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ACWX vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWX vs. YCS

Last updated Jun 3, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ACWX returned 9.68%/yr vs 12.32%/yr for YCS. At a 0.06 correlation, their price movements are largely independent. ACWX charges 0.32%/yr vs 1.00%/yr for YCS.

Performance

ACWX vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ACWX achieves a 15.52% return, which is significantly higher than YCS's 6.99% return. Over the past 10 years, ACWX has underperformed YCS with an annualized return of 9.68%, while YCS has yielded a comparatively higher 12.32% annualized return.

ACWX

1D
0.79%
1M
5.30%
YTD
15.52%
6M
18.73%
1Y
32.87%
3Y*
19.77%
5Y*
8.79%
10Y*
9.68%

YCS

1D
0.03%
1M
4.27%
YTD
6.99%
6M
8.81%
1Y
35.19%
3Y*
19.77%
5Y*
23.16%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWX vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWX
iShares MSCI ACWI ex U.S. ETF		15.52%32.59%5.17%15.63%-16.07%7.67%10.29%21.05%-13.99%27.20%
YCS
ProShares UltraShort Yen		6.99%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between ACWX and YCS is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.41

Correlation (3Y)
Calculated over the trailing 3-year period

-0.27

Correlation (5Y)
Calculated over the trailing 5-year period

-0.22

Correlation (10Y)
Calculated over the trailing 10-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

0.06

The correlation between ACWX and YCS shifts across timeframes, from -0.41 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares MSCI ACWI ex U.S. ETF

ProShares UltraShort Yen

Often compared with ACWX:
ACWX vs. SPYACWX vs. VXUSACWX vs. ACWIACWX vs. VEUACWX vs. IXUSACWX vs. VOOACWX vs. IWV
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

ACWX vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWX
ACWX Risk / Return Rank: 6262
Overall Rank
ACWX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ACWX Sortino Ratio Rank: 6262
Sortino Ratio Rank
ACWX Omega Ratio Rank: 6363
Omega Ratio Rank
ACWX Calmar Ratio Rank: 6060
Calmar Ratio Rank
ACWX Martin Ratio Rank: 6464
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6363
Overall Rank
YCS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5353
Sortino Ratio Rank
YCS Omega Ratio Rank: 6060
Omega Ratio Rank
YCS Calmar Ratio Rank: 7777
Calmar Ratio Rank
YCS Martin Ratio Rank: 6666
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACWX vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and ProShares UltraShort Yen (YCS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

ACWXYCSDifference

Sharpe ratio

Return per unit of total volatility

2.14

2.05

+0.09

Sortino ratio

Return per unit of downside risk

2.93

2.59

+0.34

Omega ratio

Gain probability vs. loss probability

1.39

1.37

+0.02

Calmar ratio

Return relative to maximum drawdown

3.00

3.95

-0.95

Martin ratio

Return relative to average drawdown

11.72

12.35

-0.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWX vs. YCS - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 2.14, which is comparable to the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of ACWX and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ACWXYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.14

2.05

+0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

1.10

-0.56

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.65

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.33

-0.09

Drawdowns

ACWX vs. YCS - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for ACWX and YCS.

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Drawdown Indicators

ACWXYCSDifference

Max Drawdown

Largest peak-to-trough decline

-60.40%

-49.56%

-10.84%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-8.30%

-3.12%

Max Drawdown (3Y)

Largest decline over 3 years

-13.84%

-23.05%

+9.21%

Max Drawdown (5Y)

Largest decline over 5 years

-30.07%

-27.32%

-2.75%

Max Drawdown (10Y)

Largest decline over 10 years

-35.38%

-27.32%

-8.06%

Current Drawdown

Current decline from peak

0.00%

-0.04%

+0.04%

Average Drawdown

Average peak-to-trough decline

-13.34%

-19.94%

+6.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

2.66%

+0.27%

Volatility

ACWX vs. YCS - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.73% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWXYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.73%

2.75%

+2.98%

Volatility (6M)

Calculated over the trailing 6-month period

13.22%

12.36%

+0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

15.50%

17.38%

-1.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.28%

21.11%

-4.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.38%

19.02%

-1.64%

ACWX vs. YCS - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

ACWX vs. YCS - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.44%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ACWX
iShares MSCI ACWI ex U.S. ETF		2.44%2.82%2.97%2.96%2.68%2.74%1.88%3.22%2.60%2.40%2.77%2.51%
YCS
ProShares UltraShort Yen		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ACWX and YCS have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ACWX has higher volatility (5.73%) compared to YCS (2.75%). In terms of maximum drawdown, ACWX dropped -60.40% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.32% vs 9.68% for ACWX. On fees, ACWX is cheaper at 0.32% per year. On volatility, YCS has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, YCS has performed better with a 12.32% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWX is cheaper with a 0.32% expense ratio, compared with 1.00% for YCS.

ACWX has the higher dividend yield at 2.44%, compared with 0.00% for YCS.

ACWX is categorized as Foreign Large Cap Equities, while YCS is Leveraged Currency. ACWX tracks MSCI All Country World ex-U.S. Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.32% for ACWX and 1.00% for YCS.

ACWX currently has the higher Sharpe Ratio (2.14 vs 2.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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