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HEWJ vs. EZJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. EZJ

Last updated Jun 26, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and EZJ (ProShares Ultra MSCI Japan) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, HEWJ returned 17.60%/yr vs 11.65%/yr for EZJ. Their correlation of 0.80 suggests significant overlap in exposure. HEWJ charges 0.49%/yr vs 0.95%/yr for EZJ.

Performance

HEWJ vs. EZJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) 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, HEWJ achieves a 21.98% return, which is significantly lower than EZJ's 27.24% return. Over the past 10 years, HEWJ has outperformed EZJ with an annualized return of 17.60%, while EZJ has yielded a comparatively lower 11.65% annualized return.

HEWJ

1D
0.82%
1M
2.80%
YTD
21.98%
6M
22.44%
1Y
55.15%
3Y*
28.93%
5Y*
21.67%
10Y*
17.60%

EZJ

1D
1.48%
1M
0.91%
YTD
27.24%
6M
26.38%
1Y
62.45%
3Y*
26.61%
5Y*
7.82%
10Y*
11.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. EZJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEWJ
iShares Currency Hedged MSCI Japan ETF		21.98%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%
EZJ
ProShares Ultra MSCI Japan		27.24%42.72%3.31%30.78%-38.23%-1.96%22.21%33.76%-30.99%49.10%

Correlation

The correlation between HEWJ and EZJ is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.80

The correlation between HEWJ and EZJ has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

HEWJ vs. EZJ - Sectors Allocation Comparison

Sectors
HEWJ
EZJ

Technology

23.5%
20.8%

Industrials

22.8%
24.5%

Financial Services

17.9%
17.8%

Consumer Cyclical

11.1%
11.9%

Communication Services

6.4%
8.8%

Healthcare

5.7%
5.9%

Basic Materials

3.9%
3.0%

Consumer Defensive

3.3%
3.5%

Real Estate

1.9%
1.9%

Utilities

1.0%
1.0%

Energy

0.9%
1.0%

Technology

HEWJ
23.5%
EZJ
20.8%

Industrials

HEWJ
22.8%
EZJ
24.5%

Financial Services

HEWJ
17.9%
EZJ
17.8%

Consumer Cyclical

HEWJ
11.1%
EZJ
11.9%

Communication Services

HEWJ
6.4%
EZJ
8.8%

Healthcare

HEWJ
5.7%
EZJ
5.9%

Basic Materials

HEWJ
3.9%
EZJ
3.0%

Consumer Defensive

HEWJ
3.3%
EZJ
3.5%

Real Estate

HEWJ
1.9%
EZJ
1.9%

Utilities

HEWJ
1.0%
EZJ
1.0%

Energy

HEWJ
0.9%
EZJ
1.0%

Compare stocks, funds, or ETFs

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iShares Currency Hedged MSCI Japan ETF

ProShares Ultra MSCI Japan

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. HEEM
Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. EWJVEZJ vs. FLJPEZJ vs. YCLEZJ vs. ^N225

Return for Risk

HEWJ vs. EZJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 9191
Overall Rank
HEWJ Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 9090
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 9090
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9292
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9393
Martin Ratio Rank
EZJ
EZJ Risk / Return Rank: 4949
Overall Rank
EZJ Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4545
Sortino Ratio Rank
EZJ Omega Ratio Rank: 4848
Omega Ratio Rank
EZJ Calmar Ratio Rank: 5454
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HEWJ vs. EZJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) 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.

HEWJEZJDifference
Sharpe ratioReturn per unit of total volatility
2.78
1.49

+1.29

Sortino ratioReturn per unit of downside risk
3.62
2.04

+1.57

Omega ratioGain probability vs. loss probability

1.50

1.27

+0.23

Calmar ratioReturn relative to maximum drawdown

5.34

2.34

+3.00

Martin ratioReturn relative to average drawdown

20.38

7.04

+13.34

HEWJ vs. EZJ - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.78, which is higher than the EZJ Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of HEWJ 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

HEWJ vs. EZJ - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum EZJ drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for HEWJ and EZJ.

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Drawdown Indicators

HEWJEZJDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-58.63%

+27.10%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-26.78%

+16.41%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-31.48%

+10.58%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-58.63%

+37.73%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

-58.63%

+27.10%

Current Drawdown

Current decline from peak

-3.58%

-7.74%

+4.16%

Average Drawdown

Average peak-to-trough decline

-6.59%

-21.23%

+14.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

8.90%

-6.19%

Volatility

HEWJ vs. EZJ - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 8.00%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 16.40%. This indicates that HEWJ 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

HEWJEZJDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.00%

16.40%

-8.40%

Volatility (6M)

Calculated over the trailing 6-month period

15.39%

34.13%

-18.74%

Volatility (1Y)

Calculated over the trailing 1-year period

19.96%

42.14%

-22.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.30%

37.14%

-17.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.51%

34.74%

-15.23%

HEWJ vs. EZJ - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is lower than EZJ's 0.95% expense ratio.

Dividends

HEWJ vs. EZJ - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.18%, more than EZJ's 1.87% yield.

PositionTTM20252024202320222021202020192018201720162015
EZJ
ProShares Ultra MSCI Japan		1.87%1.13%2.09%1.11%0.56%0.00%0.00%0.24%4.49%0.00%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.18%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%

Frequently Asked Questions

HEWJ and EZJ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZJ has higher volatility (16.40%) compared to HEWJ (8.00%). In terms of maximum drawdown, HEWJ dropped -31.53% vs EZJ's -58.63%.

On 10-year performance, HEWJ leads with 17.60% vs 11.65% for EZJ. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 8.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HEWJ has performed better with a 17.60% return vs 11.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.95% for EZJ.

HEWJ has the higher dividend yield at 4.18%, compared with 1.87% for EZJ.

HEWJ is categorized as Japan Equities, while EZJ is Leveraged Equities. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while EZJ tracks MSCI Japan Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.49% for HEWJ and 0.95% for EZJ.

HEWJ currently has the higher Sharpe Ratio (2.78 vs 1.49), 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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