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FEP vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEP vs. YCS

Last updated Jun 3, 2026

FEP (First Trust Europe AlphaDEX Fund) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FEP is a Europe Equities fund tracking the Defined Europe Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FEP returned 10.37%/yr vs 12.32%/yr for YCS. At a 0.03 correlation, their price movements are largely independent. FEP charges 0.80%/yr vs 1.00%/yr for YCS.

Performance

FEP vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Europe AlphaDEX Fund (FEP) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FEP achieves a 11.01% return, which is significantly higher than YCS's 6.99% return. Over the past 10 years, FEP has underperformed YCS with an annualized return of 10.37%, while YCS has yielded a comparatively higher 12.32% annualized return.

FEP

1D
0.44%
1M
2.53%
YTD
11.01%
6M
16.91%
1Y
30.38%
3Y*
25.14%
5Y*
9.81%
10Y*
10.37%

YCS

1D
0.03%
1M
4.27%
YTD
6.99%
6M
8.81%
1Y
35.19%
3Y*
19.77%
5Y*
23.16%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEP vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEP
First Trust Europe AlphaDEX Fund		11.01%55.72%3.38%16.85%-22.97%17.03%4.12%24.83%-19.00%36.27%
YCS
ProShares UltraShort Yen		6.99%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between FEP and YCS is -0.38, 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

-0.38

Correlation (3Y)
Calculated over the trailing 3-year period

-0.26

Correlation (5Y)
Calculated over the trailing 5-year period

-0.19

Correlation (10Y)
Calculated over the trailing 10-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Apr 27, 2011

0.03

The correlation between FEP and YCS shifts across timeframes, from -0.38 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Europe AlphaDEX Fund

ProShares UltraShort Yen

Often compared with FEP:
FEP vs. DFEFEP vs. FEUZFEP vs. HEDJFEP vs. DWMFFEP vs. QYLDFEP vs. VGKFEP vs. DBEU
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

FEP vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEP
FEP Risk / Return Rank: 5353
Overall Rank
FEP Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
FEP Sortino Ratio Rank: 5151
Sortino Ratio Rank
FEP Omega Ratio Rank: 5252
Omega Ratio Rank
FEP Calmar Ratio Rank: 5353
Calmar Ratio Rank
FEP Martin Ratio Rank: 5858
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6363
Overall Rank
YCS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5353
Sortino Ratio Rank
YCS Omega Ratio Rank: 6060
Omega Ratio Rank
YCS Calmar Ratio Rank: 7777
Calmar Ratio Rank
YCS Martin Ratio Rank: 6666
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FEP vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) 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.

FEPYCSDifference

Sharpe ratio

Return per unit of total volatility

1.83

2.05

-0.22

Sortino ratio

Return per unit of downside risk

2.50

2.59

-0.09

Omega ratio

Gain probability vs. loss probability

1.32

1.37

-0.05

Calmar ratio

Return relative to maximum drawdown

2.68

3.95

-1.27

Martin ratio

Return relative to average drawdown

10.42

12.35

-1.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEP vs. YCS - Sharpe Ratio Comparison

The current FEP Sharpe Ratio is 1.83, which is comparable to the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FEP 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.

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Sharpe Ratios by Period

FEPYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

2.05

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

1.10

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.65

-0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

0.33

+0.01

Drawdowns

FEP vs. YCS - Drawdown Comparison

The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FEP and YCS.

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Drawdown Indicators

FEPYCSDifference

Max Drawdown

Largest peak-to-trough decline

-46.05%

-49.56%

+3.51%

Max Drawdown (1Y)

Largest decline over 1 year

-12.13%

-8.30%

-3.83%

Max Drawdown (3Y)

Largest decline over 3 years

-15.83%

-23.05%

+7.22%

Max Drawdown (5Y)

Largest decline over 5 years

-38.99%

-27.32%

-11.67%

Max Drawdown (10Y)

Largest decline over 10 years

-46.05%

-27.32%

-18.73%

Current Drawdown

Current decline from peak

-0.55%

-0.04%

-0.51%

Average Drawdown

Average peak-to-trough decline

-12.03%

-19.94%

+7.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

2.66%

+0.45%

Volatility

FEP vs. YCS - Volatility Comparison

First Trust Europe AlphaDEX Fund (FEP) has a higher volatility of 5.90% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that FEP'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

FEPYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.90%

2.75%

+3.15%

Volatility (6M)

Calculated over the trailing 6-month period

13.92%

12.36%

+1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

16.77%

17.38%

-0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.67%

21.11%

-1.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

19.02%

+1.71%

FEP vs. YCS - Expense Ratio Comparison

FEP has a 0.80% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FEP vs. YCS - Dividend Comparison

FEP's dividend yield for the trailing twelve months is around 2.95%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FEP
First Trust Europe AlphaDEX Fund		2.95%3.33%4.94%3.27%3.00%3.49%2.32%2.63%2.62%1.65%2.14%2.20%
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

FEP and YCS have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FEP has higher volatility (5.90%) compared to YCS (2.75%). In terms of maximum drawdown, FEP dropped -46.05% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.32% vs 10.37% for FEP. On fees, FEP is cheaper at 0.80% 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, YCS has performed better with a 12.32% return vs 10.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FEP is cheaper with a 0.80% expense ratio, compared with 1.00% for YCS.

FEP has the higher dividend yield at 2.95%, compared with 0.00% for YCS.

FEP is categorized as Europe Equities, while YCS is Leveraged Currency. FEP tracks Defined Europe Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.80% for FEP and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (2.05 vs 1.83), 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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