CSM vs. YCS
CSM (Proshares Large Cap Core Plus) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, CSM returned 14.57%/yr vs 13.63%/yr for YCS. At a 0.18 correlation, their price movements are largely independent. CSM charges 0.45%/yr vs 1.00%/yr for YCS.
Performance
CSM vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, CSM achieves a 7.38% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, CSM has outperformed YCS with an annualized return of 14.57%, while YCS has yielded a comparatively lower 13.63% annualized return.
CSM
- 1D
- -0.47%
- 1M
- -0.08%
- YTD
- 7.38%
- 6M
- 7.05%
- 1Y
- 26.96%
- 3Y*
- 21.18%
- 5Y*
- 13.06%
- 10Y*
- 14.57%
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%
CSM vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 7.38% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between CSM and YCS is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2009 | 0.18 |
The correlation between CSM and YCS shifts across timeframes, from -0.19 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CSM vs. YCS — Risk / Return Rank
CSM
YCS
CSM vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.
| CSM | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | 3.79 | -0.91 |
| Martin ratioReturn relative to average drawdown | 12.13 | 11.86 | +0.28 |
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Drawdowns
CSM vs. YCS - Drawdown Comparison
The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CSM and YCS.
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Drawdown Indicators
| CSM | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -49.56% | +13.45% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -8.30% | -1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -23.05% | +4.75% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -27.32% | +3.50% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -27.32% | -8.79% |
Current DrawdownCurrent decline from peak | -2.30% | 0.00% | -2.30% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -19.88% | +15.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 2.65% | -0.42% |
Volatility
CSM vs. YCS - Volatility Comparison
Proshares Large Cap Core Plus (CSM) has a higher volatility of 4.33% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that CSM'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.
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Volatility by Period
| CSM | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 2.22% | +2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 9.51% | 12.19% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.37% | 16.96% | -4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.18% | 21.10% | -3.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.42% | 18.96% | -0.54% |
CSM vs. YCS - Expense Ratio Comparison
CSM has a 0.45% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
CSM vs. YCS - Dividend Comparison
CSM's dividend yield for the trailing twelve months is around 1.02%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.02% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CSM and YCS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSM has higher volatility (4.33%) compared to YCS (2.22%). In terms of maximum drawdown, CSM dropped -36.11% vs YCS's -49.56%.
On 10-year performance, CSM leads with 14.57% vs 13.63% for YCS. On fees, CSM is cheaper at 0.45% per year. On volatility, YCS has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSM has performed better with a 14.57% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 1.00% for YCS.
CSM has the higher dividend yield at 1.02%, compared with 0.00% for YCS.
CSM is categorized as Long-Short, while YCS is Leveraged Currency. CSM tracks Credit Suisse 130/30 Large-Cap Index, while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.45% for CSM and 1.00% for YCS.
CSM currently has the higher Sharpe Ratio (2.19 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.
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