Which came closer to its stated multiple, EWV or EZJ?

Over the window to Sep 30, 2026, EWV finished 0.7 points from what its multiple implies and EZJ finished 2.6 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 21% annualized and EZJ’s at 21%, 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 1.18%, so EWV is cheaper. Fees come from each fund's prospectus.

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EWV vs EZJ: which held to its multiple?

Over three months against its own daily promise, EWV finished 1.6 points over and EZJ 1.7 points short. ProShares UltraShort MSCI Japan and ProShares Ultra MSCI Japan.

−10.1%

EWV returned, 3 months

+6.9%

EZJ returned, 3 months

−0.7 pts

EWV from its stated multiple

−2.6 pts

EZJ from its stated multiple

EWV · 3 months to Sep 30, 20260.7 pts short of its stated multiple

EWV returned −10.1% while −2 times EWJ's move would have been −9.5%

EZJ · 3 months to Sep 30, 20262.6 pts short of its stated multiple

EZJ returned +6.9% while 2 times EWJ's move would have been +9.5%

ETFIQ Decay Resistance Score · EZJ scores higherDid it keep up with its own daily multiple, compounded day by day?

EWV among the 125 inverse ETFs over three months

EWV 52

0.4, the lowest in this set99.6, the highest

EZJ among the 470 leveraged ETFs, long, over three months

EZJ 80.6

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. EZJ is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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

	Total return		Multiple would give		Difference
Window	EWV	EZJ	EWV	EZJ	EWV	EZJ
1 month	−3.2%	+2.4%	−3.3%	+3.3%	+0.1 pts	−0.9 pts
3 months	−10.1%	+6.9%	−9.5%	+9.5%	−0.7 pts	−2.6 pts
6 months	−23.9%	+21.6%	−26.6%	+26.6%	+2.7 pts	−5.0 pts
1 year	−40.3%	+44.2%	−53.6%	+53.6%	+13.3 pts	−9.4 pts
3 years	−68.9%	+125.3%	−152.9%	+152.9%	+84.0 pts	−27.6 pts
Since launch EWV Jan 2010 · EZJ Jan 2010	−97.6%	+251.0%	not meaningful	not meaningful	not meaningful	not meaningful

EWV and EZJ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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

Underlying asset EWJ EWJ

Segment country country

Fund returned, 3 months or since launch −10.1% +6.9%

Underlying returned, over that window +4.7% +4.7%

What the stated multiple implies, over that window −9.5% +9.5%

Difference from stated, over that window −0.7 pts −2.6 pts

Fund returned, 1 year or since launch −40.3% +44.2%

Difference from stated, over that window +13.3 pts −9.4 pts

Underlying volatility 21% 21%

Expense ratio 0.95% 1.18%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $4m $12m

EWV and EZJ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

EWV in plain words

Three months to Sep 30, 2026: EWV returned −10.1% where its own daily promise gave −11.7%, 1.6 points over. Read the multiple against the whole window instead and −2 times EWJ's 4.7% implies −9.5%, which makes EWV look 0.7 points short. 2.2 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 21% 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 30, 2026: EZJ returned +6.9% where its own daily promise gave +8.6%, 1.7 points short. Read the multiple against the whole window instead and 2 times EWJ's 4.7% implies +9.5%, which makes EZJ look 2.6 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 30, 2026, EWV finished 0.7 points from what its multiple implies and EZJ finished 2.6 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 21% annualized and EZJ’s at 21%, 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 1.18%, so EWV is cheaper. Fees come from each fund's prospectus.

Other comparisons

EWJ →EWV on its own →EZJ on its own →How every figure is computed →Standards and sources →

Where these figures came from

EWV and EZJ filings on SEC EDGAR ↗EWV and EZJ prospectus with the expense ratio (SEC) ↗ProShares page for EWV ↗ProShares page for EZJ ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, EWV against EZJ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ewv-vs-ezj

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.