FXI vs. YCS
FXI (iShares China Large-Cap ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXI returned 2.55%/yr vs 13.62%/yr for YCS. At a 0.12 correlation, their price movements are largely independent. FXI charges 0.74%/yr vs 1.00%/yr for YCS.
Performance
FXI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -13.61% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, FXI has underperformed YCS with an annualized return of 2.55%, while YCS has yielded a comparatively higher 13.62% annualized return.
FXI
- 1D
- -1.79%
- 1M
- -6.88%
- YTD
- -13.61%
- 6M
- -14.15%
- 1Y
- -7.33%
- 3Y*
- 9.64%
- 5Y*
- -4.39%
- 10Y*
- 2.55%
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%
FXI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -13.61% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
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 FXI and YCS is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.12 |
The correlation between FXI and YCS shifts across timeframes, from -0.21 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXI vs. YCS — Risk / Return Rank
FXI
YCS
FXI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.
| FXI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.76 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.34 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.78 | -4.15 |
| Martin ratioReturn relative to average drawdown | -0.90 | 11.93 | -12.83 |
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Drawdowns
FXI vs. YCS - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FXI and YCS.
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Drawdown Indicators
| FXI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -49.56% | -23.12% |
Max Drawdown (1Y)Largest decline over 1 year | -19.91% | -8.30% | -11.61% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -23.05% | -5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -54.94% | -27.32% | -27.62% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -27.32% | -33.49% |
Current DrawdownCurrent decline from peak | -31.97% | -0.14% | -31.83% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -19.87% | -11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.13% | 2.65% | +5.48% |
Volatility
FXI vs. YCS - Volatility Comparison
iShares China Large-Cap ETF (FXI) has a higher volatility of 6.02% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that FXI'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
| FXI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 2.25% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 14.66% | 12.19% | +2.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.00% | 16.93% | +3.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.72% | 21.10% | +10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 18.82% | +8.78% |
FXI vs. YCS - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FXI vs. YCS - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 2.07%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.07% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
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
FXI and YCS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXI has higher volatility (6.02%) compared to YCS (2.25%). In terms of maximum drawdown, FXI dropped -72.68% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 2.55% for FXI. On fees, FXI is cheaper at 0.74% 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 2.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXI is cheaper with a 0.74% expense ratio, compared with 1.00% for YCS.
FXI has the higher dividend yield at 2.07%, compared with 0.00% for YCS.
FXI is categorized as China Equities, while YCS is Leveraged Currency. FXI tracks FTSE China 50 Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.74% for FXI and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.37), 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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