ENOR vs. YCS
ENOR (iShares MSCI Norway ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - ENOR is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ENOR returned 9.41%/yr vs 12.34%/yr for YCS. At a 0.03 correlation, their price movements are largely independent. ENOR charges 0.53%/yr vs 1.00%/yr for YCS.
Performance
ENOR vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ENOR achieves a 28.21% return, which is significantly higher than YCS's 7.17% return. Over the past 10 years, ENOR has underperformed YCS with an annualized return of 9.41%, while YCS has yielded a comparatively higher 12.34% annualized return.
ENOR
- 1D
- -0.57%
- 1M
- -1.34%
- YTD
- 28.21%
- 6M
- 33.17%
- 1Y
- 37.30%
- 3Y*
- 23.56%
- 5Y*
- 8.25%
- 10Y*
- 9.41%
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%
ENOR vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ENOR iShares MSCI Norway ETF | 28.21% | 32.00% | -2.29% | 4.80% | -12.53% | 18.69% | 2.54% | 12.77% | -8.50% | 21.98% |
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 ENOR and YCS is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2012 | 0.03 |
The correlation between ENOR and YCS shifts across timeframes, from -0.18 (3 years) to 0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ENOR vs. YCS — Risk / Return Rank
ENOR
YCS
ENOR vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Norway ETF (ENOR) 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.
| ENOR | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.35 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.16 | 3.97 | +0.19 |
| Martin ratioReturn relative to average drawdown | 11.78 | 12.40 | -0.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ENOR | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | 1.92 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 1.12 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.65 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.33 | -0.08 |
Drawdowns
ENOR vs. YCS - Drawdown Comparison
The maximum ENOR drawdown since its inception was -55.35%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for ENOR and YCS.
Loading charts...
Drawdown Indicators
| ENOR | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.35% | -49.56% | -5.79% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -8.30% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -15.84% | -23.05% | +7.21% |
Max Drawdown (5Y)Largest decline over 5 years | -32.65% | -27.32% | -5.33% |
Max Drawdown (10Y)Largest decline over 10 years | -54.21% | -27.32% | -26.89% |
Current DrawdownCurrent decline from peak | -3.15% | 0.00% | -3.15% |
Average DrawdownAverage peak-to-trough decline | -16.58% | -19.93% | +3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 2.66% | +0.52% |
Volatility
ENOR vs. YCS - Volatility Comparison
iShares MSCI Norway ETF (ENOR) has a higher volatility of 5.14% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that ENOR'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.
Loading charts...
Volatility by Period
| ENOR | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 2.75% | +2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 13.62% | 12.32% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.43% | 17.27% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.18% | 21.10% | +1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.02% | 19.01% | +5.01% |
ENOR vs. YCS - Expense Ratio Comparison
ENOR has a 0.53% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
ENOR vs. YCS - Dividend Comparison
ENOR's dividend yield for the trailing twelve months is around 2.31%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENOR iShares MSCI Norway ETF | 2.31% | 2.96% | 6.32% | 5.06% | 4.02% | 2.24% | 2.39% | 3.15% | 2.79% | 2.47% | 2.96% | 3.24% |
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
ENOR and YCS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENOR has higher volatility (5.14%) compared to YCS (2.75%). In terms of maximum drawdown, ENOR dropped -55.35% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.34% vs 9.41% for ENOR. On fees, ENOR is cheaper at 0.53% 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.
Over the 10-year period, YCS has performed better with a 12.34% return vs 9.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENOR is cheaper with a 0.53% expense ratio, compared with 1.00% for YCS.
ENOR has the higher dividend yield at 2.31%, compared with 0.00% for YCS.
ENOR is categorized as Europe Equities, while YCS is Leveraged Currency. ENOR tracks MSCI Norway IMI 25/50 Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.53% for ENOR and 1.00% for YCS.
ENOR currently has the higher Sharpe Ratio (2.15 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.
Find the right allocation for ENOR and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer