Data as of .
EWV vs EZJ: which held to its multiple?
Over three months against its own daily promise, EWV finished 1.8 points over and EZJ 1.2 points short.
ETFIQ Decay Resistance Score: EZJ scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| EWV | EZJ | EWV | EZJ | EWV | EZJ | |
| 1 month | −1.9% | +1.2% | −1.6% | +1.6% | −0.3 pts | −0.4 pts |
| 3 months | −13.7% | +11.7% | −13.8% | +13.8% | 0.0 pts | −2.1 pts |
| 6 months | −32.6% | +32.9% | −37.7% | +37.7% | +5.1 pts | −4.8 pts |
| 1 year | −39.9% | +44.1% | −52.9% | +52.9% | +13.0 pts | −8.8 pts |
| 3 years | −67.5% | +116.3% | −145.3% | +145.3% | +77.8 pts | −28.9 pts |
| Since launch | −97.6% | +261.7% | not meaningful | not meaningful | not meaningful | not meaningful |
| EWV ProShares UltraShort MSCI Japan Aims to return twice the opposite of the daily move of Japan (EWJ) | EZJ ProShares Ultra MSCI Japan Aims to return twice the daily move of Japan (EWJ) | |
|---|---|---|
| Issuer | ProShares | ProShares |
| Sets out to return | -2x | +2x |
| On | EWJ | EWJ |
| Segment | country | country |
| Fund returned, 3 months | −13.7% | +11.7% |
| Underlying returned, 3 months | +6.9% | +6.9% |
| What the stated multiple implies, 3 months | −13.8% | +13.8% |
| Difference from stated, 3 months | 0.0 pts | −2.1 pts |
| Fund returned, 1 year or since launch | −39.9% | +44.1% |
| Difference from stated, over that window | +13.0 pts | −8.8 pts |
| Underlying volatility | 22% | 22% |
| Expense ratio | 0.95% | 1.17% |
| Launched | Jan 4, 2010 | Jan 4, 2010 |
EWV in plain words
Three months to Sep 11, 2026: EWV returned −13.7% where its own daily promise gave −15.5%, 1.8 points over. Read the multiple against the whole window instead and −2 times EWJ's 6.9% implies −13.8%, which makes EWV look 0.0 points over. 1.8 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. EWV aims to return -2 times EWJ's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. EWJ moved at 22% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
EZJ in plain words
Three months to Sep 11, 2026: EZJ returned +11.7% where its own daily promise gave +12.9%, 1.2 points short. Read the multiple against the whole window instead and +2 times EWJ's 6.9% implies +13.8%, which makes EZJ look 2.1 points short. 0.9 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. EZJ aims to return +2 times EWJ's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, EWV or EZJ?
- Over the window to Sep 11, 2026, EWV finished 0.0 points from what its multiple implies and EZJ finished 2.1 points from its own, so EWV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are EWV and EZJ levered on the same thing?
- Yes. Both are levered on Japan, EWV at -2 times and EZJ at +2 times the daily move.
- Which one decays faster, EWV or EZJ?
- Decay follows how much the underlying moves about. Over this window EWV’s moved at 22% annualized and EZJ’s at 22%, so EWV has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold EWV or EZJ for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, EWV or EZJ?
- EWV charges 0.95% a year and EZJ charges 1.17%, so EWV is cheaper. Fees come from each fund's prospectus.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, EWV against EZJ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/EWV-EZJ Free to use with attribution; the underlying files are at Open data.