EWI vs. YCS
EWI (iShares MSCI Italy ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EWI returned 13.03%/yr vs 12.34%/yr for YCS. At a 0.07 correlation, their price movements are largely independent. EWI charges 0.49%/yr vs 1.00%/yr for YCS.
Performance
EWI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EWI achieves a 7.69% return, which is significantly higher than YCS's 7.17% return. Over the past 10 years, EWI has outperformed YCS with an annualized return of 13.03%, while YCS has yielded a comparatively lower 12.34% annualized return.
EWI
- 1D
- -1.65%
- 1M
- 3.96%
- YTD
- 7.69%
- 6M
- 11.23%
- 1Y
- 26.01%
- 3Y*
- 28.33%
- 5Y*
- 15.40%
- 10Y*
- 13.03%
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%
EWI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 7.69% | 55.72% | 10.23% | 30.63% | -14.16% | 14.38% | 1.69% | 26.98% | -17.18% | 28.70% |
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 EWI and YCS is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.07 |
The correlation between EWI and YCS shifts across timeframes, from -0.36 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWI vs. YCS — Risk / Return Rank
EWI
YCS
EWI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) 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.
| EWI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.35 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 3.97 | -1.88 |
| Martin ratioReturn relative to average drawdown | 7.80 | 12.40 | -4.60 |
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
| EWI | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.92 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 1.12 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.65 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.33 | -0.10 |
Drawdowns
EWI vs. YCS - Drawdown Comparison
The maximum EWI drawdown since its inception was -70.38%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EWI and YCS.
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Drawdown Indicators
| EWI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.38% | -49.56% | -20.82% |
Max Drawdown (1Y)Largest decline over 1 year | -12.48% | -8.30% | -4.18% |
Max Drawdown (3Y)Largest decline over 3 years | -16.80% | -23.05% | +6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -35.25% | -27.32% | -7.93% |
Max Drawdown (10Y)Largest decline over 10 years | -43.00% | -27.32% | -15.68% |
Current DrawdownCurrent decline from peak | -1.85% | 0.00% | -1.85% |
Average DrawdownAverage peak-to-trough decline | -28.94% | -19.93% | -9.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 2.66% | +0.68% |
Volatility
EWI vs. YCS - Volatility Comparison
iShares MSCI Italy ETF (EWI) has a higher volatility of 6.65% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that EWI'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
| EWI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.65% | 2.75% | +3.90% |
Volatility (6M)Calculated over the trailing 6-month period | 14.68% | 12.32% | +2.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.06% | 17.27% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.10% | 21.10% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 19.01% | +4.25% |
EWI vs. YCS - Expense Ratio Comparison
EWI has a 0.49% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
EWI vs. YCS - Dividend Comparison
EWI's dividend yield for the trailing twelve months is around 2.60%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 2.60% | 2.80% | 4.07% | 3.40% | 4.57% | 2.63% | 1.66% | 3.80% | 4.71% | 2.19% | 3.64% | 2.31% |
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
EWI and YCS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWI has higher volatility (6.65%) compared to YCS (2.75%). In terms of maximum drawdown, EWI dropped -70.38% vs YCS's -49.56%.
On 10-year performance, EWI leads with 13.03% vs 12.34% for YCS. On fees, EWI is cheaper at 0.49% 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, EWI has performed better with a 13.03% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWI is cheaper with a 0.49% expense ratio, compared with 1.00% for YCS.
EWI has the higher dividend yield at 2.60%, compared with 0.00% for YCS.
EWI is categorized as Europe Equities, while YCS is Leveraged Currency. EWI tracks MSCI Italy 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 EWI and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 1.45), 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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