SMIN vs. YCS
SMIN (iShares MSCI India Small-Cap ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, SMIN returned 10.28%/yr vs 13.62%/yr for YCS. At a 0.05 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 1.00%/yr for YCS.
Performance
SMIN vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a -0.23% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, SMIN has underperformed YCS with an annualized return of 10.28%, while YCS has yielded a comparatively higher 13.62% annualized return.
SMIN
- 1D
- -1.48%
- 1M
- 4.98%
- YTD
- -0.23%
- 6M
- -1.01%
- 1Y
- -4.08%
- 3Y*
- 10.32%
- 5Y*
- 7.50%
- 10Y*
- 10.28%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
SMIN vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | -0.23% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between SMIN and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.05 |
The correlation between SMIN and YCS shifts across timeframes, from -0.15 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMIN vs. YCS — Risk / Return Rank
SMIN
YCS
SMIN vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) 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.
| SMIN | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.34 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 3.78 | -3.95 |
| Martin ratioReturn relative to average drawdown | -0.37 | 11.93 | -12.30 |
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Drawdowns
SMIN vs. YCS - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SMIN and YCS.
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Drawdown Indicators
| SMIN | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -49.56% | -10.94% |
Max Drawdown (1Y)Largest decline over 1 year | -24.54% | -8.30% | -16.24% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -23.05% | -4.53% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -27.32% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -27.32% | -33.18% |
Current DrawdownCurrent decline from peak | -12.74% | -0.14% | -12.60% |
Average DrawdownAverage peak-to-trough decline | -14.62% | -19.87% | +5.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.11% | 2.65% | +8.46% |
Volatility
SMIN vs. YCS - Volatility Comparison
iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 5.74% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that SMIN'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
| SMIN | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 2.25% | +3.49% |
Volatility (6M)Calculated over the trailing 6-month period | 15.96% | 12.19% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.89% | 16.93% | +1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.93% | 21.10% | -2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.85% | 18.82% | +4.03% |
SMIN vs. YCS - Expense Ratio Comparison
SMIN has a 0.76% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
SMIN vs. YCS - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.02%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | 2.02% | 2.01% | 6.84% | 0.41% | 0.01% | 1.27% | 1.06% | 1.75% | 1.68% | 0.89% | 2.30% | 0.93% |
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
SMIN and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMIN has higher volatility (5.74%) compared to YCS (2.25%). In terms of maximum drawdown, SMIN dropped -60.50% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 10.28% for SMIN. On fees, SMIN is cheaper at 0.76% per year. On volatility, YCS has been the lower-risk option at 2.25%. 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 13.62% return vs 10.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMIN is cheaper with a 0.76% expense ratio, compared with 1.00% for YCS.
SMIN has the higher dividend yield at 2.02%, compared with 0.00% for YCS.
SMIN is categorized as Asia Pacific Equities, while YCS is Leveraged Currency. SMIN tracks MSCI India Small Cap Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.76% for SMIN and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.22), 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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