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USD vs. EZJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USD vs. EZJ

Last updated Jun 9, 2026

USD (ProShares Ultra Semiconductors) and EZJ (ProShares Ultra MSCI Japan) are both Leveraged Equities funds from ProShares - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while EZJ tracks the MSCI Japan Index (200%). Both are passively managed. Over the past 10 years, USD returned 59.63%/yr vs 10.41%/yr for EZJ. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

USD vs. EZJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and ProShares Ultra MSCI Japan (EZJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USD achieves a 81.60% return, which is significantly higher than EZJ's 22.90% return. Over the past 10 years, USD has outperformed EZJ with an annualized return of 59.63%, while EZJ has yielded a comparatively lower 10.41% annualized return.

USD

1D
7.41%
1M
-0.05%
YTD
81.60%
6M
69.12%
1Y
218.18%
3Y*
115.96%
5Y*
65.20%
10Y*
59.63%

EZJ

1D
2.82%
1M
-1.47%
YTD
22.90%
6M
24.37%
1Y
52.49%
3Y*
23.35%
5Y*
7.01%
10Y*
10.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD vs. EZJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD
ProShares Ultra Semiconductors		81.60%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%
EZJ
ProShares Ultra MSCI Japan		22.90%42.72%3.31%30.78%-38.23%-1.96%22.21%33.76%-30.99%49.10%

Correlation

The correlation between USD and EZJ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Jun 8, 2009

0.49

The correlation between USD and EZJ has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

USD vs. EZJ - Sectors Allocation Comparison

Sectors
USD
EZJ

Financial Services

28.0%
17.6%

Technology

26.7%
19.1%

Energy

0.0%
1.1%

Basic Materials

-

3.0%

Communication Services

-

7.9%

Consumer Cyclical

-

12.2%

Consumer Defensive

-

3.6%

Healthcare

-

6.2%

Industrials

-

26.0%

Real Estate

-

2.3%

Utilities

-

1.1%

Financial Services

USD
28.0%
EZJ
17.6%

Technology

USD
26.7%
EZJ
19.1%

Energy

USD
0.0%
EZJ
1.1%

Basic Materials

USD

-

EZJ
3.0%

Communication Services

USD

-

EZJ
7.9%

Consumer Cyclical

USD

-

EZJ
12.2%

Consumer Defensive

USD

-

EZJ
3.6%

Healthcare

USD

-

EZJ
6.2%

Industrials

USD

-

EZJ
26.0%

Real Estate

USD

-

EZJ
2.3%

Utilities

USD

-

EZJ
1.1%

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ProShares Ultra Semiconductors

ProShares Ultra MSCI Japan

Often compared with USD:
USD vs. SOXLUSD vs. SMHUSD vs. TQQQUSD vs. QQQUSD vs. SCHDUSD vs. SPYUSD vs. FNGO
Often compared with EZJ:
EZJ vs. EWJEZJ vs. EWVEZJ vs. DXJEZJ vs. EWJVEZJ vs. FLJPEZJ vs. ^N225EZJ vs. YCL

Return for Risk

USD vs. EZJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USD
USD Risk / Return Rank: 8888
Overall Rank
USD Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
USD Sortino Ratio Rank: 7979
Sortino Ratio Rank
USD Omega Ratio Rank: 8181
Omega Ratio Rank
USD Calmar Ratio Rank: 9494
Calmar Ratio Rank
USD Martin Ratio Rank: 9191
Martin Ratio Rank
EZJ
EZJ Risk / Return Rank: 4242
Overall Rank
EZJ Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EZJ Sortino Ratio Rank: 4141
Sortino Ratio Rank
EZJ Omega Ratio Rank: 4242
Omega Ratio Rank
EZJ Calmar Ratio Rank: 4444
Calmar Ratio Rank
EZJ Martin Ratio Rank: 4141
Martin Ratio Rank
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.

USD vs. EZJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.

USDEZJDifference
Sharpe ratioReturn per unit of total volatility
3.43
1.30

+2.13

Sortino ratioReturn per unit of downside risk
3.15
1.88

+1.27

Omega ratioGain probability vs. loss probability

1.43

1.25

+0.19

Calmar ratioReturn relative to maximum drawdown

6.91

1.97

+4.94

Martin ratioReturn relative to average drawdown

19.73

6.01

+13.72

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USD vs. EZJ - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 3.43, which is higher than the EZJ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of USD 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.

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Sharpe Ratios by Period

USDEZJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.43

1.30

+2.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.85

0.19

+0.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

0.30

+0.56

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

0.23

+0.25

Drawdowns

USD vs. EZJ - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than EZJ's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for USD and EZJ.

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Drawdown Indicators

USDEZJDifference

Max Drawdown

Largest peak-to-trough decline

-88.63%

-58.63%

-30.00%

Max Drawdown (1Y)

Largest decline over 1 year

-31.80%

-26.78%

-5.02%

Max Drawdown (3Y)

Largest decline over 3 years

-64.46%

-31.48%

-32.98%

Max Drawdown (5Y)

Largest decline over 5 years

-77.85%

-58.63%

-19.22%

Max Drawdown (10Y)

Largest decline over 10 years

-77.85%

-58.63%

-19.22%

Current Drawdown

Current decline from peak

-16.10%

-8.62%

-7.48%

Average Drawdown

Average peak-to-trough decline

-32.34%

-21.28%

-11.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.11%

8.76%

+2.35%

Volatility

USD vs. EZJ - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 28.47% compared to ProShares Ultra MSCI Japan (EZJ) at 10.77%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier 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

USDEZJDifference

Volatility (1M)

Calculated over the trailing 1-month period

28.47%

10.77%

+17.70%

Volatility (6M)

Calculated over the trailing 6-month period

50.89%

31.80%

+19.09%

Volatility (1Y)

Calculated over the trailing 1-year period

64.16%

40.51%

+23.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

77.00%

36.76%

+40.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

69.51%

34.63%

+34.88%

USD vs. EZJ - Expense Ratio Comparison

Both USD and EZJ have an expense ratio of 0.95%.

Dividends

USD vs. EZJ - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.25%, less than EZJ's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
EZJ
ProShares Ultra MSCI Japan		1.68%1.13%2.09%1.11%0.56%0.00%0.00%0.24%4.49%0.00%0.00%0.00%
USD
ProShares Ultra Semiconductors		0.25%0.39%0.10%0.05%0.30%0.00%0.14%0.72%0.93%0.32%0.46%0.39%

Frequently Asked Questions

USD and EZJ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (28.47%) compared to EZJ (10.77%). In terms of maximum drawdown, USD dropped -88.63% vs EZJ's -58.63%.

On 10-year performance, USD leads with 59.63% vs 10.41% for EZJ. Both ETFs have the same 0.95% expense ratio. On volatility, EZJ has been the lower-risk option at 10.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USD has performed better with a 59.63% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USD and EZJ have the same expense ratio: 0.95% per year.

EZJ has the higher dividend yield at 1.68%, compared with 0.25% for USD.

USD tracks Dow Jones U.S. Semiconductors Index (200%), while EZJ tracks MSCI Japan Index (200%).

USD currently has the higher Sharpe Ratio (3.43 vs 1.30), 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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