DBEM vs. YCS
DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - DBEM is a Emerging Markets Equities fund tracking the MSCI EM US Dollar Hedged Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, DBEM returned 10.69%/yr vs 13.62%/yr for YCS. At a 0.10 correlation, their price movements are largely independent. DBEM charges 0.66%/yr vs 1.00%/yr for YCS.
Performance
DBEM vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, DBEM achieves a 27.92% return, which is significantly higher than YCS's 9.63% return. Over the past 10 years, DBEM has underperformed YCS with an annualized return of 10.69%, while YCS has yielded a comparatively higher 13.62% annualized return.
DBEM
- 1D
- -5.21%
- 1M
- 2.97%
- YTD
- 27.92%
- 6M
- 28.44%
- 1Y
- 54.61%
- 3Y*
- 24.78%
- 5Y*
- 9.17%
- 10Y*
- 10.69%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
DBEM vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF | 27.92% | 30.42% | 10.61% | 10.53% | -17.00% | -2.26% | 18.12% | 16.77% | -10.81% | 27.10% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between DBEM and YCS is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2011 | 0.10 |
The correlation between DBEM and YCS shifts across timeframes, from -0.19 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBEM vs. YCS — Risk / Return Rank
DBEM
YCS
DBEM vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DBEM | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.34 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 5.22 | 3.78 | +1.44 |
| Martin ratioReturn relative to average drawdown | 19.15 | 11.93 | +7.22 |
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Drawdowns
DBEM vs. YCS - Drawdown Comparison
The maximum DBEM drawdown since its inception was -33.51%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for DBEM and YCS.
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Drawdown Indicators
| DBEM | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.51% | -49.56% | +16.05% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -8.30% | -2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -23.05% | +7.93% |
Max Drawdown (5Y)Largest decline over 5 years | -30.48% | -27.32% | -3.16% |
Max Drawdown (10Y)Largest decline over 10 years | -33.51% | -27.32% | -6.19% |
Current DrawdownCurrent decline from peak | -5.21% | -0.14% | -5.07% |
Average DrawdownAverage peak-to-trough decline | -11.66% | -19.87% | +8.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.65% | +0.21% |
Volatility
DBEM vs. YCS - Volatility Comparison
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) has a higher volatility of 11.58% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that DBEM'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
| DBEM | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 2.25% | +9.33% |
Volatility (6M)Calculated over the trailing 6-month period | 18.66% | 12.19% | +6.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 16.93% | +3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.70% | 21.10% | -3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.39% | 18.82% | -1.43% |
DBEM vs. YCS - Expense Ratio Comparison
DBEM has a 0.66% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
DBEM vs. YCS - Dividend Comparison
DBEM's dividend yield for the trailing twelve months is around 2.06%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF | 2.06% | 1.84% | 2.48% | 2.55% | 2.65% | 1.77% | 1.74% | 2.59% | 2.85% | 1.51% | 1.59% | 3.49% |
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
DBEM and YCS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBEM has higher volatility (11.58%) compared to YCS (2.25%). In terms of maximum drawdown, DBEM dropped -33.51% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 10.69% for DBEM. On fees, DBEM is cheaper at 0.66% per year. On volatility, YCS has been the lower-risk option at 2.25%. 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 13.62% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBEM is cheaper with a 0.66% expense ratio, compared with 1.00% for YCS.
DBEM has the higher dividend yield at 2.06%, compared with 0.00% for YCS.
DBEM is categorized as Emerging Markets Equities, while YCS is Leveraged Currency. DBEM tracks MSCI EM US Dollar Hedged Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.66% for DBEM and 1.00% for YCS.
DBEM currently has the higher Sharpe Ratio (2.65 vs 1.86), 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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