# EWV Tracking Error: Up vs Down Days

> Over the 90 days to Nov 4, 2026, EWV missed minus two times MSCI Japan's daily return by 11.6 basis points a day on average, on its closing price.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026 . Rebuilt every trading night.

## EWV daily tracking

Over the 90 days to Nov 4, 2026, EWV missed minus two times MSCI Japan's daily return by 11.6 basis points a day on average, on its closing price.

| Window | Read on | Average daily miss, bp | Signed average, bp | Tracking error | Up days, bp | Down days, bp | Up less down, bp | Confidence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 30 days to Nov 4, 2026, 22 daily returns | closing price (stated) | 10.2 | +3.4 | 1.98% | −1.4 (8 days) | +7.1 (13 days) | −8.5 | Not enough days |
| 90 days to Nov 4, 2026, 63 daily returns | closing price (stated) | 11.6 | +3.1 | 2.18% | +3.1 (29 days) | +3.4 (33 days) | −0.3 | Not significant (t −0.1) |
| 180 days to Nov 4, 2026, 124 daily returns | closing price (stated) | 17.7 | +3.5 | 3.81% | +2.6 (63 days) | +4.6 (60 days) | −1.9 | Not significant (t −0.5) |
| 1 year to Nov 4, 2026, 251 daily returns | closing price (stated) | 24.7 | +3.7 | 6.39% | +3.8 (130 days) | +3.6 (120 days) | +0.2 | Not significant (t 0.1) |

### EWV's largest daily misses

The 5 days EWV strayed furthest from its daily target in the 1 year to Nov 4, 2026, each on its NAV where ETFIQ holds it, else its closing price.

| # | Day | Read on | MSCI Japan moved | Target | EWV returned | Miss |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | Apr 22, 2026 | closing price | +0.71% | −1.42% | +1.31% | +2.73 pts |
| 2 | Apr 21, 2026 | closing price | −2.45% | +4.90% | +2.99% | −1.91 pts |
| 3 | Apr 16, 2026 | closing price | +0.38% | −0.76% | +0.85% | +1.61 pts |
| 4 | Apr 17, 2026 | closing price | +0.87% | −1.74% | −3.26% | −1.51 pts |
| 5 | Mar 26, 2026 | closing price | −2.41% | +4.81% | +6.29% | +1.47 pts |

### Method

The daily miss is EWV's return each day less minus two times MSCI Japan's return that day. A basis point is a hundredth of a percentage point. Each window is read twice where ETFIQ holds both NAVs: on NAVs, and on closing prices. It is stated on the closing price because its NAV or its target's is not struck at the 4:00 p.m. close. EWV ranks 14 of 75 2x inverse ETFs on its 90-day average daily miss. Up days and down days split the miss by whether MSCI Japan rose or fell; Significant means the gap is at least two standard errors from zero. The average miss carries its sign: a negative one is what the fund kept below its target each day, its fees and financing among it. MSCI Japan is itself an ETF, so its own fee and tracking are inside the miss. Not every fund here has traded for a year, and a number over eight months does not order against one over twelve. This page lists each fund with its window and dates instead of ranking them. It becomes a ranking on the night four of them share a full year. Every window ETFIQ can measure for EWV is listed.

### Where to next

### Sources

Links are sources, not endorsements.

A ranking is not a recommendation or an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, EWV daily tracking, listed by window, data as of Nov 4, 2026. https://etfiq.com/funds/ewv/tracking/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/ewv/tracking/