FENI vs. YCS

Last updated Aug 4, 2026

FENI (Fidelity Enhanced International ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FENI is a Foreign Large Cap Equities fund actively managed by Fidelity, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FENI is actively managed, while YCS is passively managed. Over the past year, FENI returned 28.63% vs 21.34% for YCS. Their -0.27 correlation means they have often moved in opposite directions in the past. FENI charges 0.28%/yr vs 1.00%/yr for YCS.

Performance

FENI vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced International ETF (FENI) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FENI achieves a 13.37% return, which is significantly higher than YCS's 4.11% return.

FENI

• 1D: 0.32%
• 1M: 1.19%
• 6M: 6.20%
• YTD: 13.37%
• 1Y: 28.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.27%

YCS

• 1D: -2.97%
• 1M: -5.17%
• 6M: 5.08%
• YTD: 4.11%
• 1Y: 21.34%
• 3Y*: 16.96%
• 5Y*: 22.90%
• 10Y*: 13.21%
• ALL TIME*: 6.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FENI Fidelity Enhanced International ETF	$50.45M	$59.07M	$59.10M
YCS ProShares UltraShort Yen	$2.37M	$2.29M	$1.56M

FENI vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FENI Fidelity Enhanced International ETF	13.37%	37.27%	6.95%	5.75%
YCS ProShares UltraShort Yen	4.11%	9.04%	35.41%	-10.06%

Correlation

The correlation between FENI and YCS is -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.37
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	-0.27

The correlation between FENI and YCS shifts across timeframes, from -0.37 (1 year) to -0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FENI vs. YCS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FENI

FENI Risk / Return Rank: 74
FENI Sharpe Ratio Rank: 76
FENI Sortino Ratio Rank: 76
FENI Omega Ratio Rank: 74
FENI Calmar Ratio Rank: 70
FENI Martin Ratio Rank: 75

YCS

YCS Risk / Return Rank: 59
YCS Sharpe Ratio Rank: 51
YCS Sortino Ratio Rank: 45
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 70
YCS Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FENI vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced International ETF (FENI) 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.

	FENI	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.31	+0.45
Sortino ratio: Return per unit of downside risk	2.49	1.71	+0.78
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.50	2.53	-0.02
Martin ratio: Return relative to average drawdown	9.53	9.53	0.00

FENI vs. YCS - Sharpe Ratio Comparison

The current FENI Sharpe Ratio is 1.76, which is higher than the YCS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of FENI and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FENI vs. YCS - Drawdown Comparison

The maximum FENI drawdown since its inception was -14.20%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FENI and YCS.

Drawdown Indicators

	FENI	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-49.56%	+35.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-8.48%	-3.01%
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 Drawdown Current decline from peak	-0.05%	-8.48%	+8.43%
Average Drawdown Average peak-to-trough decline	-2.24%	-19.75%	+17.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.24%	+0.77%

Volatility

FENI vs. YCS - Volatility Comparison

The current volatility for Fidelity Enhanced International ETF (FENI) is 4.76%, while ProShares UltraShort Yen (YCS) has a volatility of 5.88%. This indicates that FENI experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENI	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	5.88%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	11.84%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	16.43%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	21.21%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.78%	18.61%	-2.83%

FENI vs. YCS - Expense Ratio Comparison

FENI has a 0.28% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FENI vs. YCS - Dividend Comparison

FENI's dividend yield for the trailing twelve months is around 2.88%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
FENI Fidelity Enhanced International ETF	2.88%	2.99%	3.02%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FENI and YCS in my portfolio?

FENI and YCS have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FENI or YCS?

YCS has higher volatility (5.88%) compared to FENI (4.76%). In terms of maximum drawdown, FENI dropped -14.20% vs YCS's -49.56%.

Which ETF is better, FENI or YCS?

On 1-year performance, FENI leads with 28.63% vs 21.34% for YCS. On fees, FENI is cheaper at 0.28% per year. On volatility, FENI has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENI or YCS?

Over the 1-year period, FENI has performed better with a 28.63% return vs 21.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENI or YCS?

FENI is cheaper with a 0.28% expense ratio, compared with 1.00% for YCS.

Which ETF pays a higher dividend yield, FENI or YCS?

FENI has the higher dividend yield at 2.88%, compared with 0.00% for YCS.

What is the main difference between FENI and YCS?

FENI is categorized as Foreign Large Cap Equities, while YCS is Leveraged Currency. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.28% for FENI and 1.00% for YCS.

Which has better risk-adjusted returns?

FENI currently has the higher Sharpe Ratio (1.76 vs 1.31), 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.