ETHT vs. YCS

Last updated Jun 25, 2026

ETHT (ProShares Ultra Ether ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past year, ETHT returned -79.07% vs 34.18% for YCS. At a 0.03 correlation, their price movements are largely independent. ETHT charges 0.94%/yr vs 1.00%/yr for YCS.

Performance

ETHT vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -79.70% return, which is significantly lower than YCS's 10.06% return.

ETHT

• 1D: -9.31%
• 1M: -44.64%
• YTD: -79.70%
• 6M: -79.27%
• 1Y: -79.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.39%
• 1M: 3.97%
• YTD: 10.06%
• 6M: 11.27%
• 1Y: 34.18%
• 3Y*: 18.53%
• 5Y*: 23.65%
• 10Y*: 13.66%

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

ETHT vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-79.70%	-64.86%	-45.44%
YCS ProShares UltraShort Yen	10.06%	9.04%	5.67%

Correlation

The correlation between ETHT and YCS is -0.06, 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	-0.06
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	0.03

Return for Risk

ETHT vs. YCS — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

YCS

YCS Risk / Return Rank: 73
YCS Sharpe Ratio Rank: 71
YCS Sortino Ratio Rank: 62
YCS Omega Ratio Rank: 72
YCS Calmar Ratio Rank: 84
YCS Martin Ratio Rank: 77

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.

ETHT vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	2.04	-2.62
Sortino ratio: Return per unit of downside risk	-0.63	2.57	-3.20
Omega ratio: Gain probability vs. loss probability	0.93	1.38	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.84	4.14	-4.98
Martin ratio: Return relative to average drawdown	-1.20	13.04	-14.24

ETHT vs. YCS - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.58, which is lower than the YCS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ETHT 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

ETHT vs. YCS - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.11%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for ETHT and YCS.

Drawdown Indicators

	ETHT	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-96.11%	-49.56%	-46.55%
Max Drawdown (1Y) Largest decline over 1 year	-94.05%	-8.30%	-85.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-96.11%	0.00%	-96.11%
Average Drawdown Average peak-to-trough decline	-67.74%	-19.87%	-47.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.94%	2.63%	+63.31%

Volatility

ETHT vs. YCS - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 40.26% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that ETHT'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

	ETHT	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.26%	2.25%	+38.01%
Volatility (6M) Calculated over the trailing 6-month period	94.02%	11.91%	+82.11%
Volatility (1Y) Calculated over the trailing 1-year period	137.95%	16.93%	+121.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.20%	21.10%	+122.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.20%	18.82%	+124.38%

ETHT vs. YCS - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

ETHT vs. YCS - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 23.40%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	23.40%	4.57%	0.02%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHT and YCS in my portfolio?

ETHT and YCS have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or YCS?

ETHT has higher volatility (40.26%) compared to YCS (2.25%). In terms of maximum drawdown, ETHT dropped -96.11% vs YCS's -49.56%.

Which ETF is better, ETHT or YCS?

On 1-year performance, YCS leads with 34.18% vs -79.07% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or YCS?

Over the 1-year period, YCS has performed better with a 34.18% return vs -79.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or YCS?

ETHT is cheaper with a 0.94% expense ratio, compared with 1.00% for YCS.

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

ETHT has the higher dividend yield at 23.40%, compared with 0.00% for YCS.

What is the main difference between ETHT and YCS?

ETHT is categorized as Cryptocurrency, while YCS is Leveraged Currency. ETHT tracks Bloomberg Ethereum Index (200%), while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.94% for ETHT and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (2.04 vs -0.58), 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.