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LEMB vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LEMB vs. YCS

Last updated Jun 4, 2026

LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, LEMB returned 1.37%/yr vs 12.34%/yr for YCS. At a correlation of -0.22, they often move in opposite directions. LEMB charges 0.30%/yr vs 1.00%/yr for YCS.

Performance

LEMB vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LEMB achieves a 1.19% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, LEMB has underperformed YCS with an annualized return of 1.37%, while YCS has yielded a comparatively higher 12.34% annualized return.

LEMB

1D
-0.57%
1M
1.13%
YTD
1.19%
6M
2.18%
1Y
9.81%
3Y*
6.09%
5Y*
0.59%
10Y*
1.37%

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)

LEMB vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		1.19%18.02%-1.72%7.23%-10.74%-9.92%3.10%6.40%-7.49%12.49%
YCS
ProShares UltraShort Yen		7.17%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between LEMB and YCS is -0.52, 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

-0.52

Correlation (3Y)
Calculated over the trailing 3-year period

-0.46

Correlation (5Y)
Calculated over the trailing 5-year period

-0.44

Correlation (10Y)
Calculated over the trailing 10-year period

-0.32

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2011

-0.22

Over the past year, the inverse relationship between LEMB and YCS has strengthened: their correlation has moved from -0.22 to -0.52, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares J.P. Morgan EM Local Currency Bond ETF

ProShares UltraShort Yen

Often compared with LEMB:
LEMB vs. EMLCLEMB vs. EMBLEMB vs. EBNDLEMB vs. VWOBLEMB vs. PFUIXLEMB vs. PELBXLEMB vs. FLOT
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

LEMB vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LEMB
LEMB Risk / Return Rank: 3939
Overall Rank
LEMB Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
LEMB Sortino Ratio Rank: 4141
Sortino Ratio Rank
LEMB Omega Ratio Rank: 4444
Omega Ratio Rank
LEMB Calmar Ratio Rank: 3333
Calmar Ratio Rank
LEMB Martin Ratio Rank: 3636
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6161
Overall Rank
YCS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 4949
Sortino Ratio Rank
YCS Omega Ratio Rank: 5656
Omega Ratio Rank
YCS Calmar Ratio Rank: 7878
Calmar Ratio Rank
YCS Martin Ratio Rank: 6767
Martin Ratio Rank
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.

LEMB vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) 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.

LEMBYCSDifference
Sharpe ratioReturn per unit of total volatility
1.51
1.92

-0.41

Sortino ratioReturn per unit of downside risk
2.10
2.44

-0.34

Omega ratioGain probability vs. loss probability

1.29

1.35

-0.06

Calmar ratioReturn relative to maximum drawdown

1.64

3.97

-2.33

Martin ratioReturn relative to average drawdown

5.58

12.40

-6.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LEMB vs. YCS - Sharpe Ratio Comparison

The current LEMB Sharpe Ratio is 1.51, which is comparable to the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of LEMB 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.

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Sharpe Ratios by Period

LEMBYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.51

1.92

-0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.07

1.12

-1.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.15

0.65

-0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

0.33

-0.28

Drawdowns

LEMB vs. YCS - Drawdown Comparison

The maximum LEMB drawdown since its inception was -30.82%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for LEMB and YCS.

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Drawdown Indicators

LEMBYCSDifference

Max Drawdown

Largest peak-to-trough decline

-30.82%

-49.56%

+18.74%

Max Drawdown (1Y)

Largest decline over 1 year

-6.00%

-8.30%

+2.30%

Max Drawdown (3Y)

Largest decline over 3 years

-10.09%

-23.05%

+12.96%

Max Drawdown (5Y)

Largest decline over 5 years

-25.29%

-27.32%

+2.03%

Max Drawdown (10Y)

Largest decline over 10 years

-29.09%

-27.32%

-1.77%

Current Drawdown

Current decline from peak

-4.87%

0.00%

-4.87%

Average Drawdown

Average peak-to-trough decline

-12.74%

-19.93%

+7.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.76%

2.66%

-0.90%

Volatility

LEMB vs. YCS - Volatility Comparison

The current volatility for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) is 2.09%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that LEMB 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

LEMBYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.09%

2.75%

-0.66%

Volatility (6M)

Calculated over the trailing 6-month period

5.34%

12.32%

-6.98%

Volatility (1Y)

Calculated over the trailing 1-year period

6.54%

17.27%

-10.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.24%

21.10%

-12.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.29%

19.01%

-9.72%

LEMB vs. YCS - Expense Ratio Comparison

LEMB has a 0.30% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

LEMB vs. YCS - Dividend Comparison

LEMB's dividend yield for the trailing twelve months is around 2.41%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		2.41%2.44%0.00%1.34%0.86%3.89%0.00%4.39%3.46%0.00%0.00%0.64%
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

LEMB and YCS have a correlation of -0.52, 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 LEMB (2.09%). In terms of maximum drawdown, LEMB dropped -30.82% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 1.37% for LEMB. On fees, LEMB is cheaper at 0.30% per year. On volatility, LEMB has been the lower-risk option at 2.09%. 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 12.34% return vs 1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LEMB is cheaper with a 0.30% expense ratio, compared with 1.00% for YCS.

LEMB has the higher dividend yield at 2.41%, compared with 0.00% for YCS.

LEMB is categorized as Emerging Markets Bonds, while YCS is Leveraged Currency. LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.30% for LEMB and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (1.92 vs 1.51), 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.

Portfolio Optimizer

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