EZA vs. YCS
EZA (iShares MSCI South Africa ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EZA returned 7.74%/yr vs 13.62%/yr for YCS. At a correlation of -0.03, they often move in opposite directions. EZA charges 0.59%/yr vs 1.00%/yr for YCS.
Performance
EZA vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -5.04% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, EZA has underperformed YCS with an annualized return of 7.74%, while YCS has yielded a comparatively higher 13.62% annualized return.
EZA
- 1D
- -1.86%
- 1M
- -2.94%
- YTD
- -5.04%
- 6M
- -6.05%
- 1Y
- 31.63%
- 3Y*
- 24.47%
- 5Y*
- 10.32%
- 10Y*
- 7.74%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
EZA vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | -5.04% | 75.20% | 7.16% | 1.51% | -5.18% | 7.91% | -5.19% | 9.83% | -25.24% | 36.03% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between EZA and YCS is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.03 |
Over the past year, the inverse relationship between EZA and YCS has strengthened: their correlation has moved from -0.03 to -0.35, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EZA vs. YCS — Risk / Return Rank
EZA
YCS
EZA vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) 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.
| EZA | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.34 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 3.78 | -2.42 |
| Martin ratioReturn relative to average drawdown | 3.41 | 11.93 | -8.52 |
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Drawdowns
EZA vs. YCS - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EZA and YCS.
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Drawdown Indicators
| EZA | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -49.56% | -15.08% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -8.30% | -15.01% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -23.05% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -27.32% | -7.62% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | -27.32% | -34.93% |
Current DrawdownCurrent decline from peak | -19.94% | -0.14% | -19.80% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -19.87% | +2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.29% | 2.65% | +6.64% |
Volatility
EZA vs. YCS - Volatility Comparison
iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.13% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that EZA'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
| EZA | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.13% | 2.25% | +8.88% |
Volatility (6M)Calculated over the trailing 6-month period | 27.33% | 12.19% | +15.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.07% | 16.93% | +15.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.90% | 21.10% | +7.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.27% | 18.82% | +12.45% |
EZA vs. YCS - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
EZA vs. YCS - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 7.89%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | 7.89% | 6.16% | 7.26% | 2.84% | 3.90% | 2.05% | 5.51% | 12.27% | 3.81% | 1.55% | 4.10% | 3.03% |
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
EZA and YCS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZA has higher volatility (11.13%) compared to YCS (2.25%). In terms of maximum drawdown, EZA dropped -64.64% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 7.74% for EZA. On fees, EZA is cheaper at 0.59% 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.
Over the 10-year period, YCS has performed better with a 13.62% return vs 7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZA is cheaper with a 0.59% expense ratio, compared with 1.00% for YCS.
EZA has the higher dividend yield at 7.89%, compared with 0.00% for YCS.
EZA is categorized as Emerging Markets Equities, while YCS is Leveraged Currency. EZA tracks MSCI South Africa 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 EZA and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs 0.99), 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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