COWS vs. YCS

Last updated Jun 21, 2026

COWS (Amplify Cash Flow Dividend Leaders ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - COWS is a Mid Cap Value Equities fund tracking the Kelly US Cash Flow Dividend Leaders Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past year, COWS returned 27.16% vs 30.84% for YCS. At a correlation of -0.07, they often move in opposite directions. COWS charges 0.00%/yr vs 1.00%/yr for YCS.

Performance

COWS vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow Dividend Leaders ETF (COWS) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with COWS having a 9.06% return and YCS slightly higher at 9.35%.

COWS

• 1D: -0.19%
• 1M: 5.07%
• YTD: 9.06%
• 6M: 8.50%
• 1Y: 27.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.88%
• 1M: 3.65%
• YTD: 9.35%
• 6M: 8.16%
• 1Y: 30.84%
• 3Y*: 19.46%
• 5Y*: 23.76%
• 10Y*: 13.18%

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

COWS vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	9.06%	15.29%	11.08%	9.31%
YCS ProShares UltraShort Yen	9.35%	9.04%	35.41%	-4.49%

Correlation

The correlation between COWS and YCS is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	-0.07

Return for Risk

COWS vs. YCS — Risk / Return Rank

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

COWS

COWS Risk / Return Rank: 62
COWS Sharpe Ratio Rank: 51
COWS Sortino Ratio Rank: 54
COWS Omega Ratio Rank: 48
COWS Calmar Ratio Rank: 84
COWS Martin Ratio Rank: 72

YCS

YCS Risk / Return Rank: 65
YCS Sharpe Ratio Rank: 61
YCS Sortino Ratio Rank: 53
YCS Omega Ratio Rank: 62
YCS Calmar Ratio Rank: 80
YCS Martin Ratio Rank: 70

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.

COWS vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow Dividend Leaders ETF (COWS) 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.

	COWS	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.95	-0.27
Sortino ratio: Return per unit of downside risk	2.47	2.46	+0.01
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	4.27	3.98	+0.29
Martin ratio: Return relative to average drawdown	12.89	12.43	+0.45

COWS vs. YCS - Sharpe Ratio Comparison

The current COWS Sharpe Ratio is 1.68, which is comparable to the YCS Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of COWS 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

COWS vs. YCS - Drawdown Comparison

The maximum COWS drawdown since its inception was -24.76%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for COWS and YCS.

Drawdown Indicators

	COWS	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-24.76%	-49.56%	+24.80%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-8.30%	+1.86%
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	-1.45%	0.00%	-1.45%
Average Drawdown Average peak-to-trough decline	-3.90%	-19.88%	+15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.65%	-0.52%

Volatility

COWS vs. YCS - Volatility Comparison

Amplify Cash Flow Dividend Leaders ETF (COWS) has a higher volatility of 4.91% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that COWS'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

	COWS	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	2.25%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	12.24%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	16.99%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.82%	21.09%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.82%	18.98%	-0.16%

COWS vs. YCS - Expense Ratio Comparison

COWS has a 0.00% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

COWS vs. YCS - Dividend Comparison

COWS's dividend yield for the trailing twelve months is around 1.61%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	1.61%	2.04%	2.08%	0.67%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COWS and YCS in my portfolio?

COWS and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COWS or YCS?

COWS has higher volatility (4.91%) compared to YCS (2.25%). In terms of maximum drawdown, COWS dropped -24.76% vs YCS's -49.56%.

Which ETF is better, COWS or YCS?

On 1-year performance, YCS leads with 30.84% vs 27.16% for COWS. On fees, COWS is cheaper at 0.00% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWS or YCS?

Over the 1-year period, YCS has performed better with a 30.84% return vs 27.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWS or YCS?

COWS is cheaper with a 0.00% expense ratio, compared with 1.00% for YCS.

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

COWS has the higher dividend yield at 1.61%, compared with 0.00% for YCS.

What is the main difference between COWS and YCS?

COWS is categorized as Mid Cap Value Equities, while YCS is Leveraged Currency. COWS tracks Kelly US Cash Flow Dividend Leaders Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Amplify and ProShares. Their fees differ too: 0.00% for COWS and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.95 vs 1.68), 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.