EUO vs. YCL

Last updated Jul 21, 2026

EUO (ProShares UltraShort Euro) and YCL (ProShares Ultra Yen) are both Leveraged Currency funds from ProShares - EUO tracks the USD/EUR Exchange Rate (-200%) while YCL tracks the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EUO returned 2.13%/yr vs -12.90%/yr for YCL. At a correlation of -0.32, they often move in opposite directions. EUO charges 0.99%/yr vs 0.95%/yr for YCL.

Performance

EUO vs. YCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Euro (EUO) and ProShares Ultra Yen (YCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUO achieves a 8.46% return, which is significantly higher than YCL's -9.30% return. Over the past 10 years, EUO has outperformed YCL with an annualized return of 2.13%, while YCL has yielded a comparatively lower -12.90% annualized return.

EUO

• 1D: 0.32%
• 1M: 0.87%
• 6M: 5.31%
• YTD: 8.46%
• 1Y: 8.62%
• 3Y*: 3.05%
• 5Y*: 5.03%
• 10Y*: 2.13%
• ALL TIME*: 1.23%

YCL

• 1D: -0.07%
• 1M: -2.15%
• 6M: -7.57%
• YTD: -9.30%
• 1Y: -20.62%
• 3Y*: -15.05%
• 5Y*: -19.75%
• 10Y*: -12.90%
• ALL TIME*: -9.98%

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

EUO vs. YCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUO ProShares UltraShort Euro	8.46%	-18.87%	19.79%	-1.02%	13.88%	14.83%	-15.97%	10.51%	14.39%	-21.71%
YCL ProShares Ultra Yen	-9.30%	-6.34%	-25.97%	-20.46%	-26.92%	-20.94%	7.16%	-2.99%	0.17%	3.48%

Correlation

The correlation between EUO and YCL is -0.61, 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	-0.61
Correlation (3Y) Calculated over the trailing 3-year period	-0.49
Correlation (5Y) Calculated over the trailing 5-year period	-0.46
Correlation (10Y) Calculated over the trailing 10-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008	-0.32

Over the past year, the inverse relationship between EUO and YCL has strengthened: their correlation has moved from -0.32 to -0.61, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

EUO vs. YCL — Risk / Return Rank

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

EUO

EUO Risk / Return Rank: 26
EUO Sharpe Ratio Rank: 25
EUO Sortino Ratio Rank: 24
EUO Omega Ratio Rank: 24
EUO Calmar Ratio Rank: 29
EUO Martin Ratio Rank: 26

YCL

YCL Risk / Return Rank: 1
YCL Sharpe Ratio Rank: 0
YCL Sortino Ratio Rank: 1
YCL Omega Ratio Rank: 1
YCL Calmar Ratio Rank: 1
YCL Martin Ratio Rank: 1

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.

EUO vs. YCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and ProShares Ultra Yen (YCL). 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.

	EUO	YCL	Difference
Sharpe ratio: Return per unit of total volatility	0.69	-1.28	+1.97
Sortino ratio: Return per unit of downside risk	1.04	-1.98	+3.02
Omega ratio: Gain probability vs. loss probability	1.13	0.79	+0.34
Calmar ratio: Return relative to maximum drawdown	1.07	-0.90	+1.98
Martin ratio: Return relative to average drawdown	2.54	-1.41	+3.96

EUO vs. YCL - Sharpe Ratio Comparison

The current EUO Sharpe Ratio is 0.69, which is higher than the YCL Sharpe Ratio of -1.28. The chart below compares the historical Sharpe Ratios of EUO and YCL, 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

EUO vs. YCL - Drawdown Comparison

The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum YCL drawdown of -88.58%. Use the drawdown chart below to compare losses from any high point for EUO and YCL.

Drawdown Indicators

	EUO	YCL	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-88.58%	+50.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-22.87%	+14.82%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-41.12%	+16.66%
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	-67.43%	+42.15%
Max Drawdown (10Y) Largest decline over 10 years	-29.61%	-77.57%	+47.96%
Current Drawdown Current decline from peak	-15.38%	-88.58%	+73.20%
Average Drawdown Average peak-to-trough decline	-18.48%	-53.35%	+34.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	14.60%	-11.19%

Volatility

EUO vs. YCL - Volatility Comparison

The current volatility for ProShares UltraShort Euro (EUO) is 2.62%, while ProShares Ultra Yen (YCL) has a volatility of 3.02%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than YCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUO	YCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	3.02%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	9.18%	11.07%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	16.17%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	20.50%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.77%	18.29%	-3.52%

EUO vs. YCL - Expense Ratio Comparison

EUO has a 0.99% expense ratio, which is higher than YCL's 0.95% expense ratio.

Dividends

EUO vs. YCL - Dividend Comparison

Neither EUO nor YCL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EUO and YCL in my portfolio?

EUO and YCL have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUO or YCL?

YCL has higher volatility (3.02%) compared to EUO (2.62%). In terms of maximum drawdown, EUO dropped -38.58% vs YCL's -88.58%.

Which ETF is better, EUO or YCL?

On 10-year performance, EUO leads with 2.13% vs -12.90% for YCL. On fees, YCL is cheaper at 0.95% per year. On volatility, EUO has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUO or YCL?

Over the 10-year period, EUO has performed better with a 2.13% return vs -12.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUO or YCL?

YCL is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.

Which ETF pays a higher dividend yield, EUO or YCL?

EUO and YCL have nearly identical dividend yields, around 0.00%.

What is the main difference between EUO and YCL?

EUO tracks USD/EUR Exchange Rate (-200%), while YCL tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.99% for EUO and 0.95% for YCL.

Which has better risk-adjusted returns?

EUO currently has the higher Sharpe Ratio (0.69 vs -1.28), 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.