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BYLD vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BYLD vs. YCS

Last updated Jun 3, 2026

BYLD (iShares Yield Optimized Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, BYLD returned 3.03%/yr vs 12.32%/yr for YCS. At a correlation of -0.32, they often move in opposite directions. BYLD charges 0.17%/yr vs 1.00%/yr for YCS.

Performance

BYLD vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Yield Optimized Bond ETF (BYLD) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BYLD achieves a 1.41% return, which is significantly lower than YCS's 6.99% return. Over the past 10 years, BYLD has underperformed YCS with an annualized return of 3.03%, while YCS has yielded a comparatively higher 12.32% annualized return.

BYLD

1D
0.08%
1M
0.49%
YTD
1.41%
6M
1.62%
1Y
7.32%
3Y*
6.56%
5Y*
2.32%
10Y*
3.03%

YCS

1D
0.03%
1M
4.27%
YTD
6.99%
6M
8.81%
1Y
35.19%
3Y*
19.77%
5Y*
23.16%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BYLD vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BYLD
iShares Yield Optimized Bond ETF		1.41%8.41%4.17%8.30%-10.33%-1.25%4.25%12.79%-1.50%4.75%
YCS
ProShares UltraShort Yen		6.99%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between BYLD and YCS is -0.46, 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

-0.46

Correlation (3Y)
Calculated over the trailing 3-year period

-0.39

Correlation (5Y)
Calculated over the trailing 5-year period

-0.44

Correlation (10Y)
Calculated over the trailing 10-year period

-0.36

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2014

-0.32

The correlation between BYLD and YCS shifts across timeframes, from -0.46 (1 year) to -0.32 (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.

iShares Yield Optimized Bond ETF

ProShares UltraShort Yen

Often compared with BYLD:
BYLD vs. IGEBBYLD vs. FBNDBYLD vs. BONDBYLD vs. TOTLBYLD vs. BNDBYLD vs. USHYBYLD vs. AGG
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

BYLD vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BYLD
BYLD Risk / Return Rank: 5757
Overall Rank
BYLD Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
BYLD Sortino Ratio Rank: 6161
Sortino Ratio Rank
BYLD Omega Ratio Rank: 5959
Omega Ratio Rank
BYLD Calmar Ratio Rank: 5252
Calmar Ratio Rank
BYLD Martin Ratio Rank: 6060
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6363
Overall Rank
YCS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5353
Sortino Ratio Rank
YCS Omega Ratio Rank: 6060
Omega Ratio Rank
YCS Calmar Ratio Rank: 7777
Calmar Ratio Rank
YCS Martin Ratio Rank: 6666
Martin Ratio Rank
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.

BYLD vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) 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.

BYLDYCSDifference

Sharpe ratio

Return per unit of total volatility

1.93

2.05

-0.12

Sortino ratio

Return per unit of downside risk

2.88

2.59

+0.29

Omega ratio

Gain probability vs. loss probability

1.36

1.37

-0.01

Calmar ratio

Return relative to maximum drawdown

2.64

3.95

-1.31

Martin ratio

Return relative to average drawdown

10.73

12.35

-1.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BYLD vs. YCS - Sharpe Ratio Comparison

The current BYLD Sharpe Ratio is 1.93, which is comparable to the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of BYLD 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.

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Sharpe Ratios by Period

BYLDYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

2.05

-0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.45

1.10

-0.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.65

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.33

+0.24

Drawdowns

BYLD vs. YCS - Drawdown Comparison

The maximum BYLD drawdown since its inception was -14.75%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for BYLD and YCS.

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Drawdown Indicators

BYLDYCSDifference

Max Drawdown

Largest peak-to-trough decline

-14.75%

-49.56%

+34.81%

Max Drawdown (1Y)

Largest decline over 1 year

-2.71%

-8.30%

+5.59%

Max Drawdown (3Y)

Largest decline over 3 years

-3.94%

-23.05%

+19.11%

Max Drawdown (5Y)

Largest decline over 5 years

-14.65%

-27.32%

+12.67%

Max Drawdown (10Y)

Largest decline over 10 years

-14.75%

-27.32%

+12.57%

Current Drawdown

Current decline from peak

-0.16%

-0.04%

-0.12%

Average Drawdown

Average peak-to-trough decline

-2.51%

-19.94%

+17.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

2.66%

-1.99%

Volatility

BYLD vs. YCS - Volatility Comparison

The current volatility for iShares Yield Optimized Bond ETF (BYLD) is 1.44%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that BYLD 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

BYLDYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.44%

2.75%

-1.31%

Volatility (6M)

Calculated over the trailing 6-month period

2.96%

12.36%

-9.40%

Volatility (1Y)

Calculated over the trailing 1-year period

3.82%

17.38%

-13.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.20%

21.11%

-15.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.43%

19.02%

-13.59%

BYLD vs. YCS - Expense Ratio Comparison

BYLD has a 0.17% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

BYLD vs. YCS - Dividend Comparison

BYLD's dividend yield for the trailing twelve months is around 5.80%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BYLD
iShares Yield Optimized Bond ETF		5.80%5.32%5.31%4.45%3.39%2.18%3.41%3.67%4.22%3.22%3.14%3.37%
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

BYLD and YCS have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YCS has higher volatility (2.75%) compared to BYLD (1.44%). In terms of maximum drawdown, BYLD dropped -14.75% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.32% vs 3.03% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.44%. 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 12.32% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BYLD is cheaper with a 0.17% expense ratio, compared with 1.00% for YCS.

BYLD has the higher dividend yield at 5.80%, compared with 0.00% for YCS.

BYLD is categorized as Intermediate Core-Plus Bond, while YCS is Leveraged Currency. BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.17% for BYLD and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (2.05 vs 1.93), 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.

Portfolio Optimizer

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