- ISIN
- US74347W5691
- CUSIP
- 74347W569
- Issuer
- ProShares
- Inception Date
- Nov 25, 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
- $31M
Share Price Chart
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Performance
YCS Performance Chart
ProShares UltraShort Yen (YCS) is up 10.1% since the beginning of the year. YCS is currently trading at $56 per share. Investors who bought $1,000 worth of YCS shares 5 years ago would now be looking at an investment worth $2,890.
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Returns By Period
ProShares UltraShort Yen (YCS) has returned 10.06% so far this year and 34.18% over the past 12 months. Over the last ten years, YCS has had an annualized return of 13.66%, just under the S&P 500 Index benchmark’s 13.70%.
ProShares UltraShort Yen
- 1D
- 0.39%
- 1M
- 3.97%
- YTD
- 10.06%
- 6M
- 11.27%
- 1Y
- 34.18%
- 3Y*
- 18.53%
- 5Y*
- 23.65%
- 10Y*
- 13.66%
Benchmark (S&P 500 Index)
- 1D
- -0.10%
- 1M
- -1.54%
- YTD
- 7.49%
- 6M
- 6.15%
- 1Y
- 20.78%
- 3Y*
- 19.17%
- 5Y*
- 11.44%
- 10Y*
- 13.70%
YCS Monthly Returns History
Based on dividend-adjusted daily data since Nov 25, 2008, YCS's average daily return is +0.03%, while the average monthly return is +0.69%. At this rate, an investment would double in approximately 8.4 years.
Historically, 51% of months were positive and 49% were negative. The best month was Nov 2016 with a return of +18.5%, while the worst month was Nov 2022 at -13.9%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 6 months.
On a daily basis, YCS closed higher 52% of trading days. The best single day was Apr 4, 2013 with a return of +6.9%, while the worst single day was Dec 20, 2022 at -8.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.87% | 2.40% | 3.58% | -2.15% | 4.16% | 3.74% | 10.06% | ||||||
| 2025 | 0.06% | -5.03% | -0.14% | -8.89% | 1.61% | 0.91% | 10.50% | -4.66% | 2.25% | 9.01% | 3.61% | 1.09% | 9.04% |
| 2024 | 9.96% | 4.88% | 2.92% | 9.83% | 0.36% | 5.45% | -12.42% | -4.21% | -2.51% | 12.73% | -2.82% | 9.55% | 35.41% |
| 2023 | -0.88% | 10.13% | -4.24% | 6.04% | 5.68% | 8.27% | -2.01% | 5.74% | 6.64% | 4.13% | -3.39% | -8.72% | 28.70% |
| 2022 | -0.11% | 0.05% | 11.79% | 13.24% | -1.78% | 10.79% | -3.73% | 8.82% | 8.64% | 5.95% | -13.90% | -9.69% | 29.09% |
| 2021 | 2.84% | 3.38% | 7.84% | -2.71% | 0.87% | 2.20% | -2.68% | 0.43% | 2.29% | 4.70% | -1.85% | 3.59% | 22.38% |
Benchmark Metrics
ProShares UltraShort Yen has an annualized alpha of 5.22%, beta of 0.24, and R2 of 0.05 versus S&P 500 Index. Calculated based on daily prices since November 25, 2008.
- This ETF captured 18.01% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -5.21%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.24 may look defensive, but with R2 of 0.05 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 0.05 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
- 5.22%
- Beta
- 0.24
- R²
- 0.05
- Upside Capture
- 18.01%
- Downside Capture
- -5.21%
Expense Ratio
YCS has a high expense ratio of 1.00%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
YCS ranks 73 for risk / return — better than 73% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares UltraShort Yen (YCS) 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.
| YCS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.30 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.14 | 2.29 | +1.84 |
| Martin ratioReturn relative to average drawdown | 13.04 | 10.15 | +2.89 |
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 UltraShort 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 UltraShort Yen was 49.56%, occurring on Oct 28, 2011. Recovery took 756 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2011 bear market2011 | -49.56%Oct 2011 | 2y 6mo | 3y 4d | 5y 6moApr 2009 - Oct 2014 |
2016 bear market2016 | -39.31%Aug 2016 | 1y 2mo | 5y 7mo | 6y 10moJun 2015 - Apr 2022 |
2023 bear market2023 | -27.32%Jan 2023 | 2mo 24d | 7mo 5d | 9mo 29dOct 2022 - Aug 2023 |
2024 bear market2024 | -23.05%Sep 2024 | 2mo 7d | 3mo 24d | 6mo 1dJul 2024 - Jan 2025 |
2025 selloff2025 | -19.24%Apr 2025 | 3mo 11d | 6mo 12d | 9mo 23dJan 2025 - Oct 2025 |
Drawdown Indicators
| YCS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.56% | -56.78% | +7.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -9.10% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -18.90% | -4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -27.32% | -25.43% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -27.32% | -33.92% | +6.60% |
Current DrawdownCurrent decline from peak | 0.00% | -3.31% | +3.31% |
Average DrawdownAverage peak-to-trough decline | -19.87% | -10.71% | -9.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.05% | +0.58% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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