BABX vs. YCS

Last updated Aug 6, 2026

BABX (GraniteShares 2x Long BABA Daily ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - BABX is a Leveraged Equities fund actively managed by GraniteShares, while YCS is a Leveraged Currency fund tracking the JPY/USD 4:00 p.m. ET Cross Rate. BABX is actively managed, while YCS is passively managed. Over the past 3 years, BABX returned -0.87%/yr vs 17.44%/yr for YCS. Their -0.08 correlation means they have often moved in opposite directions in the past. BABX charges 1.15%/yr vs 0.95%/yr for YCS.

Performance

BABX vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long BABA Daily ETF (BABX) 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, BABX achieves a -33.16% return, which is significantly lower than YCS's 5.40% return.

BABX

• 1D: -0.62%
• 1M: 67.52%
• 6M: -41.27%
• YTD: -33.16%
• 1Y: -6.84%
• 3Y*: -0.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.72%

YCS

• 1D: -0.02%
• 1M: -4.94%
• 6M: 4.42%
• YTD: 5.40%
• 1Y: 22.68%
• 3Y*: 17.44%
• 5Y*: 22.89%
• 10Y*: 13.35%
• ALL TIME*: 6.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BABX GraniteShares 2x Long BABA Daily ETF	$11.85M	$18.23M	$21.20M
YCS ProShares UltraShort Yen	$2.59M	$2.15M	$1.60M

BABX vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BABX GraniteShares 2x Long BABA Daily ETF	-33.16%	123.85%	1.23%	-33.89%	-9.68%
YCS ProShares UltraShort Yen	5.40%	9.04%	35.41%	28.70%	-9.42%

Correlation

The correlation between BABX and YCS is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	-0.08

Return for Risk

BABX vs. YCS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BABX

BABX Risk / Return Rank: 12
BABX Sharpe Ratio Rank: 9
BABX Sortino Ratio Rank: 16
BABX Omega Ratio Rank: 15
BABX Calmar Ratio Rank: 9
BABX Martin Ratio Rank: 9

YCS

YCS Risk / Return Rank: 56
YCS Sharpe Ratio Rank: 49
YCS Sortino Ratio Rank: 43
YCS Omega Ratio Rank: 52
YCS Calmar Ratio Rank: 68
YCS Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BABX vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long BABA Daily ETF (BABX) 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.

	BABX	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	1.39	-1.46
Sortino ratio: Return per unit of downside risk	0.60	1.80	-1.20
Omega ratio: Gain probability vs. loss probability	1.06	1.27	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.09	2.69	-2.77
Martin ratio: Return relative to average drawdown	-0.15	9.73	-9.88

BABX vs. YCS - Sharpe Ratio Comparison

The current BABX Sharpe Ratio is -0.08, which is lower than the YCS Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of BABX 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

BABX vs. YCS - Drawdown Comparison

The maximum BABX drawdown since its inception was -78.83%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for BABX and YCS.

Drawdown Indicators

	BABX	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-78.83%	-49.56%	-29.27%
Max Drawdown (1Y) Largest decline over 1 year	-78.83%	-8.48%	-70.35%
Max Drawdown (3Y) Largest decline over 3 years	-78.83%	-23.05%	-55.78%
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	-62.27%	-7.34%	-54.93%
Average Drawdown Average peak-to-trough decline	-46.43%	-19.75%	-26.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.40%	2.34%	+44.06%

Volatility

BABX vs. YCS - Volatility Comparison

GraniteShares 2x Long BABA Daily ETF (BABX) has a higher volatility of 27.60% compared to ProShares UltraShort Yen (YCS) at 5.95%. This indicates that BABX'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

	BABX	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.60%	5.95%	+21.65%
Volatility (6M) Calculated over the trailing 6-month period	58.27%	11.87%	+46.40%
Volatility (1Y) Calculated over the trailing 1-year period	90.32%	16.43%	+73.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.37%	21.21%	+62.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.37%	18.61%	+64.76%

BABX vs. YCS - Expense Ratio Comparison

BABX has a 1.15% expense ratio, which is higher than YCS's 0.95% expense ratio.

Dividends

BABX vs. YCS - Dividend Comparison

Neither BABX nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BABX and YCS in my portfolio?

BABX and YCS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BABX or YCS?

BABX has higher volatility (27.60%) compared to YCS (5.95%). In terms of maximum drawdown, BABX dropped -78.83% vs YCS's -49.56%.

Which ETF is better, BABX or YCS?

On 3-year performance, YCS leads with 17.44% vs -0.87% for BABX. On fees, YCS is cheaper at 0.95% per year. On volatility, YCS has been the lower-risk option at 5.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BABX or YCS?

Over the 3-year period, YCS has performed better with a 17.44% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BABX or YCS?

YCS is cheaper with a 0.95% expense ratio, compared with 1.15% for BABX.

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

BABX and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between BABX and YCS?

BABX is categorized as Leveraged Equities, while YCS is Leveraged Currency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for BABX and 0.95% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.39 vs -0.08), 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.