CBLS vs. YCS

Last updated Jun 3, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Changebridge Capital LLC, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). CBLS is actively managed, while YCS is passively managed. Over the past 5 years, CBLS returned 5.73%/yr vs 23.16%/yr for YCS. At a correlation of -0.05, they often move in opposite directions. CBLS charges 1.95%/yr vs 1.00%/yr for YCS.

Performance

CBLS vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) 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, CBLS achieves a 24.17% return, which is significantly higher than YCS's 6.99% return.

CBLS

• 1D: 3.27%
• 1M: 9.60%
• YTD: 24.17%
• 6M: 23.40%
• 1Y: 20.95%
• 3Y*: 19.86%
• 5Y*: 5.73%
• 10Y*: —

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)

CBLS vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBLS Changebridge Capital Long/Short Equity ETF	24.17%	5.87%	28.74%	-2.67%	-11.64%	2.85%	14.15%
YCS ProShares UltraShort Yen	6.99%	9.04%	35.41%	28.70%	29.09%	22.38%	-2.69%

Correlation

The correlation between CBLS and YCS is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Nov 16, 2020	-0.05

Return for Risk

CBLS vs. YCS — Risk / Return Rank

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

CBLS

CBLS Risk / Return Rank: 42
CBLS Sharpe Ratio Rank: 38
CBLS Sortino Ratio Rank: 37
CBLS Omega Ratio Rank: 38
CBLS Calmar Ratio Rank: 54
CBLS Martin Ratio Rank: 41

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 60
YCS Sortino Ratio Rank: 53
YCS Omega Ratio Rank: 60
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 66

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.

CBLS vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) 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.

	CBLS	YCS	Difference
Sharpe ratio Return per unit of total volatility	1.38	2.05	-0.67
Sortino ratio Return per unit of downside risk	1.94	2.59	-0.65
Omega ratio Gain probability vs. loss probability	1.25	1.37	-0.12
Calmar ratio Return relative to maximum drawdown	2.71	3.95	-1.24
Martin ratio Return relative to average drawdown	6.61	12.35	-5.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBLS vs. YCS - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 1.38, which is lower than the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of CBLS 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.

Sharpe Ratios by Period

	CBLS	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	2.05	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	1.10	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.33	+0.30

Drawdowns

CBLS vs. YCS - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CBLS and YCS.

Drawdown Indicators

	CBLS	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-49.56%	+16.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-8.30%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	-23.05%	+7.78%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-27.32%	-3.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-12.80%	-19.94%	+7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	2.66%	+0.68%

Volatility

CBLS vs. YCS - Volatility Comparison

Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 7.08% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that CBLS'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

	CBLS	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	2.75%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	12.36%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	17.38%	-2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	21.11%	-5.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	19.02%	-2.89%

CBLS vs. YCS - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

CBLS vs. YCS - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.72%	0.90%	0.73%	0.44%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBLS and YCS in my portfolio?

CBLS and YCS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBLS or YCS?

CBLS has higher volatility (7.08%) compared to YCS (2.75%). In terms of maximum drawdown, CBLS dropped -32.78% vs YCS's -49.56%.

Which ETF is better, CBLS or YCS?

On 5-year performance, YCS leads with 23.16% vs 5.73% for CBLS. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBLS or YCS?

Over the 5-year period, YCS has performed better with a 23.16% return vs 5.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBLS or YCS?

YCS is cheaper with a 1.00% expense ratio, compared with 1.95% for CBLS.

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

CBLS has the higher dividend yield at 0.72%, compared with 0.00% for YCS.

What is the main difference between CBLS and YCS?

CBLS is categorized as Long-Short, while YCS is Leveraged Currency. They also come from different issuers: Changebridge Capital LLC and ProShares. Their fees differ too: 1.95% for CBLS and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (2.05 vs 1.38), 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.