BWX vs. YCS
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, BWX returned -1.49%/yr vs 13.13%/yr for YCS. At a correlation of -0.59, they often move in opposite directions. BWX charges 0.35%/yr vs 1.00%/yr for YCS.
Performance
BWX vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BWX achieves a -3.06% return, which is significantly lower than YCS's 10.29% return. Over the past 10 years, BWX has underperformed YCS with an annualized return of -1.49%, while YCS has yielded a comparatively higher 13.13% annualized return.
BWX
- 1D
- 0.33%
- 1M
- -1.39%
- 6M
- -2.45%
- YTD
- -3.06%
- 1Y
- -4.09%
- 3Y*
- 0.65%
- 5Y*
- -4.42%
- 10Y*
- -1.49%
YCS
- 1D
- -0.78%
- 1M
- 2.50%
- 6M
- 8.31%
- YTD
- 10.29%
- 1Y
- 29.06%
- 3Y*
- 20.30%
- 5Y*
- 24.01%
- 10Y*
- 13.13%
BWX vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -3.06% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
YCS ProShares UltraShort Yen | 10.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between BWX and YCS is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.59 |
The correlation between BWX and YCS shifts across timeframes, from -0.75 (1 year) to -0.59 (all time), 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
BWX vs. YCS — Risk / Return Rank
BWX
YCS
BWX vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) 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.
| BWX | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.35 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 3.76 | -4.53 |
| Martin ratioReturn relative to average drawdown | -1.54 | 11.88 | -13.43 |
Loading charts...
Drawdowns
BWX vs. YCS - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for BWX and YCS.
Loading charts...
Drawdown Indicators
| BWX | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -49.56% | +15.51% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -8.30% | +2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -23.05% | +12.83% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -27.32% | -3.46% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -27.32% | -6.73% |
Current DrawdownCurrent decline from peak | -24.87% | -1.01% | -23.86% |
Average DrawdownAverage peak-to-trough decline | -10.12% | -19.82% | +9.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 2.62% | +0.33% |
Volatility
BWX vs. YCS - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 1.82%, while ProShares UltraShort Yen (YCS) has a volatility of 3.05%. This indicates that BWX 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
| BWX | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 3.05% | -1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 11.94% | -5.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.60% | 16.66% | -9.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 21.09% | -11.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 18.75% | -10.09% |
BWX vs. YCS - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
BWX vs. YCS - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.42%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.42% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWX and YCS have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (3.05%) compared to BWX (1.82%). In terms of maximum drawdown, BWX dropped -34.05% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.13% vs -1.49% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BWX has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.13% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 1.00% for YCS.
BWX has the higher dividend yield at 2.42%, compared with 0.00% for YCS.
BWX is categorized as International Government Bonds, while YCS is Leveraged Currency. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.35% for BWX and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.87 vs -0.60), 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 BWX 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