CDX vs. YCS
CDX (Simplify High Yield PLUS Credit Hedge ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). CDX is actively managed, while YCS is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 19.84%/yr for YCS. At a correlation of -0.22, they often move in opposite directions. CDX charges 0.26%/yr vs 1.00%/yr for YCS.
Performance
CDX vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -2.44% return, which is significantly lower than YCS's 7.17% return.
CDX
- 1D
- -0.19%
- 1M
- -0.71%
- YTD
- -2.44%
- 6M
- -2.70%
- 1Y
- -1.77%
- 3Y*
- 7.17%
- 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%
CDX vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | -2.44% | 9.51% | 7.71% | 12.74% | -8.12% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 27.67% |
Correlation
The correlation between CDX and YCS is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022 | -0.22 |
The correlation between CDX and YCS shifts across timeframes, from -0.34 (1 year) to -0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CDX vs. YCS — Risk / Return Rank
CDX
YCS
CDX vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) 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.
| CDX | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.35 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 3.97 | -4.40 |
| Martin ratioReturn relative to average drawdown | -1.00 | 12.40 | -13.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CDX | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.31 | 1.92 | -2.23 |
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 | 0.38 | 0.33 | +0.05 |
Drawdowns
CDX vs. YCS - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CDX and YCS.
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Drawdown Indicators
| CDX | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -49.56% | +36.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -8.30% | +4.12% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -23.05% | +14.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -7.41% | 0.00% | -7.41% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -19.93% | +15.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.66% | -0.89% |
Volatility
CDX vs. YCS - Volatility Comparison
The current volatility for Simplify High Yield PLUS Credit Hedge ETF (CDX) is 1.61%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that CDX 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
| CDX | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 2.75% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 12.32% | -7.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 17.27% | -11.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.10% | 21.10% | -10.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.10% | 19.01% | -7.91% |
CDX vs. YCS - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
CDX vs. YCS - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.37%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.37% | 7.18% | 12.60% | 5.26% | 7.51% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and YCS have a correlation of -0.34, 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 CDX (1.61%). In terms of maximum drawdown, CDX dropped -13.24% vs YCS's -49.56%.
On 3-year performance, YCS leads with 19.84% vs 7.17% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, CDX has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YCS has performed better with a 19.84% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.26% expense ratio, compared with 1.00% for YCS.
CDX has the higher dividend yield at 8.37%, compared with 0.00% for YCS.
CDX is categorized as High Yield Bonds, while YCS is Leveraged Currency. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.26% for CDX and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs -0.31), 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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