EUHY vs. YCS
EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EUHY is a High Yield Bonds fund tracking the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EUHY returned 3.65%/yr vs 12.34%/yr for YCS. At a correlation of -0.28, they often move in opposite directions. EUHY charges 0.35%/yr vs 1.00%/yr for YCS.
Performance
EUHY vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EUHY achieves a 1.93% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, EUHY has underperformed YCS with an annualized return of 3.65%, while YCS has yielded a comparatively higher 12.34% annualized return.
EUHY
- 1D
- -0.14%
- 1M
- 1.00%
- YTD
- 1.93%
- 6M
- 2.44%
- 1Y
- 6.03%
- 3Y*
- 9.87%
- 5Y*
- 1.94%
- 10Y*
- 3.65%
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%
EUHY vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 1.93% | 17.41% | -0.55% | 16.06% | -15.59% | -3.78% | 10.69% | 8.60% | -7.71% | 19.68% |
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 EUHY and YCS is -0.53, 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 | -0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | -0.28 |
Over the past year, the inverse relationship between EUHY and YCS has strengthened: their correlation has moved from -0.28 to -0.53, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EUHY vs. YCS — Risk / Return Rank
EUHY
YCS
EUHY vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) 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.
| EUHY | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 3.97 | -2.24 |
| Martin ratioReturn relative to average drawdown | 4.14 | 12.40 | -8.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUHY | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 1.92 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 1.12 | -0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.65 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.33 | +0.01 |
Drawdowns
EUHY vs. YCS - Drawdown Comparison
The maximum EUHY drawdown since its inception was -32.45%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EUHY and YCS.
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Drawdown Indicators
| EUHY | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.45% | -49.56% | +17.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.50% | -8.30% | +4.80% |
Max Drawdown (3Y)Largest decline over 3 years | -8.23% | -23.05% | +14.82% |
Max Drawdown (5Y)Largest decline over 5 years | -32.45% | -27.32% | -5.13% |
Max Drawdown (10Y)Largest decline over 10 years | -32.45% | -27.32% | -5.13% |
Current DrawdownCurrent decline from peak | -0.15% | 0.00% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -8.59% | -19.93% | +11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 2.66% | -1.20% |
Volatility
EUHY vs. YCS - Volatility Comparison
The current volatility for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) is 1.07%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that EUHY 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
| EUHY | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 2.75% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 12.32% | -9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.54% | 17.27% | -11.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.00% | 21.10% | -11.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.43% | 19.01% | -8.58% |
EUHY vs. YCS - Expense Ratio Comparison
EUHY has a 0.35% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
EUHY vs. YCS - Dividend Comparison
EUHY's dividend yield for the trailing twelve months is around 5.33%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 5.33% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 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
EUHY and YCS have a correlation of -0.53, 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 EUHY (1.07%). In terms of maximum drawdown, EUHY dropped -32.45% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.34% vs 3.65% for EUHY. On fees, EUHY is cheaper at 0.35% per year. On volatility, EUHY has been the lower-risk option at 1.07%. 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 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUHY is cheaper with a 0.35% expense ratio, compared with 1.00% for YCS.
EUHY has the higher dividend yield at 5.33%, compared with 0.00% for YCS.
EUHY is categorized as High Yield Bonds, while YCS is Leveraged Currency. EUHY tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.35% for EUHY and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 1.10), 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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