AETH vs. YCS

Last updated Jun 24, 2026

AETH (Bitwise Ethereum Strategy ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - AETH is a Cryptocurrency fund actively managed by Bitwise, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). AETH is actively managed, while YCS is passively managed. Over the past year, AETH returned -10.27% vs 31.27% for YCS. At a correlation of -0.03, they often move in opposite directions. AETH charges 0.90%/yr vs 1.00%/yr for YCS.

Performance

AETH vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) 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, AETH achieves a -13.66% return, which is significantly lower than YCS's 9.63% return.

AETH

• 1D: -4.27%
• 1M: -4.19%
• YTD: -13.66%
• 6M: -13.64%
• 1Y: -10.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

AETH vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	-13.66%	-0.11%	31.76%	33.21%
YCS ProShares UltraShort Yen	9.63%	9.04%	35.41%	-8.17%

Correlation

The correlation between AETH and YCS is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	-0.03

Return for Risk

AETH vs. YCS — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 7
AETH Sharpe Ratio Rank: 6
AETH Sortino Ratio Rank: 7
AETH Omega Ratio Rank: 7
AETH Calmar Ratio Rank: 7
AETH Martin Ratio Rank: 7

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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.

AETH vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) 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.

	AETH	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	1.86	-2.09
Sortino ratio: Return per unit of downside risk	-0.05	2.36	-2.42
Omega ratio: Gain probability vs. loss probability	0.99	1.34	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.22	3.78	-4.01
Martin ratio: Return relative to average drawdown	-0.32	11.93	-12.25

AETH vs. YCS - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.24, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of AETH 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

AETH vs. YCS - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for AETH and YCS.

Drawdown Indicators

	AETH	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-49.56%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-46.26%	-8.30%	-37.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
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	-46.26%	-0.14%	-46.12%
Average Drawdown Average peak-to-trough decline	-25.05%	-19.87%	-5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.32%	2.65%	+29.67%

Volatility

AETH vs. YCS - Volatility Comparison

Bitwise Ethereum Strategy ETF (AETH) has a higher volatility of 4.38% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that AETH'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.

Volatility by Period

	AETH	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	2.25%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	25.08%	12.19%	+12.89%
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	16.93%	+26.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.23%	21.10%	+33.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.23%	18.82%	+35.41%

AETH vs. YCS - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

AETH vs. YCS - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.79%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.79%	2.41%	14.73%	6.64%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and YCS in my portfolio?

AETH and YCS have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AETH or YCS?

AETH has higher volatility (4.38%) compared to YCS (2.25%). In terms of maximum drawdown, AETH dropped -47.78% vs YCS's -49.56%.

Which ETF is better, AETH or YCS?

On 1-year performance, YCS leads with 31.27% vs -10.27% for AETH. On fees, AETH is cheaper at 0.90% 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.

Which ETF has performed better, AETH or YCS?

Over the 1-year period, YCS has performed better with a 31.27% return vs -10.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or YCS?

AETH is cheaper with a 0.90% expense ratio, compared with 1.00% for YCS.

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

AETH has the higher dividend yield at 2.79%, compared with 0.00% for YCS.

What is the main difference between AETH and YCS?

AETH is categorized as Cryptocurrency, while YCS is Leveraged Currency. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.90% for AETH and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs -0.24), 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.