APMU vs. YCS
APMU (ActivePassive Intermediate Municipal Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - APMU is a Municipal Bonds fund actively managed by ActivePassive, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). APMU is actively managed, while YCS is passively managed. Over the past 3 years, APMU returned 3.03%/yr vs 19.84%/yr for YCS. At a correlation of -0.36, they often move in opposite directions. APMU charges 0.36%/yr vs 1.00%/yr for YCS.
Performance
APMU vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, APMU achieves a 0.44% return, which is significantly lower than YCS's 7.17% return.
APMU
- 1D
- -0.04%
- 1M
- 0.25%
- YTD
- 0.44%
- 6M
- 0.72%
- 1Y
- 4.28%
- 3Y*
- 3.03%
- 5Y*
- —
- 10Y*
- —
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%
APMU vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
APMU ActivePassive Intermediate Municipal Bond ETF | 0.44% | 4.50% | 0.86% | 1.24% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 17.89% |
Correlation
The correlation between APMU and YCS is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since May 4, 2023 | -0.36 |
The correlation between APMU and YCS shifts across timeframes, from -0.36 (3 years) to -0.24 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
APMU vs. YCS — Risk / Return Rank
APMU
YCS
APMU vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) 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.
| APMU | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 3.97 | -2.18 |
| Martin ratioReturn relative to average drawdown | 5.30 | 12.40 | -7.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| APMU | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | 1.92 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.33 | +0.48 |
Drawdowns
APMU vs. YCS - Drawdown Comparison
The maximum APMU drawdown since its inception was -4.39%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for APMU and YCS.
Loading charts...
Drawdown Indicators
| APMU | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.39% | -49.56% | +45.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -8.30% | +5.90% |
Max Drawdown (3Y)Largest decline over 3 years | -3.41% | -23.05% | +19.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -1.17% | 0.00% | -1.17% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -19.93% | +19.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 2.66% | -1.85% |
Volatility
APMU vs. YCS - Volatility Comparison
The current volatility for ActivePassive Intermediate Municipal Bond ETF (APMU) is 0.75%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that APMU 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.
Loading charts...
Volatility by Period
| APMU | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 2.75% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 12.32% | -10.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 17.27% | -14.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 21.10% | -18.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.81% | 19.01% | -16.20% |
APMU vs. YCS - Expense Ratio Comparison
APMU has a 0.36% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
APMU vs. YCS - Dividend Comparison
APMU's dividend yield for the trailing twelve months is around 2.66%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
APMU ActivePassive Intermediate Municipal Bond ETF | 2.66% | 2.63% | 2.42% | 1.31% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
APMU and YCS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.75%) compared to APMU (0.75%). In terms of maximum drawdown, APMU dropped -4.39% vs YCS's -49.56%.
On 3-year performance, YCS leads with 19.84% vs 3.03% for APMU. On fees, APMU is cheaper at 0.36% per year. On volatility, APMU has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YCS has performed better with a 19.84% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
APMU is cheaper with a 0.36% expense ratio, compared with 1.00% for YCS.
APMU has the higher dividend yield at 2.66%, compared with 0.00% for YCS.
APMU is categorized as Municipal Bonds, while YCS is Leveraged Currency. They also come from different issuers: ActivePassive and ProShares. Their fees differ too: 0.36% for APMU and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 1.81), 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.
Find the right allocation for APMU and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer