FEMR vs. YCS
FEMR (Fidelity Enhanced Emerging Markets ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FEMR is a Emerging Markets Diversified fund actively managed by Fidelity, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FEMR is actively managed, while YCS is passively managed. Over the past year, FEMR returned 64.21% vs 32.82% for YCS. At a correlation of -0.13, they often move in opposite directions. FEMR charges 0.38%/yr vs 1.00%/yr for YCS.
Performance
FEMR vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FEMR achieves a 34.71% return, which is significantly higher than YCS's 7.17% return.
FEMR
- 1D
- -0.41%
- 1M
- 11.47%
- YTD
- 34.71%
- 6M
- 39.19%
- 1Y
- 64.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
FEMR vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FEMR Fidelity Enhanced Emerging Markets ETF | 34.71% | 35.27% | -1.49% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 2.51% |
Correlation
The correlation between FEMR and YCS is -0.29, 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 | -0.29 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024 | -0.13 |
The correlation between FEMR and YCS shifts across timeframes, from -0.29 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FEMR vs. YCS — Risk / Return Rank
FEMR
YCS
FEMR vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Emerging Markets ETF (FEMR) 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.
| FEMR | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.35 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.46 | 3.97 | +0.49 |
| Martin ratioReturn relative to average drawdown | 17.85 | 12.40 | +5.45 |
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
| FEMR | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.05 | 1.92 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.22 | 0.33 | +1.89 |
Drawdowns
FEMR vs. YCS - Drawdown Comparison
The maximum FEMR drawdown since its inception was -15.58%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FEMR and YCS.
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Drawdown Indicators
| FEMR | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -49.56% | +33.98% |
Max Drawdown (1Y)Largest decline over 1 year | -14.47% | -8.30% | -6.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.41% | 0.00% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -19.93% | +17.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 2.66% | +0.95% |
Volatility
FEMR vs. YCS - Volatility Comparison
Fidelity Enhanced Emerging Markets ETF (FEMR) has a higher volatility of 8.63% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that FEMR'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
| FEMR | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.63% | 2.75% | +5.88% |
Volatility (6M)Calculated over the trailing 6-month period | 18.52% | 12.32% | +6.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.17% | 17.27% | +3.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.28% | 21.10% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.28% | 19.01% | +2.27% |
FEMR vs. YCS - Expense Ratio Comparison
FEMR has a 0.38% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FEMR vs. YCS - Dividend Comparison
FEMR's dividend yield for the trailing twelve months is around 1.39%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FEMR Fidelity Enhanced Emerging Markets ETF | 1.39% | 1.92% | 0.37% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FEMR and YCS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEMR has higher volatility (8.63%) compared to YCS (2.75%). In terms of maximum drawdown, FEMR dropped -15.58% vs YCS's -49.56%.
On 1-year performance, FEMR leads with 64.21% vs 32.82% for YCS. On fees, FEMR is cheaper at 0.38% 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 1-year period, FEMR has performed better with a 64.21% return vs 32.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEMR is cheaper with a 0.38% expense ratio, compared with 1.00% for YCS.
FEMR has the higher dividend yield at 1.39%, compared with 0.00% for YCS.
FEMR is categorized as Emerging Markets Diversified, while YCS is Leveraged Currency. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.38% for FEMR and 1.00% for YCS.
FEMR currently has the higher Sharpe Ratio (3.05 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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