IREG vs. EZJ

Last updated Jul 12, 2026

IREG (Leverage Shares 2X Long IREN Daily ETF) and EZJ (ProShares Ultra MSCI Japan) are both exchange-traded funds - IREG is a Leveraged Equities fund actively managed by Leverage Shares, while EZJ is a Japan Equities fund tracking the MSCI Japan Index (200%). IREG is actively managed, while EZJ is passively managed. At a 0.40 correlation, their price movements are largely independent. IREG charges 0.75%/yr vs 0.95%/yr for EZJ.

Performance

IREG vs. EZJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long IREN Daily ETF (IREG) and ProShares Ultra MSCI Japan (EZJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IREG achieves a -38.95% return, which is significantly lower than EZJ's 30.22% return.

IREG

• 1D: -3.17%
• 1M: -51.42%
• 6M: -56.98%
• YTD: -38.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EZJ

• 1D: 2.44%
• 1M: 5.55%
• 6M: 18.84%
• YTD: 30.22%
• 1Y: 67.49%
• 3Y*: 26.44%
• 5Y*: 8.39%
• 10Y*: 10.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IREG vs. EZJ - Yearly Performance Comparison

	2026 (YTD)	2025
IREG Leverage Shares 2X Long IREN Daily ETF	-38.95%	16.86%
EZJ ProShares Ultra MSCI Japan	30.22%	-2.90%

Correlation

The correlation between IREG and EZJ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.40

Return for Risk

IREG vs. EZJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IREG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

EZJ

EZJ Risk / Return Rank: 56
EZJ Sharpe Ratio Rank: 56
EZJ Sortino Ratio Rank: 53
EZJ Omega Ratio Rank: 57
EZJ Calmar Ratio Rank: 62
EZJ Martin Ratio Rank: 54

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.

IREG vs. EZJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long IREN Daily ETF (IREG) 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.

	IREG	EZJ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.54	—
Sortino ratio: Return per unit of downside risk	—	2.09	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.43	—
Martin ratio: Return relative to average drawdown	—	7.30	—

Drawdowns

IREG vs. EZJ - Drawdown Comparison

The maximum IREG drawdown since its inception was -80.08%, which is greater than EZJ's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for IREG and EZJ.

Drawdown Indicators

	IREG	EZJ	Difference
Max Drawdown Largest peak-to-trough decline	-80.08%	-58.63%	-21.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.78%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-31.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-58.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-58.63%	—
Current Drawdown Current decline from peak	-75.67%	-5.58%	-70.09%
Average Drawdown Average peak-to-trough decline	-46.44%	-21.20%	-25.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.89%	—

Volatility

Volatility by Period

	IREG	EZJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	209.41%	42.18%	+167.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	209.41%	37.16%	+172.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	209.41%	34.65%	+174.76%

IREG vs. EZJ - Expense Ratio Comparison

IREG has a 0.75% expense ratio, which is lower than EZJ's 0.95% expense ratio.

Dividends

IREG vs. EZJ - Dividend Comparison

IREG has not paid dividends to shareholders, while EZJ's dividend yield for the trailing twelve months is around 1.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EZJ ProShares Ultra MSCI Japan	1.83%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%
IREG Leverage Shares 2X Long IREN Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IREG and EZJ in my portfolio?

IREG and EZJ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IREG or EZJ?

On fees, IREG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IREG or EZJ?

IREG is cheaper with a 0.75% expense ratio, compared with 0.95% for EZJ.

Which ETF pays a higher dividend yield, IREG or EZJ?

EZJ has the higher dividend yield at 1.83%, compared with 0.00% for IREG.

What is the main difference between IREG and EZJ?

IREG is categorized as Leveraged Equities, while EZJ is Japan Equities. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for IREG and 0.95% for EZJ.