BITW vs. YCS

Last updated Jun 24, 2026

BITW (Bitwise 10 Crypto Index ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, BITW returned 1.78%/yr vs 23.52%/yr for YCS. At a correlation of -0.03, they often move in opposite directions. BITW charges 0.75%/yr vs 1.00%/yr for YCS.

Performance

BITW vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) 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, BITW achieves a -32.35% return, which is significantly lower than YCS's 9.63% return.

BITW

• 1D: -3.24%
• 1M: -17.92%
• YTD: -32.35%
• 6M: -32.63%
• 1Y: -35.22%
• 3Y*: 52.08%
• 5Y*: 1.78%
• 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)

BITW vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BITW Bitwise 10 Crypto Index ETF	-32.35%	-2.63%	160.69%	331.10%	-85.92%	-36.83%	403.25%
YCS ProShares UltraShort Yen	9.63%	9.04%	35.41%	28.70%	29.09%	22.38%	-3.69%

Correlation

The correlation between BITW and YCS is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	-0.03

Return for Risk

BITW vs. YCS — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 3
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

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.

BITW vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	1.86	-2.56
Sortino ratio: Return per unit of downside risk	-0.86	2.36	-3.22
Omega ratio: Gain probability vs. loss probability	0.90	1.34	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.64	3.78	-4.42
Martin ratio: Return relative to average drawdown	-1.08	11.93	-13.01

BITW vs. YCS - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.71, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. YCS - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for BITW and YCS.

Drawdown Indicators

	BITW	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-49.56%	-46.90%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	-8.30%	-47.21%
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	-23.05%	-32.46%
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	-27.32%	-64.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-71.40%	-0.14%	-71.26%
Average Drawdown Average peak-to-trough decline	-69.56%	-19.87%	-49.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.56%	2.65%	+29.91%

Volatility

BITW vs. YCS - Volatility Comparison

Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 14.10% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that BITW'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

	BITW	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.10%	2.25%	+11.85%
Volatility (6M) Calculated over the trailing 6-month period	37.34%	12.19%	+25.15%
Volatility (1Y) Calculated over the trailing 1-year period	49.87%	16.93%	+32.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.59%	21.10%	+44.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.35%	18.82%	+89.53%

BITW vs. YCS - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

BITW vs. YCS - Dividend Comparison

Neither BITW nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITW and YCS in my portfolio?

BITW and YCS have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or YCS?

BITW has higher volatility (14.10%) compared to YCS (2.25%). In terms of maximum drawdown, BITW dropped -96.46% vs YCS's -49.56%.

Which ETF is better, BITW or YCS?

On 5-year performance, YCS leads with 23.52% vs 1.78% for BITW. On fees, BITW is cheaper at 0.75% 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, BITW or YCS?

Over the 5-year period, YCS has performed better with a 23.52% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or YCS?

BITW is cheaper with a 0.75% expense ratio, compared with 1.00% for YCS.

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

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

What is the main difference between BITW and YCS?

BITW is categorized as Cryptocurrency, while YCS is Leveraged Currency. BITW tracks Bitwise 10 Large Cap Crypto Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.75% for BITW and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs -0.71), 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.