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PXH vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXH vs. YCS

Last updated Jun 3, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PXH returned 10.99%/yr vs 12.32%/yr for YCS. At a 0.08 correlation, their price movements are largely independent. PXH charges 0.50%/yr vs 1.00%/yr for YCS.

Performance

PXH vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) 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, PXH achieves a 16.54% return, which is significantly higher than YCS's 6.99% return. Over the past 10 years, PXH has underperformed YCS with an annualized return of 10.99%, while YCS has yielded a comparatively higher 12.32% annualized return.

PXH

1D
1.80%
1M
4.79%
YTD
16.54%
6M
17.48%
1Y
39.55%
3Y*
22.69%
5Y*
9.61%
10Y*
10.99%

YCS

1D
0.03%
1M
4.27%
YTD
6.99%
6M
8.81%
1Y
35.19%
3Y*
19.77%
5Y*
23.16%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PXH vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXH
Invesco FTSE RAFI Emerging Markets ETF		16.54%31.44%12.09%13.93%-15.18%8.31%-1.91%16.77%-8.68%26.60%
YCS
ProShares UltraShort Yen		6.99%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between PXH 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

-0.20

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

-0.16

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

-0.03

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

0.08

The correlation between PXH and YCS shifts across timeframes, from -0.30 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Invesco FTSE RAFI Emerging Markets ETF

ProShares UltraShort Yen

Often compared with PXH:
PXH vs. FNDEPXH vs. IEMGPXH vs. PXFPXH vs. DEMPXH vs. EEMPXH vs. VOOPXH vs. EEMO
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

PXH vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXH
PXH Risk / Return Rank: 7777
Overall Rank
PXH Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
PXH Sortino Ratio Rank: 7676
Sortino Ratio Rank
PXH Omega Ratio Rank: 7979
Omega Ratio Rank
PXH Calmar Ratio Rank: 7777
Calmar Ratio Rank
PXH Martin Ratio Rank: 7676
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6363
Overall Rank
YCS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5353
Sortino Ratio Rank
YCS Omega Ratio Rank: 6060
Omega Ratio Rank
YCS Calmar Ratio Rank: 7777
Calmar Ratio Rank
YCS Martin Ratio Rank: 6666
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.

PXH vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) 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.

PXHYCSDifference

Sharpe ratio

Return per unit of total volatility

2.61

2.05

+0.57

Sortino ratio

Return per unit of downside risk

3.47

2.59

+0.89

Omega ratio

Gain probability vs. loss probability

1.48

1.37

+0.10

Calmar ratio

Return relative to maximum drawdown

3.97

3.95

+0.02

Martin ratio

Return relative to average drawdown

14.79

12.35

+2.45

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

PXH vs. YCS - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.61, which is comparable to the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of PXH 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

PXHYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.61

2.05

+0.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

1.10

-0.56

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.65

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.15

0.33

-0.18

Drawdowns

PXH vs. YCS - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PXH and YCS.

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Drawdown Indicators

PXHYCSDifference

Max Drawdown

Largest peak-to-trough decline

-63.63%

-49.56%

-14.07%

Max Drawdown (1Y)

Largest decline over 1 year

-10.24%

-8.30%

-1.94%

Max Drawdown (3Y)

Largest decline over 3 years

-17.72%

-23.05%

+5.33%

Max Drawdown (5Y)

Largest decline over 5 years

-29.59%

-27.32%

-2.27%

Max Drawdown (10Y)

Largest decline over 10 years

-40.42%

-27.32%

-13.10%

Current Drawdown

Current decline from peak

0.00%

-0.04%

+0.04%

Average Drawdown

Average peak-to-trough decline

-16.87%

-19.94%

+3.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

2.66%

+0.09%

Volatility

PXH vs. YCS - Volatility Comparison

Invesco FTSE RAFI Emerging Markets ETF (PXH) has a higher volatility of 5.12% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that PXH'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

PXHYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.12%

2.75%

+2.37%

Volatility (6M)

Calculated over the trailing 6-month period

12.17%

12.36%

-0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

15.22%

17.38%

-2.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.77%

21.11%

-3.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.07%

19.02%

+1.05%

PXH vs. YCS - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

PXH vs. YCS - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.38%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PXH
Invesco FTSE RAFI Emerging Markets ETF		3.38%4.02%4.43%4.84%5.33%4.69%2.79%3.28%3.30%2.74%1.97%3.44%
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

PXH 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.

PXH has higher volatility (5.12%) compared to YCS (2.75%). In terms of maximum drawdown, PXH dropped -63.63% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.32% vs 10.99% for PXH. On fees, PXH is cheaper at 0.50% 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 10-year period, YCS has performed better with a 12.32% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PXH is cheaper with a 0.50% expense ratio, compared with 1.00% for YCS.

PXH has the higher dividend yield at 3.38%, compared with 0.00% for YCS.

PXH is categorized as Emerging Markets Equities, while YCS is Leveraged Currency. PXH tracks FTSE RAFI Emerging Markets Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.50% for PXH and 1.00% for YCS.

PXH currently has the higher Sharpe Ratio (2.61 vs 2.05), 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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