KTEC vs. YCS

Last updated Jun 4, 2026

KTEC (KraneShares Hang Seng TECH Index ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - KTEC is a China Equities fund tracking the Hang Seng Tech Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 3 years, KTEC returned 7.14%/yr vs 19.84%/yr for YCS. At a correlation of -0.09, they often move in opposite directions. KTEC charges 0.69%/yr vs 1.00%/yr for YCS.

Performance

KTEC vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Hang Seng TECH Index ETF (KTEC) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KTEC achieves a -11.17% return, which is significantly lower than YCS's 7.17% return.

KTEC

• 1D: -3.20%
• 1M: -0.29%
• YTD: -11.17%
• 6M: -12.80%
• 1Y: -8.17%
• 3Y*: 7.14%
• 5Y*: —
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KTEC vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KTEC KraneShares Hang Seng TECH Index ETF	-11.17%	21.01%	16.13%	-10.41%	-26.12%	-29.50%
YCS ProShares UltraShort Yen	7.17%	9.04%	35.41%	28.70%	29.09%	9.29%

Correlation

The correlation between KTEC and YCS is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jun 10, 2021	-0.09

Return for Risk

KTEC vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KTEC

KTEC Risk / Return Rank: 6
KTEC Sharpe Ratio Rank: 6
KTEC Sortino Ratio Rank: 6
KTEC Omega Ratio Rank: 6
KTEC Calmar Ratio Rank: 6
KTEC Martin Ratio Rank: 6

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 56
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 78
YCS Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KTEC vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Hang Seng TECH Index ETF (KTEC) 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.

	KTEC	YCS	Difference
Sharpe ratio Return per unit of total volatility	-0.29	1.92	-2.21
Sortino ratio Return per unit of downside risk	-0.24	2.44	-2.68
Omega ratio Gain probability vs. loss probability	0.97	1.35	-0.38
Calmar ratio Return relative to maximum drawdown	-0.28	3.97	-4.25
Martin ratio Return relative to average drawdown	-0.50	12.40	-12.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KTEC vs. YCS - Sharpe Ratio Comparison

The current KTEC Sharpe Ratio is -0.29, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of KTEC and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KTEC	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	1.92	-2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	0.33	-0.57

Drawdowns

KTEC vs. YCS - Drawdown Comparison

The maximum KTEC drawdown since its inception was -66.90%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for KTEC and YCS.

Drawdown Indicators

	KTEC	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-66.90%	-49.56%	-17.34%
Max Drawdown (1Y) Largest decline over 1 year	-29.36%	-8.30%	-21.06%
Max Drawdown (3Y) Largest decline over 3 years	-34.71%	-23.05%	-11.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-43.95%	0.00%	-43.95%
Average Drawdown Average peak-to-trough decline	-43.97%	-19.93%	-24.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.26%	2.66%	+13.60%

Volatility

KTEC vs. YCS - Volatility Comparison

KraneShares Hang Seng TECH Index ETF (KTEC) has a higher volatility of 10.62% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that KTEC'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.

Volatility by Period

	KTEC	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.62%	2.75%	+7.87%
Volatility (6M) Calculated over the trailing 6-month period	20.56%	12.32%	+8.24%
Volatility (1Y) Calculated over the trailing 1-year period	28.01%	17.27%	+10.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.22%	21.10%	+22.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.22%	19.01%	+24.21%

KTEC vs. YCS - Expense Ratio Comparison

KTEC has a 0.69% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

KTEC vs. YCS - Dividend Comparison

KTEC's dividend yield for the trailing twelve months is around 3.78%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
KTEC KraneShares Hang Seng TECH Index ETF	3.78%	3.36%	0.27%	0.81%	0.16%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KTEC and YCS in my portfolio?

KTEC and YCS have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KTEC or YCS?

KTEC has higher volatility (10.62%) compared to YCS (2.75%). In terms of maximum drawdown, KTEC dropped -66.90% vs YCS's -49.56%.

Which ETF is better, KTEC or YCS?

On 3-year performance, YCS leads with 19.84% vs 7.14% for KTEC. On fees, KTEC is cheaper at 0.69% 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.

Which ETF has performed better, KTEC or YCS?

Over the 3-year period, YCS has performed better with a 19.84% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KTEC or YCS?

KTEC is cheaper with a 0.69% expense ratio, compared with 1.00% for YCS.

Which ETF pays a higher dividend yield, KTEC or YCS?

KTEC has the higher dividend yield at 3.78%, compared with 0.00% for YCS.

What is the main difference between KTEC and YCS?

KTEC is categorized as China Equities, while YCS is Leveraged Currency. KTEC tracks Hang Seng Tech Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: KraneShares and ProShares. Their fees differ too: 0.69% for KTEC and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.92 vs -0.29), 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.