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EWV vs SVXY

ProShares UltraShort MSCI Japan

EWVCNYSE Arca

ProShares Short VIX Short-Term Futures ETF

SVXYBCboe

Overlap

100%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

EWV0.95%SVXY0.95%

Avg volume · 30D

SVXY 148.7×the volume

EWV10KSVXY1.49M

10Y return · a year

SVXY +17.7pt

EWV−18.9%SVXY−1.2%

EWV vs SVXY Performance

Nov 2, 2021 – Nov 2, 2026

−60.8%EWV+92.6%SVXY

Nov 2, 2021 to Nov 2, 2026. EWV −60.8%. SVXY +92.6%. Use the arrow keys to read each point.0%50%Nov 2021May 2024Nov 2026
Expense ratio
EWV 0.95%
SVXY 0.95%
Fund size
EWV $4M
SVXY $201M
1Y total return
EWV −28.6%
SVXY +21.8%, better
Yield (12M)
EWV 4.66%
SVXY No data
Holdings
EWV 1
SVXY 1
Avg volume (30D)
EWV 10K sh
SVXY 1.49M sh, better
NAV per share
EWV $17.51
SVXY $60.51
52W range

ETF.net Grade

EWV: Cost 50, Risk 36, Mission not scored, Tradability 34, Holdings not scored, Durability 49. SVXY: Cost 50, Risk 75, Mission not scored, Tradability 84, Holdings not scored, Durability 76.
Pillar letters and Scores for EWV, SVXY, with each pillar’s weight
PillarEWVSVXY
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightD36A75Higher
Tradability15% weightD34A84Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC49A76Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. EWV and SVXY are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds
See all 53 ›

SVXY ranks 1st and EWV 32nd of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 32CEMTYProShares Decline of the Retail Store ETFScore 40
  6. Rank 32CEWVProShares UltraShort MSCI JapanScore 40
  7. Rank 32CMYYProShares Short MidCap400Score 40

Our read on each fund

ETF.net Research

EWVCProShares UltraShort MSCI Japan

SVXYBProShares Short VIX Short-Term Futures ETF

In short

EWV A -2x daily bet against the MSCI Japan Index, running since 2007. ProShares calls it the only -2x fund on that bench. Fee: 0.95% net of a waiver through September 30, 2027.

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

Stated mandate

EWV The fund seeks daily investment results, before fees and expenses, equal to two times the inverse (-2x) of the daily performance of the MSCI Japan Index.

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

Why people hold it

  • EWV Does one thing: aims for two times the inverse of the MSCI Japan Index's daily move, with no margin account or stock borrow on your end.
  • ProShares bills it as the only -2x ETF on the MSCI Japan Index, so there is no cheaper clone to shop against.proshares.com
  • Trading since 2007, long staying power for a geared fund.
  • 0.95% net of a waiver through September 30, 2027 (2.28% gross), matching ProShares' other geared shorts such as DOG and PSQ at 0.95% net of waivers through the same date.
  • SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
  • 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
  • Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.

Worth knowing

  • EWV Leverage resets daily. Hold past a day and results depend on the index's path, which can land far from -2x over a stretch.
  • A small fund that trades lightly, so spreads and limit orders matter more here than with the big index shorts. It pays quarterly.
  • The reference index is Japan's large and mid caps, about 85% of the market's free float, so this is a country call, not a sector or single-stock one.msci.com
  • SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
  • It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
  • Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.

Full EWV profile⁠

Full SVXY profile⁠

EWV vs SVXY Holdings

How EWV and SVXY differ

Overlap by weight

100%

Shared holdings make up 100% of EWV and 100% of SVXY.

Level by level

  • Asset classEquity, Alternatives0.0%
  • Holdings0 in both100%

Sector

No Sector split for EWV and SVXY.

Country, concentration and asset class

Country by domicile

No country split for EWV and SVXY.

Concentration

Weight in the 10 largest Holdings

  • EWV100.0%
  • SVXY100.0%

Securities held

  • EWV0
  • SVXY0

Asset class

EWV
Equity
SVXY
Alternatives

Holdings

  • Only in EWV0
  • In both0
  • Only in SVXY0

Only in EWV

0 securities, 0.0% of EWV by weight

Only in SVXY

0 securities, 0.0% of SVXY by weight

Weight gaps

EWV and SVXY share no securities.

All 5 EWV holdings⁠All 3 SVXY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EWV vs SVXY Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EWV 0.95%

    $17,869

  • SVXY 0.95%

    $17,869

$10,000
30 years

Cost over time

  • EWV 0.95%
  • SVXY 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EWV $17,869SVXY $17,869

Year by year

YearEWVSVXY
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%EWV
  • 0.95%SVXY
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

EWV 6th cheapest of 53 funds

SVXY 6th cheapest of 53 funds

EWV vs SVXY Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
EWV 4.66%
SVXY No data
Payout (12M)
EWV $0.82
SVXY None
Last payment
EWV $0.22
SVXY No data
Ex-dividend
EWV Sep 23, 2026
SVXY No data
Paid on
EWV Sep 29, 2026
SVXY No data
Frequency
EWV Quarterly
SVXY No data

Distribution history

Per share, 2017 to 2026, same scale for both

EWVQuarterly · 22 paymentsAll EWV payments⁠
One bar per payment. 22 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.0004; Mar 20, 2019 $0.02; Jun 25, 2019 $0.09; Sep 25, 2019 $0.17; Dec 24, 2019 $0.04; Sep 21, 2022 $0.28; Dec 22, 2022 $0.18; Mar 22, 2023 $0.28; Jun 21, 2023 $0.39; Sep 20, 2023 $0.47; Dec 20, 2023 $0.52; Mar 20, 2024 $0.27; Jun 26, 2024 $0.37; Sep 25, 2024 $0.34; Dec 23, 2024 $0.44; Mar 26, 2025 $0.16; Jun 25, 2025 $0.19; Sep 24, 2025 $0.30; Dec 24, 2025 $0.27; Mar 25, 2026 $0.15; Jun 24, 2026 $0.19; Sep 23, 2026 $0.22. Use the arrow keys to read each point.$0$0.502017202020232026YTD
SVXYAll SVXY payments⁠

No distribution history available.

EWV vs SVXY Risk

Fall from peak · 5 years

  • EWV
  • SVXY
Nov 2, 2021 to Nov 2, 2026. Worst fall: EWV −80.8% · Oct 2026. Use the arrow keys to read each point.−80%−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
EWV 25.2%, betterSVXY 26.5%
Return per unit of riskSharpe ratio, 3 years
EWV −1.51SVXY 0.42, better
Worst fallMax drawdown, 5 years
EWV −80.8%SVXY −46.4%, better
Market sensitivityBeta, 5 years
EWV −1.22SVXY 1.32

EWV and SVXY in the news

All news⁠

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