JPMB vs. YCS
JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - JPMB is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, JPMB returned 1.42%/yr vs 23.54%/yr for YCS. At a correlation of -0.26, they often move in opposite directions. JPMB charges 0.39%/yr vs 1.00%/yr for YCS.
Performance
JPMB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, JPMB achieves a 1.60% return, which is significantly lower than YCS's 7.17% return.
JPMB
- 1D
- -0.38%
- 1M
- 1.30%
- YTD
- 1.60%
- 6M
- 1.55%
- 1Y
- 11.48%
- 3Y*
- 7.93%
- 5Y*
- 1.42%
- 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%
JPMB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 1.60% | 13.73% | 1.46% | 9.48% | -16.05% | -2.26% | 5.36% | 17.71% | -4.72% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | 4.93% |
Correlation
The correlation between JPMB and YCS is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2018 | -0.26 |
The correlation between JPMB and YCS shifts across timeframes, from -0.41 (1 year) to -0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JPMB vs. YCS — Risk / Return Rank
JPMB
YCS
JPMB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) 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.
| JPMB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.35 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 3.97 | -1.47 |
| Martin ratioReturn relative to average drawdown | 10.66 | 12.40 | -1.73 |
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
| JPMB | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | 1.92 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 1.12 | -0.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.33 | -0.05 |
Drawdowns
JPMB vs. YCS - Drawdown Comparison
The maximum JPMB drawdown since its inception was -26.33%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for JPMB and YCS.
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Drawdown Indicators
| JPMB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.33% | -49.56% | +23.23% |
Max Drawdown (1Y)Largest decline over 1 year | -4.61% | -8.30% | +3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -7.53% | -23.05% | +15.52% |
Max Drawdown (5Y)Largest decline over 5 years | -26.16% | -27.32% | +1.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.38% | 0.00% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -7.06% | -19.93% | +12.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 2.66% | -1.58% |
Volatility
JPMB vs. YCS - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) is 1.90%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that JPMB experiences smaller price fluctuations and is considered to be less risky 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
| JPMB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.90% | 2.75% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 4.37% | 12.32% | -7.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 17.27% | -11.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.94% | 21.10% | -12.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.65% | 19.01% | -9.36% |
JPMB vs. YCS - Expense Ratio Comparison
JPMB has a 0.39% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
JPMB vs. YCS - Dividend Comparison
JPMB's dividend yield for the trailing twelve months is around 5.80%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.80% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% |
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
JPMB and YCS have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.75%) compared to JPMB (1.90%). In terms of maximum drawdown, JPMB dropped -26.33% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 1.42% for JPMB. On fees, JPMB is cheaper at 0.39% per year. On volatility, JPMB has been the lower-risk option at 1.90%. 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 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPMB is cheaper with a 0.39% expense ratio, compared with 1.00% for YCS.
JPMB has the higher dividend yield at 5.80%, compared with 0.00% for YCS.
JPMB is categorized as Emerging Markets Bonds, while YCS is Leveraged Currency. JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: JPMorgan and ProShares. Their fees differ too: 0.39% for JPMB and 1.00% for YCS.
JPMB currently has the higher Sharpe Ratio (2.18 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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