KEMX vs. YCS
KEMX (KraneShares MSCI Emerging Markets ex China Index ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - KEMX is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets ex China Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, KEMX returned 13.52%/yr vs 23.54%/yr for YCS. At a correlation of -0.11, they often move in opposite directions. KEMX charges 0.25%/yr vs 1.00%/yr for YCS.
Performance
KEMX vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, KEMX achieves a 42.26% return, which is significantly higher than YCS's 7.17% return.
KEMX
- 1D
- -1.31%
- 1M
- 13.02%
- YTD
- 42.26%
- 6M
- 47.92%
- 1Y
- 79.97%
- 3Y*
- 29.66%
- 5Y*
- 13.52%
- 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%
KEMX vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 42.26% | 38.28% | 0.36% | 20.57% | -19.35% | 10.55% | 12.84% | 7.93% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | -2.42% |
Correlation
The correlation between KEMX and YCS is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019 | -0.11 |
The correlation between KEMX and YCS shifts across timeframes, from -0.30 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KEMX vs. YCS — Risk / Return Rank
KEMX
YCS
KEMX vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) 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.
| KEMX | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.35 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 5.24 | 3.97 | +1.26 |
| Martin ratioReturn relative to average drawdown | 20.86 | 12.40 | +8.46 |
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
| KEMX | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.59 | 1.92 | +1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 1.12 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.33 | +0.35 |
Drawdowns
KEMX vs. YCS - Drawdown Comparison
The maximum KEMX drawdown since its inception was -38.80%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for KEMX and YCS.
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Drawdown Indicators
| KEMX | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.80% | -49.56% | +10.76% |
Max Drawdown (1Y)Largest decline over 1 year | -15.36% | -8.30% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -19.62% | -23.05% | +3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -30.85% | -27.32% | -3.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -1.31% | 0.00% | -1.31% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -19.93% | +11.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 2.66% | +1.19% |
Volatility
KEMX vs. YCS - Volatility Comparison
KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) has a higher volatility of 9.86% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that KEMX'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
| KEMX | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.86% | 2.75% | +7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 19.90% | 12.32% | +7.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.40% | 17.27% | +5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.21% | 21.10% | -2.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.94% | 19.01% | +1.93% |
KEMX vs. YCS - Expense Ratio Comparison
KEMX has a 0.25% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
KEMX vs. YCS - Dividend Comparison
KEMX's dividend yield for the trailing twelve months is around 2.31%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
KEMX KraneShares MSCI Emerging Markets ex China Index ETF | 2.31% | 3.28% | 3.39% | 2.00% | 4.10% | 4.79% | 1.69% | 2.77% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KEMX and YCS have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KEMX has higher volatility (9.86%) compared to YCS (2.75%). In terms of maximum drawdown, KEMX dropped -38.80% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 13.52% for KEMX. On fees, KEMX is cheaper at 0.25% 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 13.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KEMX is cheaper with a 0.25% expense ratio, compared with 1.00% for YCS.
KEMX has the higher dividend yield at 2.31%, compared with 0.00% for YCS.
KEMX is categorized as Foreign Large Cap Equities, while YCS is Leveraged Currency. KEMX tracks MSCI Emerging Markets ex China Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: CICC and ProShares. Their fees differ too: 0.25% for KEMX and 1.00% for YCS.
KEMX currently has the higher Sharpe Ratio (3.59 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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