FLJP vs. EWV
FLJP (Franklin FTSE Japan ETF) and EWV (ProShares UltraShort MSCI Japan) are both Japan Equities funds - FLJP tracks the FTSE Japan RIC Capped Index while EWV tracks the MSCI Japan Index (-200%). Both are passively managed. Over the past 5 years, FLJP returned 9.53%/yr vs -18.46%/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 16.84% return, which is significantly higher than EWV's -29.93% return.
FLJP
- 1D
- 1.26%
- 1M
- 1.74%
- 6M
- 11.87%
- YTD
- 16.84%
- 1Y
- 34.83%
- 3Y*
- 18.23%
- 5Y*
- 9.53%
- 10Y*
- —
EWV
- 1D
- -2.78%
- 1M
- -4.20%
- 6M
- -23.47%
- YTD
- -29.93%
- 1Y
- -47.17%
- 3Y*
- -28.49%
- 5Y*
- -18.46%
- 10Y*
- -20.00%
FLJP vs. EWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLJP Franklin FTSE Japan ETF | 16.84% | 26.79% | 6.99% | 20.00% | -16.57% | 0.99% | 15.76% | 18.99% | -14.01% | 2.53% |
EWV ProShares UltraShort MSCI Japan | -29.93% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -3.82% |
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 6, 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.
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.
| FLJP | EWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.87 | ||
| Sortino ratioReturn per unit of downside risk | +4.16 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.80 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | -0.92 | +3.56 |
| Martin ratioReturn relative to average drawdown | 9.12 | -1.44 | +10.55 |
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Drawdowns
FLJP vs. EWV - Drawdown Comparison
The maximum FLJP drawdown since its inception was -32.49%, smaller than the maximum EWV drawdown of -99.20%. 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% | -99.20% | +66.71% |
Max Drawdown (1Y)Largest decline over 1 year | -13.30% | -51.16% | +37.86% |
Max Drawdown (3Y)Largest decline over 3 years | -14.17% | -71.19% | +57.02% |
Max Drawdown (5Y)Largest decline over 5 years | -32.49% | -79.51% | +47.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.92% | — |
Current DrawdownCurrent decline from peak | -2.54% | -99.16% | +96.62% |
Average DrawdownAverage peak-to-trough decline | -9.28% | -84.34% | +75.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 32.87% | -29.04% |
Volatility
FLJP vs. EWV - Volatility Comparison
The current volatility for Franklin FTSE Japan ETF (FLJP) is 6.59%, while ProShares UltraShort MSCI Japan (EWV) has a volatility of 14.40%. 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 | 6.59% | 14.40% | -7.81% |
Volatility (6M)Calculated over the trailing 6-month period | 16.30% | 34.86% | -18.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.94% | 42.40% | -22.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 37.25% | -19.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.89% | 35.15% | -17.26% |
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 4.21%, less than EWV's 5.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.16% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
FLJP Franklin FTSE Japan ETF | 4.21% | 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 (14.40%) compared to FLJP (6.59%). In terms of maximum drawdown, FLJP dropped -32.49% vs EWV's -99.20%.
On 5-year performance, FLJP leads with 9.53% vs -18.46% for EWV. On fees, FLJP is cheaper at 0.09% per year. On volatility, FLJP has been the lower-risk option at 6.59%. 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 9.53% return vs -18.46%. 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 5.16%, compared with 4.21% for FLJP.
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 (1.75 vs -1.12), 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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