EFFE vs. YCS

Last updated Jun 4, 2026

EFFE (Harbor Osmosis Emerging Markets Resource Efficient ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EFFE is a Emerging Markets Diversified fund actively managed by Harbor, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). EFFE is actively managed, while YCS is passively managed. Over the past year, EFFE returned 44.45% vs 32.82% for YCS. At a correlation of -0.18, they often move in opposite directions. EFFE charges 0.69%/yr vs 1.00%/yr for YCS.

Performance

EFFE vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) 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, EFFE achieves a 29.22% return, which is significantly higher than YCS's 7.17% return.

EFFE

• 1D: -0.18%
• 1M: 17.03%
• YTD: 29.22%
• 6M: 28.14%
• 1Y: 44.45%
• 3Y*: —
• 5Y*: —
• 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)

EFFE vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	29.22%	22.42%	-0.84%
YCS ProShares UltraShort Yen	7.17%	9.04%	-1.71%

Correlation

The correlation between EFFE and YCS is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	-0.18

The correlation between EFFE and YCS shifts across timeframes, from -0.29 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EFFE vs. YCS — Risk / Return Rank

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

EFFE

EFFE Risk / Return Rank: 68
EFFE Sharpe Ratio Rank: 69
EFFE Sortino Ratio Rank: 64
EFFE Omega Ratio Rank: 70
EFFE Calmar Ratio Rank: 66
EFFE Martin Ratio Rank: 69

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.

EFFE vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) 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.

	EFFE	YCS	Difference
Sharpe ratio Return per unit of total volatility	2.22	1.92	+0.30
Sortino ratio Return per unit of downside risk	2.96	2.44	+0.51
Omega ratio Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio Return relative to maximum drawdown	3.25	3.97	-0.72
Martin ratio Return relative to average drawdown	12.62	12.40	+0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFFE vs. YCS - Sharpe Ratio Comparison

The current EFFE Sharpe Ratio is 2.22, which is comparable to the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of EFFE 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

	EFFE	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.92	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.85	0.33	+1.52

Drawdowns

EFFE vs. YCS - Drawdown Comparison

The maximum EFFE drawdown since its inception was -13.75%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EFFE and YCS.

Drawdown Indicators

	EFFE	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-13.75%	-49.56%	+35.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-8.30%	-5.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-1.98%	-19.93%	+17.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.66%	+0.87%

Volatility

EFFE vs. YCS - Volatility Comparison

Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) has a higher volatility of 9.71% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that EFFE'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

	EFFE	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	2.75%	+6.96%
Volatility (6M) Calculated over the trailing 6-month period	17.67%	12.32%	+5.35%
Volatility (1Y) Calculated over the trailing 1-year period	20.09%	17.27%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.91%	21.10%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	19.01%	+0.90%

EFFE vs. YCS - Expense Ratio Comparison

EFFE has a 0.69% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

EFFE vs. YCS - Dividend Comparison

EFFE's dividend yield for the trailing twelve months is around 3.63%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	3.63%	4.69%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFFE and YCS in my portfolio?

EFFE and YCS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFFE or YCS?

EFFE has higher volatility (9.71%) compared to YCS (2.75%). In terms of maximum drawdown, EFFE dropped -13.75% vs YCS's -49.56%.

Which ETF is better, EFFE or YCS?

On 1-year performance, EFFE leads with 44.45% vs 32.82% for YCS. On fees, EFFE is cheaper at 0.69% 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, EFFE or YCS?

Over the 1-year period, EFFE has performed better with a 44.45% return vs 32.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFFE or YCS?

EFFE is cheaper with a 0.69% expense ratio, compared with 1.00% for YCS.

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

EFFE has the higher dividend yield at 3.63%, compared with 0.00% for YCS.

What is the main difference between EFFE and YCS?

EFFE is categorized as Emerging Markets Diversified, while YCS is Leveraged Currency. They also come from different issuers: Harbor and ProShares. Their fees differ too: 0.69% for EFFE and 1.00% for YCS.

Which has better risk-adjusted returns?

EFFE currently has the higher Sharpe Ratio (2.22 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.