.99%49.10%

Correlation

The correlation between FJP and EZJ is 0.83, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.83

Correlation (3Y)
Balances recent behavior with more history.

0.81

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (10Y)
Provides a long-term view across more market conditions.

0.79

Correlation (All Time)
Calculated using the full available price history since Apr 26, 2011

0.78

The correlation between FJP and EZJ has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

FJP vs. EZJ - Sectors Allocation Comparison

Sectors
FJP
EZJ

Industrials

43.6%
22.8%

Technology

12.2%
24.6%

Consumer Cyclical

12.1%
11.3%

Basic Materials

9.6%
3.1%

Utilities

5.8%
1.0%

Financial Services

5.7%
17.7%

Healthcare

3.2%
5.3%

Energy

3.2%
0.8%

Real Estate

3.1%
1.9%

Consumer Defensive

0.8%
3.4%

Communication Services

0.8%
8.1%

Industrials

FJP
43.6%
EZJ
22.8%

Technology

FJP
12.2%
EZJ
24.6%

Consumer Cyclical

FJP
12.1%
EZJ
11.3%

Basic Materials

FJP
9.6%
EZJ
3.1%

Utilities

FJP
5.8%
EZJ
1.0%

Financial Services

FJP
5.7%
EZJ
17.7%

Healthcare

FJP
3.2%
EZJ
5.3%

Energy

FJP
3.2%
EZJ
0.8%

Real Estate

FJP
3.1%
EZJ
1.9%

Consumer Defensive

FJP
0.8%
EZJ
3.4%

Communication Services

FJP
0.8%
EZJ
8.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Japan AlphaDEX Fund

ProShares Ultra MSCI Japan

Often compared with FJP:
FJP vs. IAUMFJP vs. EWJFJP vs. QQQFJP vs. EWJVFJP vs. DXJFJP vs. VOOFJP vs. DGRW
Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. FLJPEZJ vs. EWJVEZJ vs. YCLEZJ vs. ^N225

Return for Risk

FJP vs. EZJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FJP
FJP Risk / Return Rank: 4747
Overall Rank
FJP Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
FJP Sortino Ratio Rank: 4747
Sortino Ratio Rank
FJP Omega Ratio Rank: 4848
Omega Ratio Rank
FJP Calmar Ratio Rank: 5050
Calmar Ratio Rank
FJP Martin Ratio Rank: 4242
Martin Ratio Rank
EZJ
EZJ Risk / Return Rank: 5050
Overall Rank
EZJ Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4848
Sortino Ratio Rank
EZJ Omega Ratio Rank: 5151
Omega Ratio Rank
EZJ Calmar Ratio Rank: 5454
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4949
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FJP vs. EZJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and ProShares Ultra MSCI Japan (EZJ). 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.

FJPEZJDifference
Sharpe ratioReturn per unit of total volatility
1.26
1.27

-0.01

Sortino ratioReturn per unit of downside risk
1.81
1.83

-0.02

Omega ratioGain probability vs. loss probability

1.23

1.24

-0.01

Calmar ratioReturn relative to maximum drawdown

1.87

2.03

-0.15

Martin ratioReturn relative to average drawdown

4.86

5.83

-0.97

FJP vs. EZJ - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.26, which is comparable to the EZJ Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FJP and EZJ, 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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Drawdowns

FJP vs. EZJ - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, smaller than the maximum EZJ drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for FJP and EZJ.

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Drawdown Indicators

FJPEZJDifference

Max Drawdown

Largest peak-to-trough decline

-41.51%

-58.63%

+17.12%

Max Drawdown (1Y)

Largest decline over 1 year

-14.43%

-26.78%

+12.35%

Max Drawdown (3Y)

Largest decline over 3 years

-17.02%

-31.48%

+14.46%

Max Drawdown (5Y)

Largest decline over 5 years

-31.88%

-58.63%

+26.75%

Max Drawdown (10Y)

Largest decline over 10 years

-41.51%

-58.63%

+17.12%

Current Drawdown

Current decline from peak

-8.27%

-9.64%

+1.37%

Average Drawdown

Average peak-to-trough decline

-11.41%

-21.16%

+9.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.54%

9.29%

-3.75%

Volatility

FJP vs. EZJ - Volatility Comparison

The current volatility for First Trust Japan AlphaDEX Fund (FJP) is 7.56%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 15.32%. This indicates that FJP experiences smaller price fluctuations and is considered to be less risky than EZJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FJPEZJDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.56%

15.32%

-7.76%

Volatility (6M)

Calculated over the trailing 6-month period

18.76%

36.04%

-17.28%

Volatility (1Y)

Calculated over the trailing 1-year period

21.46%

42.81%

-21.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.69%

37.50%

-16.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.02%

34.85%

-15.83%

FJP vs. EZJ - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is lower than EZJ's 0.95% expense ratio.

Dividends

FJP vs. EZJ - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.59%, more than EZJ's 1.91% yield.

PositionTTM20252024202320222021202020192018201720162015
EZJ
ProShares Ultra MSCI Japan		1.91%1.13%2.09%1.11%0.56%0.00%0.00%0.24%4.49%0.00%0.00%0.00%
FJP
First Trust Japan AlphaDEX Fund		2.59%2.68%3.18%3.49%2.21%2.43%0.99%2.80%1.54%1.29%1.46%0.85%

Frequently Asked Questions

FJP and EZJ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZJ has higher volatility (15.32%) compared to FJP (7.56%). In terms of maximum drawdown, FJP dropped -41.51% vs EZJ's -58.63%.

On 10-year performance, EZJ leads with 9.66% vs 7.30% for FJP. On fees, FJP is cheaper at 0.80% per year. On volatility, FJP has been the lower-risk option at 7.56%. 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 9.66% return vs 7.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FJP is cheaper with a 0.80% expense ratio, compared with 0.95% for EZJ.

FJP has the higher dividend yield at 2.59%, compared with 1.91% for EZJ.

FJP tracks NASDAQ AlphaDEX Japan Index, while EZJ tracks MSCI Japan Index (200%). They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.80% for FJP and 0.95% for EZJ.

EZJ currently has the higher Sharpe Ratio (1.27 vs 1.26), 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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