EQWL vs. YCS
EQWL (Invesco S&P 100 Equal Weight ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - EQWL is a Large Cap Blend Equities fund tracking the S&P 100 Equal Weight Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EQWL returned 14.89%/yr vs 13.63%/yr for YCS. At a 0.18 correlation, their price movements are largely independent. EQWL charges 0.25%/yr vs 1.00%/yr for YCS.
Performance
EQWL vs. YCS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EQWL having a 9.55% return and YCS slightly higher at 9.78%. Over the past 10 years, EQWL has outperformed YCS with an annualized return of 14.89%, while YCS has yielded a comparatively lower 13.63% annualized return.
EQWL
- 1D
- 0.03%
- 1M
- 1.66%
- YTD
- 9.55%
- 6M
- 9.10%
- 1Y
- 22.70%
- 3Y*
- 19.49%
- 5Y*
- 12.20%
- 10Y*
- 14.89%
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%
EQWL vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EQWL Invesco S&P 100 Equal Weight ETF | 9.55% | 17.61% | 19.11% | 19.48% | -11.46% | 28.29% | 13.94% | 29.54% | -6.30% | 24.41% |
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 EQWL and YCS is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
The correlation between EQWL and YCS shifts across timeframes, from -0.23 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EQWL vs. YCS — Risk / Return Rank
EQWL
YCS
EQWL vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 100 Equal Weight ETF (EQWL) 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.
| EQWL | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 3.79 | -0.86 |
| Martin ratioReturn relative to average drawdown | 12.29 | 11.86 | +0.43 |
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Drawdowns
EQWL vs. YCS - Drawdown Comparison
The maximum EQWL drawdown since its inception was -49.36%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for EQWL and YCS.
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Drawdown Indicators
| EQWL | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.36% | -49.56% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -8.30% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -14.95% | -23.05% | +8.10% |
Max Drawdown (5Y)Largest decline over 5 years | -22.99% | -27.32% | +4.33% |
Max Drawdown (10Y)Largest decline over 10 years | -34.30% | -27.32% | -6.98% |
Current DrawdownCurrent decline from peak | -0.89% | 0.00% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -6.69% | -19.88% | +13.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 2.65% | -0.80% |
Volatility
EQWL vs. YCS - Volatility Comparison
Invesco S&P 100 Equal Weight ETF (EQWL) has a higher volatility of 3.80% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that EQWL'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
| EQWL | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 2.22% | +1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 8.24% | 12.19% | -3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.70% | 16.96% | -6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.03% | 21.10% | -6.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.82% | 18.96% | -2.14% |
EQWL vs. YCS - Expense Ratio Comparison
EQWL has a 0.25% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
EQWL vs. YCS - Dividend Comparison
EQWL's dividend yield for the trailing twelve months is around 1.93%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EQWL Invesco S&P 100 Equal Weight ETF | 1.93% | 1.67% | 1.86% | 1.97% | 2.12% | 1.65% | 2.01% | 2.04% | 2.23% | 1.27% | 2.01% | 2.03% |
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
EQWL and YCS have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EQWL has higher volatility (3.80%) compared to YCS (2.22%). In terms of maximum drawdown, EQWL dropped -49.36% vs YCS's -49.56%.
On 10-year performance, EQWL leads with 14.89% vs 13.63% for YCS. On fees, EQWL is cheaper at 0.25% 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, EQWL has performed better with a 14.89% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EQWL is cheaper with a 0.25% expense ratio, compared with 1.00% for YCS.
EQWL has the higher dividend yield at 1.93%, compared with 0.00% for YCS.
EQWL is categorized as Large Cap Blend Equities, while YCS is Leveraged Currency. EQWL tracks S&P 100 Equal Weight Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.25% for EQWL and 1.00% for YCS.
EQWL currently has the higher Sharpe Ratio (2.13 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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