ULE vs. EZJ
ULE (ProShares Ultra Euro) and EZJ (ProShares Ultra MSCI Japan) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while EZJ is a Japan Equities fund tracking the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, ULE returned -2.56%/yr vs 10.96%/yr for EZJ. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. EZJ - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -6.01% return, which is significantly lower than EZJ's 26.67% return. Over the past 10 years, ULE has underperformed EZJ with an annualized return of -2.56%, while EZJ has yielded a comparatively higher 10.96% annualized return.
ULE
- 1D
- 0.73%
- 1M
- -3.98%
- YTD
- -6.01%
- 6M
- -6.72%
- 1Y
- -6.36%
- 3Y*
- 2.13%
- 5Y*
- -3.34%
- 10Y*
- -2.56%
EZJ
- 1D
- 0.62%
- 1M
- 0.37%
- YTD
- 26.67%
- 6M
- 25.65%
- 1Y
- 49.98%
- 3Y*
- 25.04%
- 5Y*
- 8.32%
- 10Y*
- 10.96%
ULE vs. EZJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.01% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
EZJ ProShares Ultra MSCI Japan | 26.67% | 42.72% | 3.31% | 30.78% | -38.23% | -1.96% | 22.21% | 33.76% | -30.99% | 49.10% |
Correlation
The correlation between ULE and EZJ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | 0.24 |
The correlation between ULE and EZJ shifts across timeframes, from 0.24 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. EZJ — Risk / Return Rank
ULE
EZJ
ULE vs. EZJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
| ULE | EZJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.38 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.23 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.88 | -2.42 |
| Martin ratioReturn relative to average drawdown | -1.18 | 5.64 | -6.82 |
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Drawdowns
ULE vs. EZJ - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, which is greater than EZJ's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for ULE and EZJ.
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Drawdown Indicators
| ULE | EZJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -58.63% | -14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -26.78% | +15.11% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -31.48% | +14.04% |
Max Drawdown (5Y)Largest decline over 5 years | -37.69% | -58.63% | +20.94% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -58.63% | +7.33% |
Current DrawdownCurrent decline from peak | -63.31% | -8.15% | -55.16% |
Average DrawdownAverage peak-to-trough decline | -46.11% | -21.23% | -24.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.40% | 8.93% | -3.53% |
Volatility
ULE vs. EZJ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.81%, while ProShares Ultra MSCI Japan (EZJ) has a volatility of 16.35%. This indicates that ULE 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
| ULE | EZJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | 16.35% | -13.54% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 34.11% | -25.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.12% | 41.91% | -28.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.10% | 37.14% | -21.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.10% | 34.67% | -19.57% |
ULE vs. EZJ - Expense Ratio Comparison
Both ULE and EZJ have an expense ratio of 0.95%.
Dividends
ULE vs. EZJ - Dividend Comparison
ULE has not paid dividends to shareholders, while EZJ's dividend yield for the trailing twelve months is around 1.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EZJ ProShares Ultra MSCI Japan | 1.88% | 1.13% | 2.09% | 1.11% | 0.56% | 0.00% | 0.00% | 0.24% | 4.49% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and EZJ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZJ has higher volatility (16.35%) compared to ULE (2.81%). In terms of maximum drawdown, ULE dropped -72.74% vs EZJ's -58.63%.
On 10-year performance, EZJ leads with 10.96% vs -2.56% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EZJ has performed better with a 10.96% return vs -2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and EZJ have the same expense ratio: 0.95% per year.
EZJ has the higher dividend yield at 1.88%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while EZJ is Japan Equities. ULE tracks USD/EUR Exchange Rate (-200%), while EZJ tracks MSCI Japan Index (200%).
EZJ currently has the higher Sharpe Ratio (1.20 vs -0.49), 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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