GSEE vs. YCS
GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, GSEE returned 7.49%/yr vs 23.54%/yr for YCS. At a correlation of -0.16, they often move in opposite directions. GSEE charges 0.36%/yr vs 1.00%/yr for YCS.
Performance
GSEE vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, GSEE achieves a 27.44% return, which is significantly higher than YCS's 7.17% return.
GSEE
- 1D
- -1.36%
- 1M
- 8.70%
- YTD
- 27.44%
- 6M
- 30.18%
- 1Y
- 54.30%
- 3Y*
- 23.60%
- 5Y*
- 7.49%
- 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%
GSEE vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF | 27.44% | 33.38% | 4.94% | 11.03% | -19.57% | -2.61% | 43.54% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -8.01% |
Correlation
The correlation between GSEE and YCS is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since May 18, 2020 | -0.16 |
The correlation between GSEE and YCS shifts across timeframes, from -0.27 (1 year) to -0.15 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GSEE vs. YCS — Risk / Return Rank
GSEE
YCS
GSEE vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) 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.
| GSEE | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.35 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.18 | 3.97 | +0.21 |
| Martin ratioReturn relative to average drawdown | 16.02 | 12.40 | +3.63 |
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
| GSEE | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 1.92 | +0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 1.12 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 0.33 | +0.44 |
Drawdowns
GSEE vs. YCS - Drawdown Comparison
The maximum GSEE drawdown since its inception was -37.51%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for GSEE and YCS.
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Drawdown Indicators
| GSEE | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.51% | -49.56% | +12.05% |
Max Drawdown (1Y)Largest decline over 1 year | -13.05% | -8.30% | -4.75% |
Max Drawdown (3Y)Largest decline over 3 years | -17.39% | -23.05% | +5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -34.97% | -27.32% | -7.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -1.36% | 0.00% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -14.73% | -19.93% | +5.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 2.66% | +0.74% |
Volatility
GSEE vs. YCS - Volatility Comparison
Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a higher volatility of 8.68% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that GSEE'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
| GSEE | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 2.75% | +5.93% |
Volatility (6M)Calculated over the trailing 6-month period | 16.80% | 12.32% | +4.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.52% | 17.27% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.24% | 21.10% | -2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 19.01% | -0.62% |
GSEE vs. YCS - Expense Ratio Comparison
GSEE has a 0.36% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
GSEE vs. YCS - Dividend Comparison
GSEE's dividend yield for the trailing twelve months is around 1.98%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF | 1.98% | 2.53% | 2.79% | 3.07% | 3.05% | 6.10% | 2.41% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSEE and YCS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSEE has higher volatility (8.68%) compared to YCS (2.75%). In terms of maximum drawdown, GSEE dropped -37.51% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 7.49% for GSEE. On fees, GSEE is cheaper at 0.36% 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 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSEE is cheaper with a 0.36% expense ratio, compared with 1.00% for YCS.
GSEE has the higher dividend yield at 1.98%, compared with 0.00% for YCS.
GSEE is categorized as Asia Pacific Equities, while YCS is Leveraged Currency. GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Goldman Sachs and ProShares. Their fees differ too: 0.36% for GSEE and 1.00% for YCS.
GSEE currently has the higher Sharpe Ratio (2.80 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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