ProShares UltraShort MSCI Japan (EWV) Performance
EWV total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −30.4% since Dec 31, 2025
- 1 year
- −32.5% total return
- 5 years
- −17.9% a year
- 10 years
- −19.0% a year
- Since first price
- −18.8% a year since 2007
EWV trailing returns vs SPY, QQQ, AGG
| Period | EWV total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +6.5% | +6.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −6.6% | −7.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −16.7% | −18.7% | +7.8% | +8.4% | −1.5% |
| YTD | −30.4% | −32.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −32.5% | −35.2% | +14.4% | +15.9% | −1.1% |
| 3 years | −69.0%−32.3%/yr | −72.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −62.7%−17.9%/yr | −67.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −87.9%−19.0%/yr | −89.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −96.7%−20.3%/yr | −97.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 8, 2007 | −98.1%−18.8%/yr | −98.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWV vs SPY
From Nov 8, 2007: EWV grew to $194, SPY to $73,072.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWV returns by calendar year
5 of 18 full years positive. Best 2022 (+34.3%), worst 2013 (−45.6%). 2026 is year to date.
EWV annual returns table
| Year | EWV | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −30.4% | −37.1% | +12.3% | +15.1% | −1.0% |
| 2025 | −37.7% | −48.8% | +17.7% | +20.8% | +7.2% |
| 2024 | −11.1% | −25.5% | +24.9% | +25.6% | +1.3% |
| 2023 | −28.3% | −31.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +34.3% | −26.5% | −18.2% | −32.6% | −13.0% |
| 2021 | −10.2% | −25.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −38.6% | −64.7% | +18.3% | +48.6% | +7.5% |
| 2019 | −30.4% | −31.8% | +31.2% | +39.0% | +8.5% |
| 2018 | +29.9% | −12.9% | −4.6% | −0.1% | +0.1% |
| 2017 | −36.2% | −36.0% | +21.7% | +32.7% | +3.6% |
| 2016 | −15.0% | −41.3% | +12.0% | +7.1% | +2.4% |
| 2015 | −25.3% | −34.5% | +1.2% | +9.4% | +0.5% |
| 2014 | +3.4% | −25.7% | +13.5% | +19.2% | +6.0% |
| 2013 | −45.6% | −46.7% | +32.3% | +36.6% | −2.0% |
| 2012 | −23.5% | −28.6% | +16.0% | +18.1% | +3.8% |
| 2011 | +11.5% | −27.3% | +1.9% | +3.4% | +7.7% |
| 2010 | −30.9% | −36.2% | +15.1% | +19.9% | +6.4% |
| 2009 | −26.9% | −61.4% | +26.4% | +54.7% | +3.0% |
| 2008 | +3.3% | −54.0% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWV largest drawdowns
Now 99.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 10, 2008 | −99.3% | Oct 6, 2026 | not yet | 18.0 years | 18.0 years so far |
| Mar 17, 2008 | −27.5% | Jun 5, 2008 | Aug 4, 2008 | 3 months | 5 months |
| Sep 17, 2008 | −18.8% | Sep 19, 2008 | Oct 3, 2008 | 2 days | 16 days |
| Nov 19, 2007 | −14.9% | Dec 6, 2007 | Dec 17, 2007 | 17 days | 28 days |
| Feb 8, 2008 | −14.1% | Feb 26, 2008 | Mar 17, 2008 | 18 days | 38 days |
| Jan 22, 2008 | −12.1% | Feb 1, 2008 | Feb 8, 2008 | 10 days | 17 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWV risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | −32.2% | −18.4% | −19.7% | −18.9% |
| Volatility (annualized) | 24.4% | 29.9% | 27.2% | 29.8% |
| Sharpe ratio | -1.63 | -0.65 | -0.75 | -0.59 |
| Sortino ratio | -1.78 | -0.85 | -0.96 | -0.78 |
| Best month | +17.1% | +20.7% | +20.7% | +26.6% |
| Worst month | −14.2% | −20.8% | −20.8% | −22.7% |
| Best 12 months | +5.0% | +79.3% | +79.3% | +79.3% |
| Worst 12 months | −50.7% | −50.7% | −55.0% | −56.0% |
| Positive months | 28% | 38% | 38% | 38% |
| Beta vs S&P 500 | -1.18 | -1.44 | -1.30 | — |
| Correlation with S&P 500 | -0.60 | -0.75 | -0.74 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWV rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 216 | −56.0% | −21.0% | +79.3% | 22% |
| 3-year (a year) | 192 | −33.5% | −18.5% | −4.7% | 0% |
| 5-year (a year) | 168 | −30.6% | −18.4% | −5.3% | 0% |
| 10-year (a year) | 108 | −23.3% | −18.7% | −13.8% | 0% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
EWV performance overview
ProShares UltraShort MSCI Japan (EWV) returned −32.5% over the past year and −19.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned −18.8% a year, turning $10,000 into about $194. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.3%, from Oct 10, 2008 to Oct 6, 2026; the fund has not yet regained that high. EWV finished 5 of its 18 full calendar years with a gain; the best year was 2022 (+34.3%) and the worst 2013 (−45.6%). Volatility has been 29.8% a year.
Related: EWV chart, EWV dividends. See the EWV overview for the latest quote and fund facts.
EWV performance FAQ
What is the EWV return over the past year?
EWV returned −32.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 35.2%.
What is the average annual return of EWV?
EWV has returned −17.9% a year over 5 years, −19.0% a year over 10 years, −18.8% a year since November 8, 2007 (total return, distributions reinvested).
How much would $10,000 invested in EWV be worth?
$10,000 invested in EWV at its first recorded close on November 8, 2007 would be worth about $194 on October 23, 2026 with distributions reinvested.
What was the worst year for EWV?
The worst calendar year was 2013, with a total return of −45.6%. The best was 2022 at +34.3%.
What is the biggest drawdown of EWV?
The largest peak-to-trough decline was −99.3% between October 10, 2008 and October 6, 2026. It has not yet recovered to that high; it is 99.2% below its peak.
How volatile is EWV?
Over the past 3 years EWV had an annualized volatility of 24.4% and a Sharpe ratio of -1.63 (excess return over 1–3 month T-bills per unit of risk).