FLAX vs. YCS
FLAX (Franklin FTSE Asia ex Japan ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FLAX is a Asia Pacific Equities fund tracking the FTSE Asia ex Japan RIC Capped Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, FLAX returned 7.95%/yr vs 23.54%/yr for YCS. At a correlation of -0.05, they often move in opposite directions. FLAX charges 0.19%/yr vs 1.00%/yr for YCS.
Performance
FLAX vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FLAX achieves a 29.31% return, which is significantly higher than YCS's 7.17% return.
FLAX
- 1D
- -1.11%
- 1M
- 10.05%
- YTD
- 29.31%
- 6M
- 32.11%
- 1Y
- 58.93%
- 3Y*
- 25.00%
- 5Y*
- 7.95%
- 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%
FLAX vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLAX Franklin FTSE Asia ex Japan ETF | 29.31% | 33.72% | 9.82% | 6.27% | -18.88% | -3.54% | 24.17% | 17.19% | -12.02% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | 5.76% |
Correlation
The correlation between FLAX and YCS is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2018 | -0.05 |
Over the past year, the inverse relationship between FLAX and YCS has strengthened: their correlation has moved from -0.05 to -0.26, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FLAX vs. YCS — Risk / Return Rank
FLAX
YCS
FLAX vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Asia ex Japan ETF (FLAX) 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.
| FLAX | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.35 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.56 | 3.97 | +0.59 |
| Martin ratioReturn relative to average drawdown | 17.96 | 12.40 | +5.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FLAX | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.11 | 1.92 | +1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 1.12 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.33 | +0.11 |
Drawdowns
FLAX vs. YCS - Drawdown Comparison
The maximum FLAX drawdown since its inception was -42.51%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FLAX and YCS.
Loading charts...
Drawdown Indicators
| FLAX | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.51% | -49.56% | +7.05% |
Max Drawdown (1Y)Largest decline over 1 year | -12.99% | -8.30% | -4.69% |
Max Drawdown (3Y)Largest decline over 3 years | -19.29% | -23.05% | +3.76% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -27.32% | -11.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -1.11% | 0.00% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -15.41% | -19.93% | +4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 2.66% | +0.63% |
Volatility
FLAX vs. YCS - Volatility Comparison
Franklin FTSE Asia ex Japan ETF (FLAX) has a higher volatility of 8.58% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that FLAX'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.
Loading charts...
Volatility by Period
| FLAX | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 2.75% | +5.83% |
Volatility (6M)Calculated over the trailing 6-month period | 16.54% | 12.32% | +4.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.07% | 17.27% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.02% | 21.10% | -2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.93% | 19.01% | +0.92% |
FLAX vs. YCS - Expense Ratio Comparison
FLAX has a 0.19% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FLAX vs. YCS - Dividend Comparison
FLAX's dividend yield for the trailing twelve months is around 1.83%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLAX Franklin FTSE Asia ex Japan ETF | 1.83% | 2.37% | 3.12% | 2.20% | 2.86% | 2.38% | 1.57% | 2.23% | 2.35% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLAX and YCS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLAX has higher volatility (8.58%) compared to YCS (2.75%). In terms of maximum drawdown, FLAX dropped -42.51% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 7.95% for FLAX. On fees, FLAX is cheaper at 0.19% 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 5-year period, YCS has performed better with a 23.54% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLAX is cheaper with a 0.19% expense ratio, compared with 1.00% for YCS.
FLAX has the higher dividend yield at 1.83%, compared with 0.00% for YCS.
FLAX is categorized as Asia Pacific Equities, while YCS is Leveraged Currency. FLAX tracks FTSE Asia ex Japan RIC Capped Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.19% for FLAX and 1.00% for YCS.
FLAX currently has the higher Sharpe Ratio (3.11 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.
Find the right allocation for FLAX and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer