CUT vs. YCS
CUT (Invesco MSCI Global Timber ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - CUT is a Materials fund tracking the Beacon Global Timber Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, CUT returned 3.93%/yr vs 12.34%/yr for YCS. At a 0.09 correlation, their price movements are largely independent. CUT charges 0.55%/yr vs 1.00%/yr for YCS.
Performance
CUT vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, CUT achieves a -5.58% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, CUT has underperformed YCS with an annualized return of 3.93%, while YCS has yielded a comparatively higher 12.34% annualized return.
CUT
- 1D
- 0.52%
- 1M
- 0.52%
- YTD
- -5.58%
- 6M
- -2.56%
- 1Y
- -7.17%
- 3Y*
- 0.54%
- 5Y*
- -4.30%
- 10Y*
- 3.93%
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%
CUT vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CUT Invesco MSCI Global Timber ETF | -5.58% | -5.92% | 1.82% | 8.65% | -16.38% | 12.29% | 18.05% | 23.35% | -21.70% | 30.41% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between CUT and YCS is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.09 |
The correlation between CUT and YCS shifts across timeframes, from -0.39 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CUT vs. YCS — Risk / Return Rank
CUT
YCS
CUT vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Global Timber ETF (CUT) 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.
| CUT | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.35 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.97 | -4.34 |
| Martin ratioReturn relative to average drawdown | -0.81 | 12.40 | -13.20 |
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
| CUT | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.39 | 1.92 | -2.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | 1.12 | -1.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 0.65 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.33 | -0.22 |
Drawdowns
CUT vs. YCS - Drawdown Comparison
The maximum CUT drawdown since its inception was -70.03%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for CUT and YCS.
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Drawdown Indicators
| CUT | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.03% | -49.56% | -20.47% |
Max Drawdown (1Y)Largest decline over 1 year | -19.62% | -8.30% | -11.32% |
Max Drawdown (3Y)Largest decline over 3 years | -22.23% | -23.05% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -30.40% | -27.32% | -3.08% |
Max Drawdown (10Y)Largest decline over 10 years | -45.76% | -27.32% | -18.44% |
Current DrawdownCurrent decline from peak | -22.99% | 0.00% | -22.99% |
Average DrawdownAverage peak-to-trough decline | -15.26% | -19.93% | +4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.88% | 2.66% | +6.22% |
Volatility
CUT vs. YCS - Volatility Comparison
Invesco MSCI Global Timber ETF (CUT) has a higher volatility of 5.90% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that CUT'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
| CUT | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 2.75% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 12.32% | +1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.57% | 17.27% | +1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.48% | 21.10% | -2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.22% | 19.01% | +1.21% |
CUT vs. YCS - Expense Ratio Comparison
CUT has a 0.55% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
CUT vs. YCS - Dividend Comparison
CUT's dividend yield for the trailing twelve months is around 2.61%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CUT Invesco MSCI Global Timber ETF | 2.61% | 2.46% | 3.05% | 2.44% | 2.58% | 1.57% | 1.65% | 2.67% | 3.43% | 1.57% | 2.08% | 1.52% |
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
CUT and YCS have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CUT has higher volatility (5.90%) compared to YCS (2.75%). In terms of maximum drawdown, CUT dropped -70.03% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.34% vs 3.93% for CUT. On fees, CUT is cheaper at 0.55% 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.
Over the 10-year period, YCS has performed better with a 12.34% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CUT is cheaper with a 0.55% expense ratio, compared with 1.00% for YCS.
CUT has the higher dividend yield at 2.61%, compared with 0.00% for YCS.
CUT is categorized as Materials, while YCS is Leveraged Currency. CUT tracks Beacon Global Timber Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.55% for CUT and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs -0.39), 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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