EPEM vs. YCS

Last updated Jun 25, 2026

EPEM (Harbor Emerging Markets Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EPEM is a Emerging Markets Diversified fund actively managed by Harbor, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). EPEM is actively managed, while YCS is passively managed. Over the past year, EPEM returned 44.02% vs 34.18% for YCS. At a correlation of -0.27, they often move in opposite directions. EPEM charges 0.84%/yr vs 1.00%/yr for YCS.

Performance

EPEM vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Emerging Markets Equity ETF (EPEM) 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, EPEM achieves a 23.73% return, which is significantly higher than YCS's 10.06% return.

EPEM

• 1D: -0.40%
• 1M: 0.78%
• YTD: 23.73%
• 6M: 25.59%
• 1Y: 44.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.39%
• 1M: 3.97%
• YTD: 10.06%
• 6M: 11.27%
• 1Y: 34.18%
• 3Y*: 18.53%
• 5Y*: 23.65%
• 10Y*: 13.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EPEM vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
EPEM Harbor Emerging Markets Equity ETF	23.73%	20.73%
YCS ProShares UltraShort Yen	10.06%	25.96%

Correlation

The correlation between EPEM and YCS is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.27

Return for Risk

EPEM vs. YCS — Risk / Return Rank

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

EPEM

EPEM Risk / Return Rank: 74
EPEM Sharpe Ratio Rank: 76
EPEM Sortino Ratio Rank: 67
EPEM Omega Ratio Rank: 76
EPEM Calmar Ratio Rank: 75
EPEM Martin Ratio Rank: 74

YCS

YCS Risk / Return Rank: 73
YCS Sharpe Ratio Rank: 71
YCS Sortino Ratio Rank: 62
YCS Omega Ratio Rank: 72
YCS Calmar Ratio Rank: 84
YCS Martin Ratio Rank: 77

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.

EPEM vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Emerging Markets Equity ETF (EPEM) 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.

	EPEM	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.04	+0.06
Sortino ratio: Return per unit of downside risk	2.67	2.57	+0.10
Omega ratio: Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	3.33	4.14	-0.80
Martin ratio: Return relative to average drawdown	11.97	13.04	-1.07

EPEM vs. YCS - Sharpe Ratio Comparison

The current EPEM Sharpe Ratio is 2.10, which is comparable to the YCS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of EPEM 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.

Drawdowns

EPEM vs. YCS - Drawdown Comparison

The maximum EPEM drawdown since its inception was -13.27%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EPEM and YCS.

Drawdown Indicators

	EPEM	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-49.56%	+36.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.27%	-8.30%	-4.97%
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	-6.10%	0.00%	-6.10%
Average Drawdown Average peak-to-trough decline	-2.09%	-19.87%	+17.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	2.63%	+1.06%

Volatility

EPEM vs. YCS - Volatility Comparison

Harbor Emerging Markets Equity ETF (EPEM) has a higher volatility of 10.68% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that EPEM'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

	EPEM	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	2.25%	+8.43%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	11.91%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	21.19%	16.93%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	21.10%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	18.82%	+2.06%

EPEM vs. YCS - Expense Ratio Comparison

EPEM has a 0.84% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

EPEM vs. YCS - Dividend Comparison

EPEM's dividend yield for the trailing twelve months is around 2.96%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
EPEM Harbor Emerging Markets Equity ETF	2.96%	3.66%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPEM and YCS in my portfolio?

EPEM and YCS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPEM or YCS?

EPEM has higher volatility (10.68%) compared to YCS (2.25%). In terms of maximum drawdown, EPEM dropped -13.27% vs YCS's -49.56%.

Which ETF is better, EPEM or YCS?

On 1-year performance, EPEM leads with 44.02% vs 34.18% for YCS. On fees, EPEM is cheaper at 0.84% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPEM or YCS?

Over the 1-year period, EPEM has performed better with a 44.02% return vs 34.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPEM or YCS?

EPEM is cheaper with a 0.84% expense ratio, compared with 1.00% for YCS.

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

EPEM has the higher dividend yield at 2.96%, compared with 0.00% for YCS.

What is the main difference between EPEM and YCS?

EPEM is categorized as Emerging Markets Diversified, while YCS is Leveraged Currency. They also come from different issuers: Harbor and ProShares. Their fees differ too: 0.84% for EPEM and 1.00% for YCS.

Which has better risk-adjusted returns?

EPEM currently has the higher Sharpe Ratio (2.10 vs 2.04), 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.