- ISIN
- US74347W2706
- CUSIP
- 74347W270
- Issuer
- ProShares
- Inception Date
- Nov 24, 2008
- Region
- Developed Asia Pacific (Japan)
- Category
- Leveraged Currency
- Leveraged
- 2x
- Index Tracked
- USD/JPY Exchange Rate (-200%)
- Distribution Policy
- Accumulating
- Asset Class
- Currency
- Assets Under Management
- $32M
Share Price Chart
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Performance
YCL Performance Chart
ProShares Ultra Yen (YCL) is down 7.8% since the beginning of the year. YCL is currently trading at $18 per share. Investors who bought $1,000 worth of YCL shares 5 years ago would now be looking at an investment worth $342.
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Returns By Period
ProShares Ultra Yen (YCL) has returned -7.76% so far this year and -22.35% over the past 12 months. Over the last ten years, YCL has returned -13.39% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares Ultra Yen
- 1D
- -0.49%
- 1M
- -3.19%
- YTD
- -7.76%
- 6M
- -7.91%
- 1Y
- -22.35%
- 3Y*
- -14.02%
- 5Y*
- -19.29%
- 10Y*
- -13.39%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
YCL Monthly Returns History
Based on dividend-adjusted daily data since Dec 9, 2008, YCL's average daily return is -0.03%, while the average monthly return is -0.72%.
Historically, 47% of months were positive and 53% were negative. The best month was Nov 2022 with a return of +15.4%, while the worst month was Nov 2016 at -16.0%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 8 months.
On a daily basis, YCL closed higher 44% of trading days. The best single day was Dec 20, 2022 with a return of +8.2%, while the worst single day was Apr 4, 2013 at -6.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.20% | -2.41% | -3.33% | 2.36% | -3.92% | -2.72% | -7.76% | ||||||
| 2025 | 1.52% | 5.52% | 0.42% | 9.45% | -1.88% | -1.19% | -9.04% | 4.92% | -1.87% | -8.71% | -2.97% | -1.09% | -6.34% |
| 2024 | -8.77% | -4.39% | -2.63% | -8.39% | -0.25% | -4.85% | 14.09% | 3.80% | 2.75% | -10.65% | 2.45% | -10.00% | -25.97% |
| 2023 | 0.85% | -9.18% | 4.32% | -5.54% | -5.07% | -7.39% | 2.01% | -4.68% | -6.23% | -3.44% | 3.94% | 9.57% | -20.46% |
| 2022 | -0.18% | 0.09% | -10.93% | -12.26% | 1.31% | -10.48% | 3.36% | -8.39% | -8.36% | -5.95% | 15.43% | 9.55% | -26.92% |
| 2021 | -2.95% | -3.57% | -7.51% | 2.44% | -1.03% | -2.36% | 2.34% | -0.68% | -2.46% | -4.74% | 1.48% | -3.73% | -20.94% |
Benchmark Metrics
ProShares Ultra Yen has an annualized alpha of -5.41%, beta of -0.22, and R2 of 0.04 versus S&P 500 Index. Calculated based on daily prices since December 09, 2008.
- This ETF participated in 16.13% of S&P 500 Index downside but only -23.81% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -0.22 may look defensive, but with R2 of 0.04 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.04 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -5.41%
- Beta
- -0.22
- R²
- 0.04
- Upside Capture
- -23.81%
- Downside Capture
- 16.13%
Expense Ratio
YCL has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
YCL ranks 1 for risk / return — in the bottom 1% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Ultra Yen (YCL) and compare them to S&P 500 Index.
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.
| YCL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.40 | ||
| Sortino ratioReturn per unit of downside risk | -4.87 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.37 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.78 | -3.69 |
| Martin ratioReturn relative to average drawdown | -1.37 | 12.44 | -13.81 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Ultra Yen. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Ultra Yen was 88.39%, occurring on Jun 22, 2026. The portfolio has not yet recovered.
The current ProShares Ultra Yen drawdown is 88.39%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -88.39%Jun 2026 | 14y 7mo | — | 14y 7moOct 2011 - now |
Financial crisis2007–2009 | -26.40%Apr 2009 | 3mo 19d | 1y 4mo | 1y 8moDec 2008 - Aug 2010 |
2011 correction2011 | -14.37%Apr 2011 | 19d | 3mo 15d | 4mo 4dMar 2011 - Jul 2011 |
2010 pullback2010 | -8.82%Dec 2010 | 1mo 14d | 3mo 1d | 4mo 15dNov 2010 - Mar 2011 |
2010 pullback2010 | -6.34%Sep 2010 | 2d | 19d | 21dSep 2010 - Oct 2010 |
Drawdown Indicators
| YCL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.39% | -56.78% | -31.61% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -9.10% | -15.64% |
Max Drawdown (3Y)Largest decline over 3 years | -41.14% | -18.90% | -22.24% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -25.43% | -41.45% |
Max Drawdown (10Y)Largest decline over 10 years | -77.19% | -33.92% | -43.27% |
Current DrawdownCurrent decline from peak | -88.39% | -1.80% | -86.59% |
Average DrawdownAverage peak-to-trough decline | -53.20% | -10.71% | -42.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.31% | 2.03% | +14.28% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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