JPY vs. EZJ
JPY (Lazard Japanese Equity ETF) and EZJ (ProShares Ultra MSCI Japan) are both Japan Equities funds. JPY is actively managed, while EZJ is passively managed. Over the past year, JPY returned 32.90% vs 52.87% for EZJ. Their correlation of 0.94 means they have usually moved in the same direction. JPY charges 0.60%/yr vs 0.95%/yr for EZJ.
Performance
JPY vs. EZJ - Performance Comparison
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Returns By Period
In the year-to-date period, JPY achieves a 17.35% return, which is significantly lower than EZJ's 23.68% return.
JPY
- 1D
- -0.99%
- 1M
- 0.13%
- 6M
- 11.59%
- YTD
- 17.35%
- 1Y
- 32.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 45.86%
EZJ
- 1D
- -1.58%
- 1M
- -2.03%
- 6M
- 10.39%
- YTD
- 23.68%
- 1Y
- 52.87%
- 3Y*
- 23.37%
- 5Y*
- 8.08%
- 10Y*
- 9.99%
- ALL TIME*
- 7.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $65.91K | $120.27K | $216.70K | |
| $117.81K | $120.64K | $196.88K |
JPY vs. EZJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JPY Lazard Japanese Equity ETF | 17.35% | 39.95% |
EZJ ProShares Ultra MSCI Japan | 23.68% | 74.98% |
Correlation
The correlation between JPY and EZJ is 0.94, 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. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.94 |
The correlation between JPY and EZJ has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.
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Return for Risk
JPY vs. EZJ — Risk / Return Rank
JPY
EZJ
JPY vs. EZJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lazard Japanese Equity ETF (JPY) 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.
| JPY | EZJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.24 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 2.06 | +0.17 |
| Martin ratioReturn relative to average drawdown | 7.53 | 5.92 | +1.61 |
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Drawdowns
JPY vs. EZJ - Drawdown Comparison
The maximum JPY drawdown since its inception was -15.13%, smaller than the maximum EZJ drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for JPY and EZJ.
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Drawdown Indicators
| JPY | EZJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.13% | -58.63% | +43.50% |
Max Drawdown (1Y)Largest decline over 1 year | -15.13% | -26.78% | +11.65% |
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 DrawdownCurrent decline from peak | -1.98% | -10.32% | +8.34% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -21.17% | +18.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 9.27% | -4.81% |
Volatility
JPY vs. EZJ - Volatility Comparison
The current volatility for Lazard Japanese Equity ETF (JPY) is 6.16%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 15.30%. This indicates that JPY 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
| JPY | EZJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.16% | 15.30% | -9.14% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 36.05% | -19.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.03% | 42.75% | -22.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.02% | 37.50% | -16.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.02% | 34.85% | -13.83% |
JPY vs. EZJ - Expense Ratio Comparison
JPY has a 0.60% expense ratio, which is lower than EZJ's 0.95% expense ratio.
Dividends
JPY vs. EZJ - Dividend Comparison
JPY's dividend yield for the trailing twelve months is around 1.18%, less than EZJ's 1.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.92% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
JPY Lazard Japanese Equity ETF | 1.18% | 2.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, JPY and EZJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EZJ has higher volatility (15.30%) compared to JPY (6.16%). In terms of maximum drawdown, JPY dropped -15.13% vs EZJ's -58.63%.
On 1-year performance, EZJ leads with 52.87% vs 32.90% for JPY. On fees, JPY is cheaper at 0.60% per year. On volatility, JPY has been the lower-risk option at 6.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EZJ has performed better with a 52.87% return vs 32.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPY is cheaper with a 0.60% expense ratio, compared with 0.95% for EZJ.
EZJ has the higher dividend yield at 1.92%, compared with 1.18% for JPY.
They also come from different issuers: Lazard and ProShares. Their fees differ too: 0.60% for JPY and 0.95% for EZJ.
JPY currently has the higher Sharpe Ratio (1.68 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.
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