ETHE vs. YCS

Last updated Jun 23, 2026

ETHE (Grayscale Ethereum Trust ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, ETHE returned -5.46%/yr vs 23.50%/yr for YCS. At a correlation of -0.01, they often move in opposite directions. ETHE charges 2.50%/yr vs 1.00%/yr for YCS.

Performance

ETHE vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHE achieves a -41.95% return, which is significantly lower than YCS's 9.78% return.

ETHE

• 1D: 1.60%
• 1M: -16.15%
• YTD: -41.95%
• 6M: -42.04%
• 1Y: -29.27%
• 3Y*: 13.02%
• 5Y*: -5.46%
• 10Y*: —

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%

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

ETHE vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETHE Grayscale Ethereum Trust ETF	-41.95%	-13.03%	44.14%	308.40%	-85.29%	108.77%	441.75%	-57.08%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	28.70%	29.09%	22.38%	-11.18%	3.22%

Correlation

The correlation between ETHE and YCS is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	-0.01

Return for Risk

ETHE vs. YCS — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 6
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 6
ETHE Omega Ratio Rank: 6
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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.

ETHE vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.

	ETHE	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.86	-2.29
Sortino ratio: Return per unit of downside risk	-0.23	2.37	-2.60
Omega ratio: Gain probability vs. loss probability	0.97	1.35	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.43	3.79	-4.23
Martin ratio: Return relative to average drawdown	-0.72	11.86	-12.58

ETHE vs. YCS - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.43, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of ETHE 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

ETHE vs. YCS - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for ETHE and YCS.

Drawdown Indicators

	ETHE	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-49.56%	-46.70%
Max Drawdown (1Y) Largest decline over 1 year	-67.77%	-8.30%	-59.47%
Max Drawdown (3Y) Largest decline over 3 years	-67.77%	-23.05%	-44.72%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	-27.32%	-62.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-78.05%	0.00%	-78.05%
Average Drawdown Average peak-to-trough decline	-72.23%	-19.88%	-52.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.44%	2.65%	+37.79%

Volatility

ETHE vs. YCS - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 19.34% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that ETHE'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

	ETHE	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.34%	2.22%	+17.12%
Volatility (6M) Calculated over the trailing 6-month period	46.70%	12.19%	+34.51%
Volatility (1Y) Calculated over the trailing 1-year period	68.97%	16.96%	+52.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.28%	21.10%	+61.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.24%	18.96%	+172.28%

ETHE vs. YCS - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

ETHE vs. YCS - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.40%, while YCS has not paid dividends to shareholders.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.40%
YCS ProShares UltraShort Yen	0.00%

Frequently Asked Questions

Can I hold both ETHE and YCS in my portfolio?

ETHE and YCS have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHE or YCS?

ETHE has higher volatility (19.34%) compared to YCS (2.22%). In terms of maximum drawdown, ETHE dropped -96.26% vs YCS's -49.56%.

Which ETF is better, ETHE or YCS?

On 5-year performance, YCS leads with 23.50% vs -5.46% for ETHE. On fees, YCS is cheaper at 1.00% 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.

Which ETF has performed better, ETHE or YCS?

Over the 5-year period, YCS has performed better with a 23.50% return vs -5.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or YCS?

YCS is cheaper with a 1.00% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.40%, compared with 0.00% for YCS.

What is the main difference between ETHE and YCS?

ETHE is categorized as Cryptocurrency, while YCS is Leveraged Currency. ETHE tracks CoinDesk Ether Price Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ETHE and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs -0.43), 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.