ECNS vs. YCS
ECNS (iShares MSCI China Small-Cap ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - ECNS is a China Equities fund tracking the MSCI China Small Cap Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ECNS returned 1.06%/yr vs 12.99%/yr for YCS. At a 0.06 correlation, their price movements are largely independent. ECNS charges 0.59%/yr vs 1.00%/yr for YCS.
Performance
ECNS vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, ECNS achieves a -10.09% return, which is significantly lower than YCS's 11.45% return. Over the past 10 years, ECNS has underperformed YCS with an annualized return of 1.06%, while YCS has yielded a comparatively higher 12.99% annualized return.
ECNS
- 1D
- 0.55%
- 1M
- -3.75%
- 6M
- -16.01%
- YTD
- -10.09%
- 1Y
- -8.73%
- 3Y*
- 5.03%
- 5Y*
- -7.86%
- 10Y*
- 1.06%
YCS
- 1D
- 0.42%
- 1M
- 3.09%
- 6M
- 8.08%
- YTD
- 11.45%
- 1Y
- 29.82%
- 3Y*
- 21.64%
- 5Y*
- 24.30%
- 10Y*
- 12.99%
ECNS vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | -10.09% | 36.49% | 5.64% | -23.05% | -24.58% | 2.11% | 25.42% | 7.84% | -18.27% | 27.55% |
YCS ProShares UltraShort Yen | 11.45% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between ECNS and YCS is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | 0.06 |
The correlation between ECNS and YCS shifts across timeframes, from -0.16 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ECNS vs. YCS — Risk / Return Rank
ECNS
YCS
ECNS vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) 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.
| ECNS | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.35 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.34 | 3.61 | -3.95 |
| Martin ratioReturn relative to average drawdown | -0.73 | 11.41 | -12.14 |
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Drawdowns
ECNS vs. YCS - Drawdown Comparison
The maximum ECNS drawdown since its inception was -63.43%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for ECNS and YCS.
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Drawdown Indicators
| ECNS | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.43% | -49.56% | -13.87% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -8.30% | -17.43% |
Max Drawdown (3Y)Largest decline over 3 years | -31.72% | -23.05% | -8.67% |
Max Drawdown (5Y)Largest decline over 5 years | -58.03% | -27.32% | -30.71% |
Max Drawdown (10Y)Largest decline over 10 years | -63.43% | -27.32% | -36.11% |
Current DrawdownCurrent decline from peak | -42.13% | 0.00% | -42.13% |
Average DrawdownAverage peak-to-trough decline | -29.47% | -19.80% | -9.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.92% | 2.62% | +9.30% |
Volatility
ECNS vs. YCS - Volatility Comparison
iShares MSCI China Small-Cap ETF (ECNS) has a higher volatility of 6.40% compared to ProShares UltraShort Yen (YCS) at 2.47%. This indicates that ECNS'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
| ECNS | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 2.47% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 14.01% | 11.85% | +2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.92% | 16.54% | +4.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.48% | 21.09% | +8.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.80% | 18.70% | +7.10% |
ECNS vs. YCS - Expense Ratio Comparison
ECNS has a 0.59% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
ECNS vs. YCS - Dividend Comparison
ECNS's dividend yield for the trailing twelve months is around 6.54%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | 6.54% | 6.20% | 5.98% | 4.89% | 3.54% | 4.87% | 3.59% | 3.23% | 6.16% | 3.18% | 4.29% | 3.58% |
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
ECNS and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ECNS has higher volatility (6.40%) compared to YCS (2.47%). In terms of maximum drawdown, ECNS dropped -63.43% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.99% vs 1.06% for ECNS. On fees, ECNS is cheaper at 0.59% per year. On volatility, YCS has been the lower-risk option at 2.47%. 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 12.99% return vs 1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ECNS is cheaper with a 0.59% expense ratio, compared with 1.00% for YCS.
ECNS has the higher dividend yield at 6.54%, compared with 0.00% for YCS.
ECNS is categorized as China Equities, while YCS is Leveraged Currency. ECNS tracks MSCI China Small Cap Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for ECNS and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.82 vs -0.42), 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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