XEMD vs. YCS

Last updated Jun 23, 2026

XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - XEMD is a Emerging Markets Bonds fund tracking the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 3 years, XEMD returned 11.00%/yr vs 18.43%/yr for YCS. At a correlation of -0.36, they often move in opposite directions. XEMD charges 0.29%/yr vs 1.00%/yr for YCS.

Performance

XEMD vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XEMD achieves a 3.04% return, which is significantly lower than YCS's 9.78% return.

XEMD

• 1D: -0.35%
• 1M: 1.03%
• YTD: 3.04%
• 6M: 3.23%
• 1Y: 11.70%
• 3Y*: 11.00%
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XEMD vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	3.04%	13.98%	8.77%	10.26%	2.40%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	28.70%	-7.47%

Correlation

The correlation between XEMD and YCS is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022	-0.36

Return for Risk

XEMD vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XEMD

XEMD Risk / Return Rank: 80
XEMD Sharpe Ratio Rank: 80
XEMD Sortino Ratio Rank: 86
XEMD Omega Ratio Rank: 84
XEMD Calmar Ratio Rank: 69
XEMD Martin Ratio Rank: 79

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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.

XEMD vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) 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.

	XEMD	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.86	+0.59
Sortino ratio: Return per unit of downside risk	3.71	2.37	+1.34
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	3.34	3.79	-0.46
Martin ratio: Return relative to average drawdown	14.92	11.86	+3.06

XEMD vs. YCS - Sharpe Ratio Comparison

The current XEMD Sharpe Ratio is 2.45, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of XEMD 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.

Drawdowns

XEMD vs. YCS - Drawdown Comparison

The maximum XEMD drawdown since its inception was -10.01%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for XEMD and YCS.

Drawdown Indicators

	XEMD	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-10.01%	-49.56%	+39.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.52%	-8.30%	+4.78%
Max Drawdown (3Y) Largest decline over 3 years	-4.31%	-23.05%	+18.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-0.42%	0.00%	-0.42%
Average Drawdown Average peak-to-trough decline	-1.25%	-19.88%	+18.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	2.65%	-1.86%

Volatility

XEMD vs. YCS - Volatility Comparison

The current volatility for BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) is 1.48%, while ProShares UltraShort Yen (YCS) has a volatility of 2.22%. This indicates that XEMD 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.

Volatility by Period

	XEMD	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	2.22%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	3.87%	12.19%	-8.32%
Volatility (1Y) Calculated over the trailing 1-year period	4.80%	16.96%	-12.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	21.10%	-14.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.88%	18.96%	-12.08%

XEMD vs. YCS - Expense Ratio Comparison

XEMD has a 0.29% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

XEMD vs. YCS - Dividend Comparison

XEMD's dividend yield for the trailing twelve months is around 5.81%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	5.81%	6.15%	6.30%	6.19%	3.08%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XEMD and YCS in my portfolio?

XEMD and YCS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XEMD or YCS?

YCS has higher volatility (2.22%) compared to XEMD (1.48%). In terms of maximum drawdown, XEMD dropped -10.01% vs YCS's -49.56%.

Which ETF is better, XEMD or YCS?

On 3-year performance, YCS leads with 18.43% vs 11.00% for XEMD. On fees, XEMD is cheaper at 0.29% per year. On volatility, XEMD has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XEMD or YCS?

Over the 3-year period, YCS has performed better with a 18.43% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XEMD or YCS?

XEMD is cheaper with a 0.29% expense ratio, compared with 1.00% for YCS.

Which ETF pays a higher dividend yield, XEMD or YCS?

XEMD has the higher dividend yield at 5.81%, compared with 0.00% for YCS.

What is the main difference between XEMD and YCS?

XEMD is categorized as Emerging Markets Bonds, while YCS is Leveraged Currency. XEMD tracks JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: BondBloxx and ProShares. Their fees differ too: 0.29% for XEMD and 1.00% for YCS.

Which has better risk-adjusted returns?

XEMD currently has the higher Sharpe Ratio (2.45 vs 1.86), 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.