KWEB vs. YCS
KWEB (KraneShares CSI China Internet ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, KWEB returned 0.16%/yr vs 13.21%/yr for YCS. Their 0.06 correlation means their historical movements had little consistent relationship. KWEB charges 0.70%/yr vs 1.00%/yr for YCS.
Performance
KWEB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, KWEB achieves a -15.59% return, which is significantly lower than YCS's 4.11% return. Over the past 10 years, KWEB has underperformed YCS with an annualized return of 0.16%, while YCS has yielded a comparatively higher 13.21% annualized return.
KWEB
- 1D
- 0.88%
- 1M
- 15.01%
- 6M
- -18.05%
- YTD
- -15.59%
- 1Y
- -11.62%
- 3Y*
- 1.61%
- 5Y*
- -7.36%
- 10Y*
- 0.16%
- ALL TIME*
- 2.71%
YCS
- 1D
- -2.97%
- 1M
- -5.17%
- 6M
- 5.08%
- YTD
- 4.11%
- 1Y
- 21.34%
- 3Y*
- 16.96%
- 5Y*
- 22.90%
- 10Y*
- 13.21%
- ALL TIME*
- 6.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $576.11M | $564.88M | $703.17M | |
| $2.37M | $2.29M | $1.56M |
KWEB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | -15.59% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
YCS ProShares UltraShort Yen | 4.11% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between KWEB and YCS is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013 | 0.06 |
The correlation between KWEB and YCS shifts across timeframes, from -0.20 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWEB vs. YCS — Risk / Return Rank
KWEB
YCS
KWEB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) 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.
| KWEB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.26 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 2.53 | -2.81 |
| Martin ratioReturn relative to average drawdown | -0.53 | 9.53 | -10.06 |
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Drawdowns
KWEB vs. YCS - Drawdown Comparison
The maximum KWEB drawdown since its inception was -80.92%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for KWEB and YCS.
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Drawdown Indicators
| KWEB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.92% | -49.56% | -31.36% |
Max Drawdown (1Y)Largest decline over 1 year | -41.62% | -8.48% | -33.14% |
Max Drawdown (3Y)Largest decline over 3 years | -41.62% | -23.05% | -18.57% |
Max Drawdown (5Y)Largest decline over 5 years | -63.96% | -27.32% | -36.64% |
Max Drawdown (10Y)Largest decline over 10 years | -80.92% | -27.32% | -53.60% |
Current DrawdownCurrent decline from peak | -66.76% | -8.48% | -58.28% |
Average DrawdownAverage peak-to-trough decline | -35.66% | -19.75% | -15.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.06% | 2.24% | +19.82% |
Volatility
KWEB vs. YCS - Volatility Comparison
KraneShares CSI China Internet ETF (KWEB) has a higher volatility of 7.68% compared to ProShares UltraShort Yen (YCS) at 5.88%. This indicates that KWEB'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
| KWEB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.68% | 5.88% | +1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 20.57% | 11.84% | +8.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.75% | 16.43% | +11.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.96% | 21.21% | +25.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.06% | 18.61% | +21.45% |
KWEB vs. YCS - Expense Ratio Comparison
KWEB has a 0.70% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
KWEB vs. YCS - Dividend Comparison
KWEB's dividend yield for the trailing twelve months is around 7.29%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | 7.29% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
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
KWEB 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.
KWEB has higher volatility (7.68%) compared to YCS (5.88%). In terms of maximum drawdown, KWEB dropped -80.92% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.21% vs 0.16% for KWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, YCS has been the lower-risk option at 5.88%. 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 13.21% return vs 0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 1.00% for YCS.
KWEB has the higher dividend yield at 7.29%, compared with 0.00% for YCS.
KWEB is categorized as China Equities, while YCS is Leveraged Currency. KWEB tracks CSI Overseas China Internet Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: KraneShares and ProShares. Their fees differ too: 0.70% for KWEB and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.31 vs -0.42), 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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