RAYJ vs. EZJ

Last updated Jun 5, 2026

RAYJ (Rayliant SMDAM Japan Equity ETF) and EZJ (ProShares Ultra MSCI Japan) are both exchange-traded funds - RAYJ is a Japan Equities fund actively managed by Rayliant, while EZJ is a Leveraged Equities fund tracking the MSCI Japan Index (200%). RAYJ is actively managed, while EZJ is passively managed. Over the past year, RAYJ returned 33.71% vs 58.99% for EZJ. A 0.80 correlation means they provide meaningful diversification when combined. RAYJ charges 0.72%/yr vs 0.95%/yr for EZJ.

Performance

RAYJ vs. EZJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant SMDAM Japan Equity ETF (RAYJ) 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, RAYJ achieves a 23.45% return, which is significantly lower than EZJ's 29.29% return.

RAYJ

• 1D: -0.91%
• 1M: 3.88%
• YTD: 23.45%
• 6M: 20.56%
• 1Y: 33.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EZJ

• 1D: 0.39%
• 1M: 10.56%
• YTD: 29.29%
• 6M: 28.96%
• 1Y: 58.99%
• 3Y*: 26.09%
• 5Y*: 7.76%
• 10Y*: 10.56%

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

RAYJ vs. EZJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RAYJ Rayliant SMDAM Japan Equity ETF	23.45%	20.16%	10.10%
EZJ ProShares Ultra MSCI Japan	29.29%	42.72%	-10.29%

Correlation

The correlation between RAYJ and EZJ is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	0.80

The correlation between RAYJ and EZJ has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

RAYJ vs. EZJ - Sectors Allocation Comparison

Sectors	RAYJ	EZJ
Industrials	32.6%	26.0%
Consumer Cyclical	24.1%	12.2%
Technology	18.5%	19.1%
Basic Materials	7.5%	3.0%
Financial Services	7.2%	17.6%
Healthcare	3.9%	6.2%
Real Estate	3.1%	2.3%
Consumer Defensive	1.7%	3.6%
Communication Services	1.4%	7.9%
Energy	-	1.1%
Utilities	-	1.1%

Return for Risk

RAYJ vs. EZJ — Risk / Return Rank

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

RAYJ

RAYJ Risk / Return Rank: 45
RAYJ Sharpe Ratio Rank: 42
RAYJ Sortino Ratio Rank: 44
RAYJ Omega Ratio Rank: 41
RAYJ Calmar Ratio Rank: 50
RAYJ Martin Ratio Rank: 47

EZJ

EZJ Risk / Return Rank: 43
EZJ Sharpe Ratio Rank: 43
EZJ Sortino Ratio Rank: 42
EZJ Omega Ratio Rank: 43
EZJ Calmar Ratio Rank: 45
EZJ Martin Ratio Rank: 43

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.

RAYJ vs. EZJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) 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.

	RAYJ	EZJ	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.49	-0.04
Sortino ratio: Return per unit of downside risk	2.17	2.10	+0.06
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	2.42	2.21	+0.20
Martin ratio: Return relative to average drawdown	7.78	6.79	+1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAYJ vs. EZJ - Sharpe Ratio Comparison

The current RAYJ Sharpe Ratio is 1.46, which is comparable to the EZJ Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of RAYJ 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.

Sharpe Ratios by Period

	RAYJ	EZJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.49	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.24	+0.89

Drawdowns

RAYJ vs. EZJ - Drawdown Comparison

The maximum RAYJ drawdown since its inception was -15.96%, smaller than the maximum EZJ drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for RAYJ and EZJ.

Drawdown Indicators

	RAYJ	EZJ	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-58.63%	+42.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-26.78%	+12.78%
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	-3.14%	-3.87%	+0.73%
Average Drawdown Average peak-to-trough decline	-3.53%	-21.28%	+17.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	8.72%	-4.38%

Volatility

RAYJ vs. EZJ - Volatility Comparison

The current volatility for Rayliant SMDAM Japan Equity ETF (RAYJ) is 7.28%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 8.46%. This indicates that RAYJ 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.

Volatility by Period

	RAYJ	EZJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	8.46%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	30.74%	-12.46%
Volatility (1Y) Calculated over the trailing 1-year period	23.24%	39.67%	-16.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.76%	36.58%	-13.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.76%	34.53%	-11.77%

RAYJ vs. EZJ - Expense Ratio Comparison

RAYJ has a 0.72% expense ratio, which is lower than EZJ's 0.95% expense ratio.

Dividends

RAYJ vs. EZJ - Dividend Comparison

RAYJ's dividend yield for the trailing twelve months is around 1.39%, less than EZJ's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EZJ ProShares Ultra MSCI Japan	1.60%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%
RAYJ Rayliant SMDAM Japan Equity ETF	1.39%	1.72%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAYJ and EZJ in my portfolio?

RAYJ and EZJ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAYJ or EZJ?

EZJ has higher volatility (8.46%) compared to RAYJ (7.28%). In terms of maximum drawdown, RAYJ dropped -15.96% vs EZJ's -58.63%.

Which ETF is better, RAYJ or EZJ?

On 1-year performance, EZJ leads with 58.99% vs 33.71% for RAYJ. On fees, RAYJ is cheaper at 0.72% per year. On volatility, RAYJ has been the lower-risk option at 7.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAYJ or EZJ?

Over the 1-year period, EZJ has performed better with a 58.99% return vs 33.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAYJ or EZJ?

RAYJ is cheaper with a 0.72% expense ratio, compared with 0.95% for EZJ.

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

EZJ has the higher dividend yield at 1.60%, compared with 1.39% for RAYJ.

What is the main difference between RAYJ and EZJ?

RAYJ is categorized as Japan Equities, while EZJ is Leveraged Equities. They also come from different issuers: Rayliant and ProShares. Their fees differ too: 0.72% for RAYJ and 0.95% for EZJ.

Which has better risk-adjusted returns?

EZJ currently has the higher Sharpe Ratio (1.49 vs 1.46), 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.