INDY vs. YCS
INDY (iShares India 50 ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - INDY is a Emerging Markets Equities fund tracking the Nifty 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, INDY returned 6.94%/yr vs 13.62%/yr for YCS. At a 0.09 correlation, their price movements are largely independent. INDY charges 0.65%/yr vs 1.00%/yr for YCS.
Performance
INDY vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -12.36% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, INDY has underperformed YCS with an annualized return of 6.94%, while YCS has yielded a comparatively higher 13.62% annualized return.
INDY
- 1D
- -1.49%
- 1M
- 1.53%
- YTD
- -12.36%
- 6M
- -12.66%
- 1Y
- -12.06%
- 3Y*
- 2.42%
- 5Y*
- 2.23%
- 10Y*
- 6.94%
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%
INDY vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -12.36% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
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 INDY and YCS is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.09 |
The correlation between INDY and YCS shifts across timeframes, from -0.20 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDY vs. YCS — Risk / Return Rank
INDY
YCS
INDY vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.
| INDY | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.54 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.34 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 3.78 | -4.42 |
| Martin ratioReturn relative to average drawdown | -1.35 | 11.93 | -13.27 |
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Drawdowns
INDY vs. YCS - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for INDY and YCS.
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Drawdown Indicators
| INDY | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -49.56% | +4.82% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -8.30% | -10.65% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -23.05% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -27.32% | +4.92% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -27.32% | -16.18% |
Current DrawdownCurrent decline from peak | -18.17% | -0.14% | -18.03% |
Average DrawdownAverage peak-to-trough decline | -12.24% | -19.87% | +7.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.98% | 2.65% | +6.33% |
Volatility
INDY vs. YCS - Volatility Comparison
iShares India 50 ETF (INDY) has a higher volatility of 4.06% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that INDY'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
| INDY | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.06% | 2.25% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 12.55% | 12.19% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 16.93% | -2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.98% | 21.10% | -6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.53% | 18.82% | +0.71% |
INDY vs. YCS - Expense Ratio Comparison
INDY has a 0.65% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
INDY vs. YCS - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.50%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | 9.50% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
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
INDY and YCS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDY has higher volatility (4.06%) compared to YCS (2.25%). In terms of maximum drawdown, INDY dropped -44.74% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 6.94% for INDY. On fees, INDY is cheaper at 0.65% 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 6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDY is cheaper with a 0.65% expense ratio, compared with 1.00% for YCS.
INDY has the higher dividend yield at 9.50%, compared with 0.00% for YCS.
INDY is categorized as Emerging Markets Equities, while YCS is Leveraged Currency. INDY tracks Nifty 50 Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.65% for INDY and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.84), 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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