PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HEWJ vs. EZJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. EZJ

Last updated Aug 5, 2026
Documentation

HEWJ (iShares Currency Hedged MSCI Japan ETF) and EZJ (ProShares Ultra MSCI Japan) are both Japan Equities funds - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while EZJ tracks the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, HEWJ returned 16.67%/yr vs 10.05%/yr for EZJ. Their correlation of 0.80 means they have usually moved in the same direction. 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.

Loading charts...

Returns By Period

In the year-to-date period, HEWJ achieves a 20.71% return, which is significantly lower than EZJ's 29.20% return. Over the past 10 years, HEWJ has outperformed EZJ with an annualized return of 16.67%, while EZJ has yielded a comparatively lower 10.05% annualized return.

HEWJ

1D
2.48%
1M
-0.17%
6M
12.75%
YTD
20.71%
1Y
45.11%
3Y*
28.13%
5Y*
21.79%
10Y*
16.67%
ALL TIME*
14.05%

EZJ

1D
3.68%
1M
2.34%
6M
12.88%
YTD
29.20%
1Y
54.78%
3Y*
26.39%
5Y*
8.53%
10Y*
10.05%
ALL TIME*
8.15%
*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
$67.09K$107.47K$207.90K

HEWJ

iShares Currency Hedged MSCI Japan ETF
$1.73M$2.71M$4.09M

HEWJ vs. EZJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEWJ
iShares Currency Hedged MSCI Japan ETF		20.71%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%
EZJ
ProShares Ultra MSCI Japan		29.20%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 0.90, 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.

0.90

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

0.84

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

0.82

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

0.80

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

0.80

The correlation between HEWJ and EZJ shifts across timeframes, from 0.80 (10 years) to 0.90 (1 year), reflecting how their relationship changes across market environments.

HEWJ vs. EZJ - Sectors Allocation Comparison

Sectors
HEWJ
EZJ

Industrials

24.8%
22.8%

Technology

22.2%
24.6%

Financial Services

19.8%
17.7%

Consumer Cyclical

10.1%
11.3%

Healthcare

5.8%
5.3%

Communication Services

4.9%
8.1%

Basic Materials

3.8%
3.1%

Consumer Defensive

3.4%
3.4%

Real Estate

1.9%
1.9%

Utilities

1.0%
1.0%

Energy

0.9%
0.8%

Industrials

HEWJ
24.8%
EZJ
22.8%

Technology

HEWJ
22.2%
EZJ
24.6%

Financial Services

HEWJ
19.8%
EZJ
17.7%

Consumer Cyclical

HEWJ
10.1%
EZJ
11.3%

Healthcare

HEWJ
5.8%
EZJ
5.3%

Communication Services

HEWJ
4.9%
EZJ
8.1%

Basic Materials

HEWJ
3.8%
EZJ
3.1%

Consumer Defensive

HEWJ
3.4%
EZJ
3.4%

Real Estate

HEWJ
1.9%
EZJ
1.9%

Utilities

HEWJ
1.0%
EZJ
1.0%

Energy

HEWJ
0.9%
EZJ
0.8%

Compare stocks, funds, or ETFs

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

iShares Currency Hedged MSCI Japan ETF

ProShares Ultra MSCI Japan

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

Return for Risk

HEWJ vs. EZJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 8787
Overall Rank
HEWJ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8383
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8484
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9191
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8989
Martin Ratio Rank
EZJ
EZJ Risk / Return Rank: 4747
Overall Rank
EZJ Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4545
Sortino Ratio Rank
EZJ Omega Ratio Rank: 4747
Omega Ratio Rank
EZJ Calmar Ratio Rank: 5151
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4747
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.

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
2.25
1.29

+0.96

Sortino ratioReturn per unit of downside risk
2.99
1.84

+1.15

Omega ratioGain probability vs. loss probability

1.40

1.24

+0.16

Calmar ratioReturn relative to maximum drawdown

4.37

2.06

+2.31

Martin ratioReturn relative to average drawdown

14.87

5.91

+8.96

HEWJ vs. EZJ - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.25, which is higher than the EZJ Sharpe Ratio of 1.29. 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.

Loading charts...

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.

Loading charts...

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

-4.58%

-6.31%

+1.73%

Average Drawdown

Average peak-to-trough decline

-6.57%

-21.16%

+14.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

9.30%

-6.26%

Volatility

HEWJ vs. EZJ - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 6.48%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 15.00%. 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.

Loading charts...

Volatility by Period

HEWJEZJDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.48%

15.00%

-8.52%

Volatility (6M)

Calculated over the trailing 6-month period

16.28%

36.21%

-19.93%

Volatility (1Y)

Calculated over the trailing 1-year period

20.19%

42.87%

-22.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.42%

37.52%

-18.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.49%

34.85%

-15.36%

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 4.12%, more than EZJ's 1.84% yield.

PositionTTM20252024202320222021202020192018201720162015
EZJ
ProShares Ultra MSCI Japan		1.84%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		4.12%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 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZJ has higher volatility (15.00%) compared to HEWJ (6.48%). In terms of maximum drawdown, HEWJ dropped -31.53% vs EZJ's -58.63%.

On 10-year performance, HEWJ leads with 16.67% vs 10.05% for EZJ. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 6.48%. 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 16.67% return vs 10.05%. 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 4.12%, compared with 1.84% for EZJ.

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 (2.25 vs 1.29), 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.

Portfolio Optimizer

Find the right allocation for HEWJ and EZJ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer