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 2.42%/yr vs -13.40%/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 8.26% return, which is significantly higher than YCL's -8.08% return. Over the past 10 years, EUO has outperformed YCL with an annualized return of 2.42%, while YCL has yielded a comparatively lower -13.40% annualized return.
EUO
- 1D
- -0.51%
- 1M
- 4.79%
- YTD
- 8.26%
- 6M
- 8.34%
- 1Y
- 10.36%
- 3Y*
- 1.76%
- 5Y*
- 5.19%
- 10Y*
- 2.42%
YCL
- 1D
- -0.11%
- 1M
- -3.06%
- YTD
- -8.08%
- 6M
- -8.75%
- 1Y
- -24.09%
- 3Y*
- -13.87%
- 5Y*
- -19.32%
- 10Y*
- -13.40%
EUO vs. YCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 8.26% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
YCL ProShares Ultra Yen | -8.08% | -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 -0.64, 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 | -0.64 |
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 | -0.43 |
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 -0.64, 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.
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 ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.75 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | -0.97 | +2.26 |
| Martin ratioReturn relative to average drawdown | 3.05 | -1.45 | +4.49 |
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Drawdowns
EUO vs. YCL - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum YCL drawdown of -88.43%. 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% | -88.43% | +49.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -25.00% | +16.95% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -41.35% | +16.89% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -67.00% | +41.72% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -77.27% | +47.66% |
Current DrawdownCurrent decline from peak | -15.53% | -88.43% | +72.90% |
Average DrawdownAverage peak-to-trough decline | -18.49% | -53.24% | +34.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 16.68% | -13.27% |
Volatility
EUO vs. YCL - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 3.37% compared to ProShares Ultra Yen (YCL) at 1.33%. 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 | 3.37% | 1.33% | +2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.07% | 10.87% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 16.30% | -3.66% |
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 | 14.78% | 18.43% | -3.65% |
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 -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (3.37%) compared to YCL (1.33%). In terms of maximum drawdown, EUO dropped -38.58% vs YCL's -88.43%.
On 10-year performance, EUO leads with 2.42% vs -13.40% for YCL. On fees, YCL is cheaper at 0.95% per year. On volatility, YCL has been the lower-risk option at 1.33%. 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 2.42% return vs -13.40%. 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 (0.82 vs -1.49), 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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