DIEM vs. YCS

Last updated Jun 4, 2026

DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - DIEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Dividend Enhanced Select Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, DIEM returned 11.49%/yr vs 23.54%/yr for YCS. At a correlation of -0.06, they often move in opposite directions. DIEM charges 0.19%/yr vs 1.00%/yr for YCS.

Performance

DIEM vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIEM achieves a 32.78% return, which is significantly higher than YCS's 7.17% return.

DIEM

• 1D: -1.37%
• 1M: 12.08%
• YTD: 32.78%
• 6M: 35.57%
• 1Y: 60.54%
• 3Y*: 28.35%
• 5Y*: 11.49%
• 10Y*: —

YCS

• 1D: 0.17%
• 1M: 4.42%
• YTD: 7.17%
• 6M: 10.05%
• 1Y: 32.82%
• 3Y*: 19.84%
• 5Y*: 23.54%
• 10Y*: 12.34%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DIEM vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	32.78%	30.81%	12.29%	15.41%	-20.61%	6.92%	1.27%	12.23%	-11.29%	27.61%
YCS ProShares UltraShort Yen	7.17%	9.04%	35.41%	28.70%	29.09%	22.38%	-11.18%	3.37%	-1.49%	-6.57%

Correlation

The correlation between DIEM and YCS is -0.31, 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	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
Correlation (5Y) Calculated over the trailing 5-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Jun 6, 2016	-0.06

Over the past year, the inverse relationship between DIEM and YCS has strengthened: their correlation has moved from -0.06 to -0.31, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DIEM vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DIEM

DIEM Risk / Return Rank: 90
DIEM Sharpe Ratio Rank: 92
DIEM Sortino Ratio Rank: 90
DIEM Omega Ratio Rank: 92
DIEM Calmar Ratio Rank: 87
DIEM Martin Ratio Rank: 89

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 56
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 78
YCS Martin Ratio Rank: 67

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.

DIEM vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) 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.

	DIEM	YCS	Difference
Sharpe ratio Return per unit of total volatility	3.35	1.92	+1.43
Sortino ratio Return per unit of downside risk	4.26	2.44	+1.81
Omega ratio Gain probability vs. loss probability	1.62	1.35	+0.27
Calmar ratio Return relative to maximum drawdown	4.93	3.97	+0.96
Martin ratio Return relative to average drawdown	20.34	12.40	+7.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIEM vs. YCS - Sharpe Ratio Comparison

The current DIEM Sharpe Ratio is 3.35, which is higher than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of DIEM 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.

Sharpe Ratios by Period

	DIEM	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	1.92	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	1.12	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.33	+0.22

Drawdowns

DIEM vs. YCS - Drawdown Comparison

The maximum DIEM drawdown since its inception was -38.61%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for DIEM and YCS.

Drawdown Indicators

	DIEM	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-38.61%	-49.56%	+10.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.33%	-8.30%	-4.03%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	-23.05%	+6.23%
Max Drawdown (5Y) Largest decline over 5 years	-33.34%	-27.32%	-6.02%
Max Drawdown (10Y) Largest decline over 10 years	-38.61%	-27.32%	-11.29%
Current Drawdown Current decline from peak	-1.37%	0.00%	-1.37%
Average Drawdown Average peak-to-trough decline	-9.72%	-19.93%	+10.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.66%	+0.33%

Volatility

DIEM vs. YCS - Volatility Comparison

Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) has a higher volatility of 8.52% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that DIEM'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.

Volatility by Period

	DIEM	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	2.75%	+5.77%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	12.32%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	18.17%	17.27%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	21.10%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	19.01%	-1.42%

DIEM vs. YCS - Expense Ratio Comparison

DIEM has a 0.19% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

DIEM vs. YCS - Dividend Comparison

DIEM's dividend yield for the trailing twelve months is around 2.30%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	2.30%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%
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%

Frequently Asked Questions

Can I hold both DIEM and YCS in my portfolio?

DIEM and YCS have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIEM or YCS?

DIEM has higher volatility (8.52%) compared to YCS (2.75%). In terms of maximum drawdown, DIEM dropped -38.61% vs YCS's -49.56%.

Which ETF is better, DIEM or YCS?

On 5-year performance, YCS leads with 23.54% vs 11.49% for DIEM. On fees, DIEM is cheaper at 0.19% 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.

Which ETF has performed better, DIEM or YCS?

Over the 5-year period, YCS has performed better with a 23.54% return vs 11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIEM or YCS?

DIEM is cheaper with a 0.19% expense ratio, compared with 1.00% for YCS.

Which ETF pays a higher dividend yield, DIEM or YCS?

DIEM has the higher dividend yield at 2.30%, compared with 0.00% for YCS.

What is the main difference between DIEM and YCS?

DIEM is categorized as Emerging Markets Diversified, while YCS is Leveraged Currency. DIEM tracks Morningstar Emerging Markets Dividend Enhanced Select Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.19% for DIEM and 1.00% for YCS.

Which has better risk-adjusted returns?

DIEM currently has the higher Sharpe Ratio (3.35 vs 1.92), 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.