EWG vs. YCS
EWG (iShares MSCI Germany ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EWG is a Europe Equities fund tracking the MSCI Germany Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EWG returned 7.94%/yr vs 13.13%/yr for YCS. At a 0.05 correlation, their price movements are largely independent. EWG charges 0.49%/yr vs 1.00%/yr for YCS.
Performance
EWG vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EWG achieves a -0.42% return, which is significantly lower than YCS's 10.29% return. Over the past 10 years, EWG has underperformed YCS with an annualized return of 7.94%, while YCS has yielded a comparatively higher 13.13% annualized return.
EWG
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- -2.51%
- YTD
- -0.42%
- 1Y
- -0.30%
- 3Y*
- 16.07%
- 5Y*
- 6.15%
- 10Y*
- 7.94%
YCS
- 1D
- -0.78%
- 1M
- 2.50%
- 6M
- 8.31%
- YTD
- 10.29%
- 1Y
- 29.06%
- 3Y*
- 20.30%
- 5Y*
- 24.01%
- 10Y*
- 13.13%
EWG vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | -0.42% | 35.79% | 9.79% | 23.35% | -22.27% | 5.84% | 10.09% | 19.15% | -21.40% | 27.42% |
YCS ProShares UltraShort Yen | 10.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between EWG and YCS is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.05 |
The correlation between EWG and YCS shifts across timeframes, from -0.34 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWG vs. YCS — Risk / Return Rank
EWG
YCS
EWG vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Germany ETF (EWG) 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.
| EWG | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.35 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 3.76 | -3.85 |
| Martin ratioReturn relative to average drawdown | -0.25 | 11.88 | -12.13 |
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Drawdowns
EWG vs. YCS - Drawdown Comparison
The maximum EWG drawdown since its inception was -67.57%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EWG and YCS.
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Drawdown Indicators
| EWG | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.57% | -49.56% | -18.01% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -8.30% | -6.24% |
Max Drawdown (3Y)Largest decline over 3 years | -15.81% | -23.05% | +7.24% |
Max Drawdown (5Y)Largest decline over 5 years | -42.59% | -27.32% | -15.27% |
Max Drawdown (10Y)Largest decline over 10 years | -46.80% | -27.32% | -19.48% |
Current DrawdownCurrent decline from peak | -5.02% | -1.01% | -4.01% |
Average DrawdownAverage peak-to-trough decline | -19.15% | -19.82% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.10% | 2.62% | +2.48% |
Volatility
EWG vs. YCS - Volatility Comparison
iShares MSCI Germany ETF (EWG) has a higher volatility of 5.78% compared to ProShares UltraShort Yen (YCS) at 3.05%. This indicates that EWG'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
| EWG | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.78% | 3.05% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 15.17% | 11.94% | +3.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.79% | 16.66% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.56% | 21.09% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.80% | 18.75% | +2.05% |
EWG vs. YCS - Expense Ratio Comparison
EWG has a 0.49% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
EWG vs. YCS - Dividend Comparison
EWG's dividend yield for the trailing twelve months is around 2.00%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 2.00% | 1.60% | 2.38% | 2.56% | 3.24% | 2.70% | 1.67% | 2.51% | 2.93% | 2.06% | 2.35% | 1.93% |
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
EWG and YCS have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWG has higher volatility (5.78%) compared to YCS (3.05%). In terms of maximum drawdown, EWG dropped -67.57% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.13% vs 7.94% for EWG. On fees, EWG is cheaper at 0.49% per year. On volatility, YCS has been the lower-risk option at 3.05%. 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 13.13% return vs 7.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWG is cheaper with a 0.49% expense ratio, compared with 1.00% for YCS.
EWG has the higher dividend yield at 2.00%, compared with 0.00% for YCS.
EWG is categorized as Europe Equities, while YCS is Leveraged Currency. EWG tracks MSCI Germany Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.49% for EWG and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.87 vs -0.07), 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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