BWZ vs. YCS
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 13.62%/yr for YCS. At a correlation of -0.54, they often move in opposite directions. BWZ charges 0.35%/yr vs 1.00%/yr for YCS.
Performance
BWZ vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a -1.98% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, BWZ has underperformed YCS with an annualized return of -0.60%, while YCS has yielded a comparatively higher 13.62% annualized return.
BWZ
- 1D
- -0.34%
- 1M
- -1.45%
- YTD
- -1.98%
- 6M
- -1.95%
- 1Y
- -1.90%
- 3Y*
- 2.03%
- 5Y*
- -1.91%
- 10Y*
- -0.60%
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%
BWZ vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.98% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between BWZ and YCS is -0.71, 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 | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | -0.54 |
The correlation between BWZ and YCS shifts across timeframes, from -0.71 (1 year) to -0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BWZ vs. YCS — Risk / Return Rank
BWZ
YCS
BWZ vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.
| BWZ | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.34 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.78 | -4.15 |
| Martin ratioReturn relative to average drawdown | -0.78 | 11.93 | -12.71 |
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Drawdowns
BWZ vs. YCS - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for BWZ and YCS.
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Drawdown Indicators
| BWZ | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -49.56% | +15.33% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -8.30% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -23.05% | +14.45% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -27.32% | +5.17% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -27.32% | +2.42% |
Current DrawdownCurrent decline from peak | -23.46% | -0.14% | -23.32% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -19.87% | +3.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.65% | -0.23% |
Volatility
BWZ vs. YCS - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that BWZ 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.
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Volatility by Period
| BWZ | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 2.25% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 12.19% | -7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 16.93% | -10.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 21.10% | -13.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 18.82% | -11.87% |
BWZ vs. YCS - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
BWZ vs. YCS - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWZ and YCS have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs -0.60% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.78%. 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 13.62% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ is cheaper with a 0.35% expense ratio, compared with 1.00% for YCS.
BWZ has the higher dividend yield at 2.12%, compared with 0.00% for YCS.
BWZ is categorized as International Government Bonds, while YCS is Leveraged Currency. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, 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 BWZ and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.28), 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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