EWY vs. YCS
EWY (iShares MSCI South Korea ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EWY returned 17.46%/yr vs 12.34%/yr for YCS. At a 0.04 correlation, their price movements are largely independent. EWY charges 0.59%/yr vs 1.00%/yr for YCS.
Performance
EWY vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EWY achieves a 119.05% return, which is significantly higher than YCS's 7.17% return. Over the past 10 years, EWY has outperformed YCS with an annualized return of 17.46%, while YCS has yielded a comparatively lower 12.34% annualized return.
EWY
- 1D
- -0.73%
- 1M
- 30.18%
- YTD
- 119.05%
- 6M
- 134.13%
- 1Y
- 251.82%
- 3Y*
- 51.99%
- 5Y*
- 20.31%
- 10Y*
- 17.46%
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%
EWY vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 119.05% | 95.33% | -20.48% | 19.05% | -26.59% | -7.58% | 39.43% | 7.97% | -20.37% | 44.97% |
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 EWY and YCS is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.04 |
The correlation between EWY and YCS shifts across timeframes, from -0.27 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWY vs. YCS — Risk / Return Rank
EWY
YCS
EWY vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.
| EWY | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.10 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.35 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 10.99 | 3.97 | +7.02 |
| Martin ratioReturn relative to average drawdown | 40.91 | 12.40 | +28.51 |
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
| EWY | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.02 | 1.92 | +4.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 1.12 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.65 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.33 | 0.00 |
Drawdowns
EWY vs. YCS - Drawdown Comparison
The maximum EWY drawdown since its inception was -74.14%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EWY and YCS.
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Drawdown Indicators
| EWY | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.14% | -49.56% | -24.58% |
Max Drawdown (1Y)Largest decline over 1 year | -23.08% | -8.30% | -14.78% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | -23.05% | -4.31% |
Max Drawdown (5Y)Largest decline over 5 years | -48.55% | -27.32% | -21.23% |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | -27.32% | -22.41% |
Current DrawdownCurrent decline from peak | -1.73% | 0.00% | -1.73% |
Average DrawdownAverage peak-to-trough decline | -20.13% | -19.93% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.19% | 2.66% | +3.53% |
Volatility
EWY vs. YCS - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that EWY'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
| EWY | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.32% | 2.75% | +17.57% |
Volatility (6M)Calculated over the trailing 6-month period | 37.41% | 12.32% | +25.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.10% | 17.27% | +24.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.83% | 21.10% | +7.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.37% | 19.01% | +8.36% |
EWY vs. YCS - Expense Ratio Comparison
EWY has a 0.59% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
EWY vs. YCS - Dividend Comparison
EWY's dividend yield for the trailing twelve months is around 0.96%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 0.96% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
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
EWY and YCS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWY has higher volatility (20.32%) compared to YCS (2.75%). In terms of maximum drawdown, EWY dropped -74.14% vs YCS's -49.56%.
On 10-year performance, EWY leads with 17.46% vs 12.34% for YCS. On fees, EWY is cheaper at 0.59% 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, EWY has performed better with a 17.46% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWY is cheaper with a 0.59% expense ratio, compared with 1.00% for YCS.
EWY has the higher dividend yield at 0.96%, compared with 0.00% for YCS.
EWY is categorized as Asia Pacific Equities, while YCS is Leveraged Currency. EWY tracks MSCI Korea Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for EWY and 1.00% for YCS.
EWY currently has the higher Sharpe Ratio (6.02 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.
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