FAPR vs. YCS

Last updated Jun 25, 2026

FAPR (FT Vest U.S. Equity Buffer ETF - April) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FAPR is a Defined Outcome fund tracking the S&P 500, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, FAPR returned 8.54%/yr vs 23.65%/yr for YCS. At a correlation of -0.03, they often move in opposite directions. FAPR charges 0.85%/yr vs 1.00%/yr for YCS.

Performance

FAPR vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - April (FAPR) 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, FAPR achieves a 4.16% return, which is significantly lower than YCS's 10.06% return.

FAPR

• 1D: -0.06%
• 1M: -0.39%
• YTD: 4.16%
• 6M: 3.98%
• 1Y: 10.19%
• 3Y*: 12.73%
• 5Y*: 8.54%
• 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)

FAPR vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAPR FT Vest U.S. Equity Buffer ETF - April	4.16%	7.58%	18.14%	19.50%	-10.33%	8.50%
YCS ProShares UltraShort Yen	10.06%	9.04%	35.41%	28.70%	29.09%	10.69%

Correlation

The correlation between FAPR and YCS is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Apr 19, 2021	-0.03

The correlation between FAPR and YCS shifts across timeframes, from -0.18 (1 year) to -0.02 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FAPR vs. YCS — Risk / Return Rank

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

FAPR

FAPR Risk / Return Rank: 90
FAPR Sharpe Ratio Rank: 84
FAPR Sortino Ratio Rank: 88
FAPR Omega Ratio Rank: 91
FAPR Calmar Ratio Rank: 89
FAPR Martin Ratio Rank: 96

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.

FAPR vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - April (FAPR) 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.

	FAPR	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.04	+0.35
Sortino ratio: Return per unit of downside risk	3.54	2.57	+0.98
Omega ratio: Gain probability vs. loss probability	1.53	1.38	+0.15
Calmar ratio: Return relative to maximum drawdown	4.63	4.14	+0.49
Martin ratio: Return relative to average drawdown	28.93	13.04	+15.90

FAPR vs. YCS - Sharpe Ratio Comparison

The current FAPR Sharpe Ratio is 2.39, which is comparable to the YCS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FAPR 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

FAPR vs. YCS - Drawdown Comparison

The maximum FAPR drawdown since its inception was -15.96%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FAPR and YCS.

Drawdown Indicators

	FAPR	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-49.56%	+33.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-8.30%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-23.05%	+11.41%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-27.32%	+11.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-1.21%	0.00%	-1.21%
Average Drawdown Average peak-to-trough decline	-2.69%	-19.87%	+17.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	2.63%	-2.28%

Volatility

FAPR vs. YCS - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - April (FAPR) has a higher volatility of 2.52% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that FAPR'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

	FAPR	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	2.25%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	3.71%	11.91%	-8.20%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	16.93%	-12.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	21.10%	-10.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	18.82%	-8.39%

FAPR vs. YCS - Expense Ratio Comparison

FAPR has a 0.85% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FAPR vs. YCS - Dividend Comparison

Neither FAPR nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FAPR and YCS in my portfolio?

FAPR and YCS have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAPR or YCS?

FAPR has higher volatility (2.52%) compared to YCS (2.25%). In terms of maximum drawdown, FAPR dropped -15.96% vs YCS's -49.56%.

Which ETF is better, FAPR or YCS?

On 5-year performance, YCS leads with 23.65% vs 8.54% for FAPR. On fees, FAPR is cheaper at 0.85% 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, FAPR or YCS?

Over the 5-year period, YCS has performed better with a 23.65% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAPR or YCS?

FAPR is cheaper with a 0.85% expense ratio, compared with 1.00% for YCS.

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

FAPR and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between FAPR and YCS?

FAPR is categorized as Defined Outcome, while YCS is Leveraged Currency. FAPR tracks S&P 500, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: FT Vest and ProShares. Their fees differ too: 0.85% for FAPR and 1.00% for YCS.

Which has better risk-adjusted returns?

FAPR currently has the higher Sharpe Ratio (2.39 vs 2.04), 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.