EFO vs. YCS
EFO (ProShares Ultra MSCI EAFE) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EFO is a Leveraged Equities fund tracking the MSCI EAFE Index (200%), while YCS is a Leveraged Currency fund tracking the JPY/USD 4:00 p.m. ET Cross Rate. Both are passively managed. Over the past 10 years, EFO returned 11.17%/yr vs 13.35%/yr for YCS. Their 0.03 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
EFO vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, EFO achieves a 22.31% return, which is significantly higher than YCS's 5.40% return. Over the past 10 years, EFO has underperformed YCS with an annualized return of 11.17%, while YCS has yielded a comparatively higher 13.35% annualized return.
EFO
- 1D
- 0.12%
- 1M
- 3.16%
- 6M
- 9.77%
- YTD
- 22.31%
- 1Y
- 45.25%
- 3Y*
- 26.65%
- 5Y*
- 9.25%
- 10Y*
- 11.17%
- ALL TIME*
- 9.00%
YCS
- 1D
- -0.02%
- 1M
- -4.94%
- 6M
- 4.42%
- YTD
- 5.40%
- 1Y
- 22.68%
- 3Y*
- 17.44%
- 5Y*
- 22.89%
- 10Y*
- 13.35%
- ALL TIME*
- 6.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $426.22K | $292.94K | $413.56K | |
| $2.59M | $2.15M | $1.60M |
EFO vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 22.31% | 58.51% | -2.15% | 25.77% | -33.62% | 19.38% | 2.29% | 40.93% | -30.91% | 51.78% |
YCS ProShares UltraShort Yen | 5.40% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between EFO and YCS is -0.36, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.24 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009 | 0.03 |
The correlation between EFO and YCS shifts across timeframes, from -0.36 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EFO vs. YCS — Risk / Return Rank
EFO
YCS
EFO vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) 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.
| EFO | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 2.69 | -0.64 |
| Martin ratioReturn relative to average drawdown | 6.99 | 9.73 | -2.73 |
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Drawdowns
EFO vs. YCS - Drawdown Comparison
The maximum EFO drawdown since its inception was -63.52%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EFO and YCS.
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Drawdown Indicators
| EFO | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.52% | -49.56% | -13.96% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -8.48% | -13.70% |
Max Drawdown (3Y)Largest decline over 3 years | -26.85% | -23.05% | -3.80% |
Max Drawdown (5Y)Largest decline over 5 years | -53.95% | -27.32% | -26.63% |
Max Drawdown (10Y)Largest decline over 10 years | -63.52% | -27.32% | -36.20% |
Current DrawdownCurrent decline from peak | 0.00% | -7.34% | +7.34% |
Average DrawdownAverage peak-to-trough decline | -18.52% | -19.75% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 2.34% | +4.15% |
Volatility
EFO vs. YCS - Volatility Comparison
ProShares Ultra MSCI EAFE (EFO) has a higher volatility of 8.78% compared to ProShares UltraShort Yen (YCS) at 5.95%. This indicates that EFO'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
| EFO | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.78% | 5.95% | +2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 27.58% | 11.87% | +15.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.82% | 16.43% | +15.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.27% | 21.21% | +12.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.59% | 18.61% | +14.98% |
EFO vs. YCS - Expense Ratio Comparison
Both EFO and YCS have an expense ratio of 0.95%.
Dividends
EFO vs. YCS - Dividend Comparison
EFO's dividend yield for the trailing twelve months is around 1.52%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFO ProShares Ultra MSCI EAFE | 1.52% | 1.65% | 2.24% | 1.93% | 0.00% | 0.00% | 0.00% | 0.37% | 0.11% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EFO and YCS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFO has higher volatility (8.78%) compared to YCS (5.95%). In terms of maximum drawdown, EFO dropped -63.52% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.35% vs 11.17% for EFO. Both ETFs have the same 0.95% expense ratio. On volatility, YCS has been the lower-risk option at 5.95%. 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 13.35% return vs 11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFO and YCS have the same expense ratio: 0.95% per year.
EFO has the higher dividend yield at 1.52%, compared with 0.00% for YCS.
EFO is categorized as Leveraged Equities, while YCS is Leveraged Currency. EFO tracks MSCI EAFE Index (200%), while YCS tracks JPY/USD 4:00 p.m. ET Cross Rate.
EFO currently has the higher Sharpe Ratio (1.43 vs 1.39), 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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