CGSM vs. YCS

Last updated Jun 23, 2026

CGSM (Capital Group Short Duration Municipal Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CGSM is a Municipal Bonds fund actively managed by Capital Group, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). CGSM is actively managed, while YCS is passively managed. Over the past year, CGSM returned 4.23% vs 31.36% for YCS. At a correlation of -0.26, they often move in opposite directions. CGSM charges 0.25%/yr vs 1.00%/yr for YCS.

Performance

CGSM vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Short Duration Municipal Income ETF (CGSM) 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, CGSM achieves a 1.37% return, which is significantly lower than YCS's 9.78% return.

CGSM

• 1D: 0.04%
• 1M: 0.65%
• YTD: 1.37%
• 6M: 1.43%
• 1Y: 4.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

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

CGSM vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CGSM Capital Group Short Duration Municipal Income ETF	1.37%	4.58%	3.71%	4.06%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	-8.16%

Correlation

The correlation between CGSM and YCS is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	-0.26

The correlation between CGSM and YCS shifts across timeframes, from -0.26 (all time) to -0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CGSM vs. YCS — Risk / Return Rank

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

CGSM

CGSM Risk / Return Rank: 85
CGSM Sharpe Ratio Rank: 93
CGSM Sortino Ratio Rank: 95
CGSM Omega Ratio Rank: 95
CGSM Calmar Ratio Rank: 74
CGSM Martin Ratio Rank: 66

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
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.

CGSM vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Short Duration Municipal Income ETF (CGSM) 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.

	CGSM	YCS	Difference
Sharpe ratio: Return per unit of total volatility	3.19	1.86	+1.33
Sortino ratio: Return per unit of downside risk	4.86	2.37	+2.49
Omega ratio: Gain probability vs. loss probability	1.72	1.35	+0.37
Calmar ratio: Return relative to maximum drawdown	3.61	3.79	-0.19
Martin ratio: Return relative to average drawdown	11.69	11.86	-0.17

CGSM vs. YCS - Sharpe Ratio Comparison

The current CGSM Sharpe Ratio is 3.19, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of CGSM 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.

Drawdowns

CGSM vs. YCS - Drawdown Comparison

The maximum CGSM drawdown since its inception was -1.42%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CGSM and YCS.

Drawdown Indicators

	CGSM	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-49.56%	+48.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.18%	-8.30%	+7.12%
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	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.24%	-19.88%	+19.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	2.65%	-2.29%

Volatility

CGSM vs. YCS - Volatility Comparison

The current volatility for Capital Group Short Duration Municipal Income ETF (CGSM) is 0.32%, while ProShares UltraShort Yen (YCS) has a volatility of 2.22%. This indicates that CGSM 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.

Volatility by Period

	CGSM	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	2.22%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	0.98%	12.19%	-11.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	16.96%	-15.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.78%	21.10%	-19.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.78%	18.96%	-17.18%

CGSM vs. YCS - Expense Ratio Comparison

CGSM has a 0.25% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

CGSM vs. YCS - Dividend Comparison

CGSM's dividend yield for the trailing twelve months is around 2.99%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CGSM Capital Group Short Duration Municipal Income ETF	2.99%	3.05%	3.11%	0.84%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGSM and YCS in my portfolio?

CGSM and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGSM or YCS?

YCS has higher volatility (2.22%) compared to CGSM (0.32%). In terms of maximum drawdown, CGSM dropped -1.42% vs YCS's -49.56%.

Which ETF is better, CGSM or YCS?

On 1-year performance, YCS leads with 31.36% vs 4.23% for CGSM. On fees, CGSM is cheaper at 0.25% per year. On volatility, CGSM has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGSM or YCS?

Over the 1-year period, YCS has performed better with a 31.36% return vs 4.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGSM or YCS?

CGSM is cheaper with a 0.25% expense ratio, compared with 1.00% for YCS.

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

CGSM has the higher dividend yield at 2.99%, compared with 0.00% for YCS.

What is the main difference between CGSM and YCS?

CGSM is categorized as Municipal Bonds, while YCS is Leveraged Currency. They also come from different issuers: Capital Group and ProShares. Their fees differ too: 0.25% for CGSM and 1.00% for YCS.

Which has better risk-adjusted returns?

CGSM currently has the higher Sharpe Ratio (3.19 vs 1.86), 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.