EWV vs SPY
ProShares UltraShort MSCI Japan vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EWV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $6M | $789.1B | |
| Dividend Yield | 5.07% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | -32.67% | +13.75% | |
| 1Y Return | -42.04% | +22.91% | |
| 3Y Return (annualized) | -30.84% | +21.67% | |
| 5Y Return (annualized) | -19.53% | +13.32% | |
| Volatility (annualized) | 30.3% | 15.3% | |
| Max Drawdown | -99.3% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 6, 2007 | Jan 22, 1993 |
EWV vs SPY Performance
ProShares UltraShort MSCI Japan (EWV) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EWV returned -42.04% while SPY returned +22.91%. Year to date, EWV is down 32.67% versus a gain of 13.75% for SPY.
Over three years, EWV compounded at -30.84% per year against +21.67% for SPY; over five years the annualized figures are -19.53% and +13.32% respectively. Across the full 19-year window we track, SPY has the edge at +8.85% annualized vs -19.92%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWV has been the more volatile fund, with annualized monthly volatility of 30.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -99.3% for EWV and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EWV charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, EWV currently yields 5.07% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, EWV or SPY?
EWV has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, EWV or SPY?
Over the past year EWV returned -42.04% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), EWV annualized -19.92% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EWV or SPY?
EWV has been the more volatile fund at 30.3% annualized versus 15.3% for SPY. Worst drawdown: EWV -99.3% vs SPY -56.5%.
Should I hold both EWV and SPY?
EWV and SPY have a monthly-return correlation of -0.67, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, EWV or SPY?
EWV yields 5.07% while SPY yields 1.01%, so EWV currently pays the higher dividend yield.
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