FLJP vs. EWV
FLJP (Franklin FTSE Japan ETF) and EWV (ProShares UltraShort MSCI Japan) are both exchange-traded funds - FLJP is a Japan Equities fund tracking the FTSE Japan RIC Capped Index, while EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%). Both are passively managed. Over the past 5 years, FLJP returned 9.03%/yr vs -17.58%/yr for EWV. At a correlation of -0.96, they often move in opposite directions. FLJP charges 0.09%/yr vs 0.95%/yr for EWV.
Performance
FLJP vs. EWV - Performance Comparison
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Returns By Period
In the year-to-date period, FLJP achieves a 16.23% return, which is significantly higher than EWV's -27.97% return.
FLJP
- 1D
- 0.33%
- 1M
- 6.40%
- YTD
- 16.23%
- 6M
- 17.97%
- 1Y
- 32.70%
- 3Y*
- 18.66%
- 5Y*
- 9.03%
- 10Y*
- —
EWV
- 1D
- -0.28%
- 1M
- -12.11%
- YTD
- -27.97%
- 6M
- -29.61%
- 1Y
- -43.86%
- 3Y*
- -28.45%
- 5Y*
- -17.58%
- 10Y*
- -20.24%
FLJP vs. EWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLJP Franklin FTSE Japan ETF | 16.23% | 26.79% | 6.99% | 20.00% | -16.57% | 0.99% | 15.76% | 18.99% | -14.01% | 2.22% |
EWV ProShares UltraShort MSCI Japan | -27.97% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -4.10% |
Correlation
The correlation between FLJP and EWV is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017 | -0.96 |
The correlation between FLJP and EWV has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
FLJP vs. EWV — Risk / Return Rank
FLJP
EWV
FLJP vs. EWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Japan ETF (FLJP) and ProShares UltraShort MSCI Japan (EWV). 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.
| FLJP | EWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.85 | ||
| Sortino ratioReturn per unit of downside risk | +4.13 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.80 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | -0.94 | +3.41 |
| Martin ratioReturn relative to average drawdown | 8.62 | -1.51 | +10.13 |
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
| FLJP | EWV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | -1.11 | +2.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | -0.48 | +0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.58 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | -0.47 | +0.92 |
Drawdowns
FLJP vs. EWV - Drawdown Comparison
The maximum FLJP drawdown since its inception was -32.49%, smaller than the maximum EWV drawdown of -99.13%. Use the drawdown chart below to compare losses from any high point for FLJP and EWV.
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Drawdown Indicators
| FLJP | EWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.49% | -99.13% | +66.64% |
Max Drawdown (1Y)Largest decline over 1 year | -13.30% | -46.88% | +33.58% |
Max Drawdown (3Y)Largest decline over 3 years | -14.17% | -68.67% | +54.50% |
Max Drawdown (5Y)Largest decline over 5 years | -32.49% | -77.72% | +45.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -90.10% | — |
Current DrawdownCurrent decline from peak | -0.07% | -99.13% | +99.06% |
Average DrawdownAverage peak-to-trough decline | -9.37% | -84.28% | +74.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.80% | 29.05% | -25.25% |
Volatility
FLJP vs. EWV - Volatility Comparison
The current volatility for Franklin FTSE Japan ETF (FLJP) is 4.11%, while ProShares UltraShort MSCI Japan (EWV) has a volatility of 9.11%. This indicates that FLJP experiences smaller price fluctuations and is considered to be less risky than EWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLJP | EWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.11% | 9.11% | -5.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 31.22% | -16.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 39.88% | -20.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.75% | 36.62% | -18.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 34.95% | -17.16% |
FLJP vs. EWV - Expense Ratio Comparison
FLJP has a 0.09% expense ratio, which is lower than EWV's 0.95% expense ratio.
Dividends
FLJP vs. EWV - Dividend Comparison
FLJP's dividend yield for the trailing twelve months is around 4.43%, less than EWV's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.98% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
FLJP Franklin FTSE Japan ETF | 4.43% | 5.15% | 4.56% | 3.00% | 1.92% | 2.40% | 1.51% | 2.26% | 1.50% | 0.10% |
Frequently Asked Questions
FLJP and EWV have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (9.11%) compared to FLJP (4.11%). In terms of maximum drawdown, FLJP dropped -32.49% vs EWV's -99.13%.
On 5-year performance, FLJP leads with 9.03% vs -17.58% for EWV. On fees, FLJP is cheaper at 0.09% per year. On volatility, FLJP has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLJP has performed better with a 9.03% return vs -17.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLJP is cheaper with a 0.09% expense ratio, compared with 0.95% for EWV.
EWV has the higher dividend yield at 4.98%, compared with 4.43% for FLJP.
FLJP is categorized as Japan Equities, while EWV is Leveraged Equities. FLJP tracks FTSE Japan RIC Capped Index, while EWV tracks MSCI Japan Index (-200%). They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.09% for FLJP and 0.95% for EWV.
FLJP currently has the higher Sharpe Ratio (1.74 vs -1.11), 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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