EMTL vs. YCS
EMTL (SPDR DoubleLine Emerging Markets Fixed Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EMTL is a Emerging Markets Bonds fund actively managed by State Street, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). EMTL is actively managed, while YCS is passively managed. Over the past 10 years, EMTL returned 3.27%/yr vs 13.62%/yr for YCS. At a correlation of -0.26, they often move in opposite directions. EMTL charges 0.65%/yr vs 1.00%/yr for YCS.
Performance
EMTL vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EMTL achieves a 0.44% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, EMTL has underperformed YCS with an annualized return of 3.27%, while YCS has yielded a comparatively higher 13.62% annualized return.
EMTL
- 1D
- -0.28%
- 1M
- 0.36%
- YTD
- 0.44%
- 6M
- 0.69%
- 1Y
- 4.33%
- 3Y*
- 6.67%
- 5Y*
- 1.54%
- 10Y*
- 3.27%
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%
EMTL vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 0.44% | 8.27% | 5.86% | 9.60% | -14.31% | 0.56% | 3.48% | 11.99% | -2.37% | 7.59% |
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 EMTL and YCS is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.26 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2016 | -0.26 |
The correlation between EMTL and YCS shifts across timeframes, from -0.36 (5 years) to -0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMTL vs. YCS — Risk / Return Rank
EMTL
YCS
EMTL vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) 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.
| EMTL | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.34 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 3.78 | -1.61 |
| Martin ratioReturn relative to average drawdown | 7.69 | 11.93 | -4.24 |
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Drawdowns
EMTL vs. YCS - Drawdown Comparison
The maximum EMTL drawdown since its inception was -22.91%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EMTL and YCS.
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Drawdown Indicators
| EMTL | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -49.56% | +26.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.00% | -8.30% | +6.30% |
Max Drawdown (3Y)Largest decline over 3 years | -3.79% | -23.05% | +19.26% |
Max Drawdown (5Y)Largest decline over 5 years | -22.91% | -27.32% | +4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -22.91% | -27.32% | +4.41% |
Current DrawdownCurrent decline from peak | -0.39% | -0.14% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -19.87% | +16.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 2.65% | -2.09% |
Volatility
EMTL vs. YCS - Volatility Comparison
The current volatility for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) is 0.73%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that EMTL 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
| EMTL | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 2.25% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 12.19% | -10.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 16.93% | -14.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 21.10% | -16.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 18.82% | -14.14% |
EMTL vs. YCS - Expense Ratio Comparison
EMTL has a 0.65% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
EMTL vs. YCS - Dividend Comparison
EMTL's dividend yield for the trailing twelve months is around 4.97%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 4.97% | 5.09% | 5.34% | 4.78% | 4.19% | 5.43% | 3.28% | 3.96% | 3.35% | 4.16% | 8.87% |
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
EMTL and YCS have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to EMTL (0.73%). In terms of maximum drawdown, EMTL dropped -22.91% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 3.27% for EMTL. On fees, EMTL is cheaper at 0.65% per year. On volatility, EMTL has been the lower-risk option at 0.73%. 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 3.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTL is cheaper with a 0.65% expense ratio, compared with 1.00% for YCS.
EMTL has the higher dividend yield at 4.97%, compared with 0.00% for YCS.
EMTL is categorized as Emerging Markets Bonds, while YCS is Leveraged Currency. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.65% for EMTL and 1.00% for YCS.
EMTL currently has the higher Sharpe Ratio (1.92 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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