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XCEM vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCEM vs. YCS

Last updated Jun 4, 2026

XCEM (Columbia EM Core ex-China ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - XCEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex 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, XCEM returned 12.99%/yr vs 12.34%/yr for YCS. At a correlation of -0.04, they often move in opposite directions. XCEM charges 0.16%/yr vs 1.00%/yr for YCS.

Performance

XCEM vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia EM Core ex-China ETF (XCEM) 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, XCEM achieves a 38.32% return, which is significantly higher than YCS's 7.17% return. Over the past 10 years, XCEM has outperformed YCS with an annualized return of 12.99%, while YCS has yielded a comparatively lower 12.34% annualized return.

XCEM

1D
-1.25%
1M
12.13%
YTD
38.32%
6M
44.13%
1Y
71.14%
3Y*
26.37%
5Y*
11.95%
10Y*
12.99%

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)

XCEM vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCEM
Columbia EM Core ex-China ETF		38.32%34.05%0.42%19.96%-17.59%7.87%9.47%19.74%-11.75%34.78%
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 XCEM and YCS is -0.29, 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

-0.29

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

-0.19

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

-0.17

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

-0.05

Correlation (All Time)
Calculated using the full available price history since Sep 3, 2015

-0.04

Over the past year, the inverse relationship between XCEM and YCS has strengthened: their correlation has moved from -0.04 to -0.29, 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.

Columbia EM Core ex-China ETF

ProShares UltraShort Yen

Often compared with XCEM:
XCEM vs. EMXCXCEM vs. KEMXXCEM vs. VWOXCEM vs. SPEMXCEM vs. EDIVXCEM vs. XCXCEM vs. EMGF
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

XCEM vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCEM
XCEM Risk / Return Rank: 9090
Overall Rank
XCEM Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XCEM Sortino Ratio Rank: 9090
Sortino Ratio Rank
XCEM Omega Ratio Rank: 9191
Omega Ratio Rank
XCEM Calmar Ratio Rank: 8787
Calmar Ratio Rank
XCEM Martin Ratio Rank: 8989
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.

XCEM vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia EM Core ex-China ETF (XCEM) 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.

XCEMYCSDifference
Sharpe ratioReturn per unit of total volatility
3.42
1.92

+1.50

Sortino ratioReturn per unit of downside risk
4.27
2.44

+1.83

Omega ratioGain probability vs. loss probability

1.61

1.35

+0.25

Calmar ratioReturn relative to maximum drawdown

4.95

3.97

+0.97

Martin ratioReturn relative to average drawdown

19.98

12.40

+7.59

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

XCEM vs. YCS - Sharpe Ratio Comparison

The current XCEM Sharpe Ratio is 3.42, which is higher than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of XCEM 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

XCEMYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.42

1.92

+1.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

1.12

-0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.65

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.33

+0.30

Drawdowns

XCEM vs. YCS - Drawdown Comparison

The maximum XCEM drawdown since its inception was -41.24%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for XCEM and YCS.

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Drawdown Indicators

XCEMYCSDifference

Max Drawdown

Largest peak-to-trough decline

-41.24%

-49.56%

+8.32%

Max Drawdown (1Y)

Largest decline over 1 year

-14.46%

-8.30%

-6.16%

Max Drawdown (3Y)

Largest decline over 3 years

-18.92%

-23.05%

+4.13%

Max Drawdown (5Y)

Largest decline over 5 years

-29.67%

-27.32%

-2.35%

Max Drawdown (10Y)

Largest decline over 10 years

-41.24%

-27.32%

-13.92%

Current Drawdown

Current decline from peak

-1.25%

0.00%

-1.25%

Average Drawdown

Average peak-to-trough decline

-8.59%

-19.93%

+11.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.57%

2.66%

+0.91%

Volatility

XCEM vs. YCS - Volatility Comparison

Columbia EM Core ex-China ETF (XCEM) has a higher volatility of 9.43% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that XCEM'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

XCEMYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.43%

2.75%

+6.68%

Volatility (6M)

Calculated over the trailing 6-month period

18.72%

12.32%

+6.40%

Volatility (1Y)

Calculated over the trailing 1-year period

20.89%

17.27%

+3.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.75%

21.10%

-3.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.72%

19.01%

+0.71%

XCEM vs. YCS - Expense Ratio Comparison

XCEM has a 0.16% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

XCEM vs. YCS - Dividend Comparison

XCEM's dividend yield for the trailing twelve months is around 2.35%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
XCEM
Columbia EM Core ex-China ETF		2.35%3.25%2.76%1.22%2.42%1.94%1.63%2.11%2.70%9.56%1.24%2.63%
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

XCEM and YCS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XCEM has higher volatility (9.43%) compared to YCS (2.75%). In terms of maximum drawdown, XCEM dropped -41.24% vs YCS's -49.56%.

On 10-year performance, XCEM leads with 12.99% vs 12.34% for YCS. On fees, XCEM is cheaper at 0.16% 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, XCEM has performed better with a 12.99% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XCEM is cheaper with a 0.16% expense ratio, compared with 1.00% for YCS.

XCEM has the higher dividend yield at 2.35%, compared with 0.00% for YCS.

XCEM is categorized as Emerging Markets Equities, while YCS is Leveraged Currency. XCEM tracks MSCI Emerging Markets ex China Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Ameriprise Financial and ProShares. Their fees differ too: 0.16% for XCEM and 1.00% for YCS.

XCEM currently has the higher Sharpe Ratio (3.42 vs 1.92), 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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