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EMB vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMB vs. YCS

Last updated Jun 4, 2026

EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EMB returned 3.29%/yr vs 12.34%/yr for YCS. At a correlation of -0.17, they often move in opposite directions. EMB charges 0.39%/yr vs 1.00%/yr for YCS.

Performance

EMB vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) 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, EMB achieves a 1.80% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, EMB has underperformed YCS with an annualized return of 3.29%, while YCS has yielded a comparatively higher 12.34% annualized return.

EMB

1D
-0.37%
1M
1.29%
YTD
1.80%
6M
1.93%
1Y
11.56%
3Y*
9.74%
5Y*
1.86%
10Y*
3.29%

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)

EMB vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF		1.80%13.85%5.54%10.62%-18.63%-2.23%5.42%15.48%-5.47%10.28%
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 EMB and YCS is -0.44, 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

-0.44

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

-0.36

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

-0.37

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

-0.28

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

-0.17

Over the past year, the inverse relationship between EMB and YCS has strengthened: their correlation has moved from -0.17 to -0.44, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares J.P. Morgan USD Emerging Markets Bond ETF

ProShares UltraShort Yen

Often compared with EMB:
EMB vs. VWOBEMB vs. EMLCEMB vs. LEMBEMB vs. PCYEMB vs. EMHYEMB vs. EMBE.LEMB vs. BND
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

EMB vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMB
EMB Risk / Return Rank: 6161
Overall Rank
EMB Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
EMB Sortino Ratio Rank: 6565
Sortino Ratio Rank
EMB Omega Ratio Rank: 6666
Omega Ratio Rank
EMB Calmar Ratio Rank: 5151
Calmar Ratio Rank
EMB Martin Ratio Rank: 6161
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6161
Overall Rank
YCS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 4949
Sortino Ratio Rank
YCS Omega Ratio Rank: 5656
Omega Ratio Rank
YCS Calmar Ratio Rank: 7878
Calmar Ratio Rank
YCS Martin Ratio Rank: 6767
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.

EMB vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) 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.

EMBYCSDifference

Sharpe ratio

Return per unit of total volatility

2.09

1.92

+0.17

Sortino ratio

Return per unit of downside risk

3.05

2.44

+0.61

Omega ratio

Gain probability vs. loss probability

1.41

1.35

+0.06

Calmar ratio

Return relative to maximum drawdown

2.58

3.97

-1.39

Martin ratio

Return relative to average drawdown

11.01

12.40

-1.38

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

EMB vs. YCS - Sharpe Ratio Comparison

The current EMB Sharpe Ratio is 2.09, which is comparable to the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of EMB 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

EMBYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.09

1.92

+0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

1.12

-0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.33

0.65

-0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.33

+0.11

Drawdowns

EMB vs. YCS - Drawdown Comparison

The maximum EMB drawdown since its inception was -34.70%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EMB and YCS.

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Drawdown Indicators

EMBYCSDifference

Max Drawdown

Largest peak-to-trough decline

-34.70%

-49.56%

+14.86%

Max Drawdown (1Y)

Largest decline over 1 year

-4.51%

-8.30%

+3.79%

Max Drawdown (3Y)

Largest decline over 3 years

-7.95%

-23.05%

+15.10%

Max Drawdown (5Y)

Largest decline over 5 years

-28.74%

-27.32%

-1.42%

Max Drawdown (10Y)

Largest decline over 10 years

-28.74%

-27.32%

-1.42%

Current Drawdown

Current decline from peak

-0.37%

0.00%

-0.37%

Average Drawdown

Average peak-to-trough decline

-5.06%

-19.93%

+14.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

2.66%

-1.61%

Volatility

EMB vs. YCS - Volatility Comparison

The current volatility for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is 1.85%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that EMB experiences smaller price fluctuations and is considered to be less risky 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

EMBYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.85%

2.75%

-0.90%

Volatility (6M)

Calculated over the trailing 6-month period

4.52%

12.32%

-7.80%

Volatility (1Y)

Calculated over the trailing 1-year period

5.56%

17.27%

-11.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.75%

21.10%

-11.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.96%

19.01%

-9.05%

EMB vs. YCS - Expense Ratio Comparison

EMB has a 0.39% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

EMB vs. YCS - Dividend Comparison

EMB's dividend yield for the trailing twelve months is around 5.06%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF		5.06%4.98%5.46%4.74%5.04%3.89%3.88%4.51%5.64%4.54%4.83%4.84%
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

EMB and YCS have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YCS has higher volatility (2.75%) compared to EMB (1.85%). In terms of maximum drawdown, EMB dropped -34.70% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 3.29% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMB has been the lower-risk option at 1.85%. 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 12.34% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMB is cheaper with a 0.39% expense ratio, compared with 1.00% for YCS.

EMB has the higher dividend yield at 5.06%, compared with 0.00% for YCS.

EMB is categorized as Emerging Markets Bonds, while YCS is Leveraged Currency. EMB tracks JPMorgan EMBI Global Core Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.39% for EMB and 1.00% for YCS.

EMB currently has the higher Sharpe Ratio (2.09 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.

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