BDCX vs. YCS
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 23.52%/yr for YCS. At a correlation of -0.01, they often move in opposite directions. BDCX charges 0.95%/yr vs 1.00%/yr for YCS.
Performance
BDCX vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -13.68% return, which is significantly lower than YCS's 9.63% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 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%
BDCX vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -10.37% |
Correlation
The correlation between BDCX and YCS is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | -0.01 |
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Return for Risk
BDCX vs. YCS — Risk / Return Rank
BDCX
YCS
BDCX vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) 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.
| BDCX | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.34 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.78 | -4.37 |
| Martin ratioReturn relative to average drawdown | -0.99 | 11.93 | -12.92 |
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Drawdowns
BDCX vs. YCS - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for BDCX and YCS.
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Drawdown Indicators
| BDCX | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -49.56% | +14.60% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -8.30% | -22.16% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -23.05% | -10.34% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -27.32% | -7.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -29.85% | -0.14% | -29.71% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -19.87% | +9.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 2.65% | +15.40% |
Volatility
BDCX vs. YCS - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.40% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that BDCX'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.
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Volatility by Period
| BDCX | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 2.25% | +6.15% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 12.19% | +10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 16.93% | +10.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 21.10% | +5.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 18.82% | +8.08% |
BDCX vs. YCS - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
BDCX vs. YCS - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and YCS have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.40%) compared to YCS (2.25%). In terms of maximum drawdown, BDCX dropped -34.96% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.52% vs 1.22% for BDCX. On fees, BDCX is cheaper at 0.95% 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.
Over the 5-year period, YCS has performed better with a 23.52% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
BDCX has the higher dividend yield at 20.73%, compared with 0.00% for YCS.
BDCX is categorized as Leveraged Equities, while YCS is Leveraged Currency. BDCX tracks MVIS US Business Development Companies (150%), while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 0.95% for BDCX and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.65), 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.
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