EMXC vs. YCS
EMXC (iShares MSCI Emerging Markets ex China ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while YCS is a Leveraged Currency fund tracking the JPY/USD 4:00 p.m. ET Cross Rate. Both are passively managed. Over the past 5 years, EMXC returned 11.63%/yr vs 22.89%/yr for YCS. Their -0.07 correlation means they have often moved in opposite directions in the past. EMXC charges 0.49%/yr vs 0.95%/yr for YCS.
Performance
EMXC vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 31.61% return, which is significantly higher than YCS's 5.40% return.
EMXC
- 1D
- -0.40%
- 1M
- -5.09%
- 6M
- 19.37%
- YTD
- 31.61%
- 1Y
- 54.28%
- 3Y*
- 25.01%
- 5Y*
- 11.63%
- 10Y*
- —
- ALL TIME*
- 9.72%
YCS
- 1D
- -0.02%
- 1M
- -4.94%
- 6M
- 4.42%
- YTD
- 5.40%
- 1Y
- 22.68%
- 3Y*
- 17.44%
- 5Y*
- 22.89%
- 10Y*
- 13.35%
- ALL TIME*
- 6.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $262.56M | $261.57M | $278.99M | |
| $2.59M | $2.15M | $1.60M |
EMXC vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 31.61% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
YCS ProShares UltraShort Yen | 5.40% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | 2.21% |
Correlation
The correlation between EMXC and YCS is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | -0.07 |
The correlation between EMXC and YCS shifts across timeframes, from -0.21 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMXC vs. YCS — Risk / Return Rank
EMXC
YCS
EMXC vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) 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.
| EMXC | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.27 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 2.69 | +0.27 |
| Martin ratioReturn relative to average drawdown | 10.24 | 9.73 | +0.51 |
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Drawdowns
EMXC vs. YCS - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EMXC and YCS.
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Drawdown Indicators
| EMXC | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -49.56% | +6.75% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -8.48% | -9.95% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -23.05% | +3.93% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -27.32% | -1.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -10.71% | -7.34% | -3.37% |
Average DrawdownAverage peak-to-trough decline | -10.16% | -19.75% | +9.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.32% | 2.34% | +2.98% |
Volatility
EMXC vs. YCS - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 10.18% compared to ProShares UltraShort Yen (YCS) at 5.95%. This indicates that EMXC'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
| EMXC | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.18% | 5.95% | +4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 25.97% | 11.87% | +14.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.75% | 16.43% | +11.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.09% | 21.21% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.51% | 18.61% | +1.90% |
EMXC vs. YCS - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is lower than YCS's 0.95% expense ratio.
Dividends
EMXC vs. YCS - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.02%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 2.02% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMXC and YCS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (10.18%) compared to YCS (5.95%). In terms of maximum drawdown, EMXC dropped -42.81% vs YCS's -49.56%.
On 5-year performance, YCS leads with 22.89% vs 11.63% for EMXC. On fees, EMXC is cheaper at 0.49% per year. On volatility, YCS has been the lower-risk option at 5.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YCS has performed better with a 22.89% return vs 11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMXC is cheaper with a 0.49% expense ratio, compared with 0.95% for YCS.
EMXC has the higher dividend yield at 2.02%, compared with 0.00% for YCS.
EMXC is categorized as Emerging Markets Equities, while YCS is Leveraged Currency. EMXC tracks MSCI Emerging Markets ex China Index, while YCS tracks JPY/USD 4:00 p.m. ET Cross Rate. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.49% for EMXC and 0.95% for YCS.
EMXC currently has the higher Sharpe Ratio (1.97 vs 1.39), 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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