EUO vs. YCL
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 2.37%/yr vs -12.56%/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
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Returns By Period
In the year-to-date period, EUO achieves a 5.66% return, which is significantly higher than YCL's -6.43% return. Over the past 10 years, EUO has outperformed YCL with an annualized return of 2.37%, while YCL has yielded a comparatively lower -12.56% annualized return.
EUO
- 1D
- -0.12%
- 1M
- 4.56%
- YTD
- 5.66%
- 6M
- 3.73%
- 1Y
- 2.76%
- 3Y*
- 0.04%
- 5Y*
- 5.76%
- 10Y*
- 2.37%
YCL
- 1D
- -0.26%
- 1M
- -4.98%
- YTD
- -6.43%
- 6M
- -6.87%
- 1Y
- -23.26%
- 3Y*
- -15.44%
- 5Y*
- -19.56%
- 10Y*
- -12.56%
EUO vs. YCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 5.66% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
YCL ProShares Ultra Yen | -6.43% | -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 -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
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 -0.63, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EUO vs. YCL — Risk / Return Rank
EUO
YCL
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.
| EUO | YCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.77 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | -0.97 | +1.31 |
| Martin ratioReturn relative to average drawdown | 0.76 | -1.44 | +2.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUO | YCL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | -1.41 | +1.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.96 | +1.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | -0.68 | +0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | -0.50 | +0.56 |
Drawdowns
EUO vs. YCL - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum YCL drawdown of -88.22%. Use the drawdown chart below to compare losses from any high point for EUO and YCL.
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Drawdown Indicators
| EUO | YCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -88.22% | +49.64% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -24.14% | +16.09% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -40.29% | +15.83% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -66.40% | +41.12% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -76.86% | +47.25% |
Current DrawdownCurrent decline from peak | -17.56% | -88.22% | +70.66% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -53.13% | +34.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 16.22% | -12.57% |
Volatility
EUO vs. YCL - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.61% compared to ProShares Ultra Yen (YCL) at 1.15%. This indicates that EUO's price experiences larger fluctuations and is considered to be riskier than YCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | YCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 1.15% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 8.82% | 11.51% | -2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 16.58% | -3.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.57% | 20.51% | -4.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 18.61% | -3.73% |
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.
Frequently Asked Questions
EUO and YCL have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (2.61%) compared to YCL (1.15%). In terms of maximum drawdown, EUO dropped -38.58% vs YCL's -88.22%.
On 10-year performance, EUO leads with 2.37% vs -12.56% for YCL. On fees, YCL is cheaper at 0.95% per year. On volatility, YCL has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.37% return vs -12.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCL is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.
EUO and YCL have nearly identical dividend yields, around 0.00%.
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.
EUO currently has the higher Sharpe Ratio (0.22 vs -1.41), 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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