CAS vs. YCS

Last updated Jun 4, 2026

CAS (Simplify China A Shares PLUS Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). CAS is actively managed, while YCS is passively managed. At a correlation of -0.40, they often move in opposite directions. CAS charges 0.88%/yr vs 1.00%/yr for YCS.

Performance

CAS vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: -0.49%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.17%
• 1M: 4.42%
• YTD: 7.17%
• 6M: 10.05%
• 1Y: 32.82%
• 3Y*: 19.84%
• 5Y*: 23.54%
• 10Y*: 12.34%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAS vs. YCS - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-1.66%
YCS ProShares UltraShort Yen	1.17%

Correlation

The correlation between CAS and YCS is -0.40, 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 (All Time) Calculated using the full available price history since May 29, 2026	-0.40

Return for Risk

CAS vs. YCS — Risk / Return Rank

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

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 56
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 78
YCS Martin Ratio Rank: 67

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.

CAS vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CAS	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.92	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	-3.61	0.33	-3.94

Drawdowns

CAS vs. YCS - Drawdown Comparison

The maximum CAS drawdown since its inception was -2.59%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CAS and YCS.

Drawdown Indicators

	CAS	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-49.56%	+46.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.30%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-1.66%	0.00%	-1.66%
Average Drawdown Average peak-to-trough decline	-1.72%	-19.93%	+18.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.66%	—

Volatility

Volatility by Period

	CAS	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.83%	17.27%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	21.10%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	19.01%	+1.82%

CAS vs. YCS - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

CAS vs. YCS - Dividend Comparison

Neither CAS nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CAS and YCS in my portfolio?

CAS and YCS have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or YCS?

On fees, CAS is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or YCS?

CAS is cheaper with a 0.88% expense ratio, compared with 1.00% for YCS.

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

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

What is the main difference between CAS and YCS?

CAS is categorized as China Equities, while YCS is Leveraged Currency. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.88% for CAS and 1.00% for YCS.