BITQ vs. YCS
BITQ (Bitwise Crypto Industry Innovators ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, BITQ returned 4.41%/yr vs 23.52%/yr for YCS. At a correlation of -0.05, they often move in opposite directions. BITQ charges 0.85%/yr vs 1.00%/yr for YCS.
Performance
BITQ vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, BITQ achieves a 34.62% return, which is significantly higher than YCS's 9.63% return.
BITQ
- 1D
- -2.61%
- 1M
- 0.04%
- YTD
- 34.62%
- 6M
- 25.61%
- 1Y
- 49.39%
- 3Y*
- 53.03%
- 5Y*
- 4.41%
- 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%
BITQ vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 34.62% | 18.00% | 46.97% | 246.83% | -83.86% | -11.98% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 11.02% |
Correlation
The correlation between BITQ and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since May 12, 2021 | -0.05 |
The correlation between BITQ and YCS shifts across timeframes, from -0.15 (1 year) to -0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BITQ vs. YCS — Risk / Return Rank
BITQ
YCS
BITQ vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) 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.
| BITQ | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.34 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 3.78 | -2.68 |
| Martin ratioReturn relative to average drawdown | 2.30 | 11.93 | -9.63 |
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Drawdowns
BITQ vs. YCS - Drawdown Comparison
The maximum BITQ drawdown since its inception was -90.32%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for BITQ and YCS.
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Drawdown Indicators
| BITQ | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.32% | -49.56% | -40.76% |
Max Drawdown (1Y)Largest decline over 1 year | -44.99% | -8.30% | -36.69% |
Max Drawdown (3Y)Largest decline over 3 years | -51.22% | -23.05% | -28.17% |
Max Drawdown (5Y)Largest decline over 5 years | -90.32% | -27.32% | -63.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -17.24% | -0.14% | -17.10% |
Average DrawdownAverage peak-to-trough decline | -52.52% | -19.87% | -32.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.50% | 2.65% | +18.85% |
Volatility
BITQ vs. YCS - Volatility Comparison
Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 16.45% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that BITQ'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
| BITQ | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.45% | 2.25% | +14.20% |
Volatility (6M)Calculated over the trailing 6-month period | 43.05% | 12.19% | +30.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.94% | 16.93% | +40.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.32% | 21.10% | +46.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.24% | 18.82% | +48.42% |
BITQ vs. YCS - Expense Ratio Comparison
BITQ has a 0.85% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
BITQ vs. YCS - Dividend Comparison
Neither BITQ nor YCS has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITQ and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (16.45%) compared to YCS (2.25%). In terms of maximum drawdown, BITQ dropped -90.32% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.52% vs 4.41% for BITQ. On fees, BITQ is cheaper at 0.85% 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 4.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITQ is cheaper with a 0.85% expense ratio, compared with 1.00% for YCS.
BITQ and YCS have nearly identical dividend yields, around 0.00%.
BITQ is categorized as Blockchain, while YCS is Leveraged Currency. BITQ tracks Bitwise Crypto Innovators 30 Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.85% for BITQ and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs 0.87), 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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