MCHI vs. YCS
MCHI (iShares MSCI China ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, MCHI returned 3.59%/yr vs 13.05%/yr for YCS. At a 0.09 correlation, their price movements are largely independent. MCHI charges 0.59%/yr vs 1.00%/yr for YCS.
Performance
MCHI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -11.97% return, which is significantly lower than YCS's 10.72% return. Over the past 10 years, MCHI has underperformed YCS with an annualized return of 3.59%, while YCS has yielded a comparatively higher 13.05% annualized return.
MCHI
- 1D
- -1.13%
- 1M
- -3.56%
- 6M
- -17.71%
- YTD
- -11.97%
- 1Y
- -2.59%
- 3Y*
- 6.72%
- 5Y*
- -5.74%
- 10Y*
- 3.59%
YCS
- 1D
- 0.38%
- 1M
- 2.89%
- 6M
- 8.26%
- YTD
- 10.72%
- 1Y
- 29.55%
- 3Y*
- 21.25%
- 5Y*
- 24.17%
- 10Y*
- 13.05%
MCHI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -11.97% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
YCS ProShares UltraShort Yen | 10.72% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between MCHI and YCS is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.09 |
The correlation between MCHI and YCS shifts across timeframes, from -0.16 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MCHI vs. YCS — Risk / Return Rank
MCHI
YCS
MCHI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.
| MCHI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.34 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.58 | -3.69 |
| Martin ratioReturn relative to average drawdown | -0.25 | 11.30 | -11.55 |
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Drawdowns
MCHI vs. YCS - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for MCHI and YCS.
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Drawdown Indicators
| MCHI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -49.56% | -13.39% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -8.30% | -14.92% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -23.05% | -2.80% |
Max Drawdown (5Y)Largest decline over 5 years | -54.50% | -27.32% | -27.18% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -27.32% | -35.63% |
Current DrawdownCurrent decline from peak | -39.97% | -0.63% | -39.34% |
Average DrawdownAverage peak-to-trough decline | -24.62% | -19.81% | -4.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.47% | 2.62% | +7.85% |
Volatility
MCHI vs. YCS - Volatility Comparison
iShares MSCI China ETF (MCHI) has a higher volatility of 5.47% compared to ProShares UltraShort Yen (YCS) at 3.06%. This indicates that MCHI'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
| MCHI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 3.06% | +2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 11.94% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.46% | 16.63% | +3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.69% | 21.09% | +9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.33% | 18.71% | +8.62% |
MCHI vs. YCS - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
MCHI vs. YCS - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.09%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | 2.09% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
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
MCHI and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (5.47%) compared to YCS (3.06%). In terms of maximum drawdown, MCHI dropped -62.95% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.05% vs 3.59% for MCHI. On fees, MCHI is cheaper at 0.59% per year. On volatility, YCS has been the lower-risk option at 3.06%. 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 13.05% return vs 3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 1.00% for YCS.
MCHI has the higher dividend yield at 2.09%, compared with 0.00% for YCS.
MCHI is categorized as China Equities, while YCS is Leveraged Currency. MCHI tracks MSCI China Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for MCHI and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.79 vs -0.13), 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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