FAUG vs. YCS

Last updated Jun 23, 2026

FAUG (FT Cboe Vest U.S. Equity Buffer ETF - August) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FAUG is a Large Cap Blend Equities fund tracking the Cboe S&P 500 Buffer Protect Index August, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, FAUG returned 8.87%/yr vs 23.50%/yr for YCS. At a 0.02 correlation, their price movements are largely independent. FAUG charges 0.85%/yr vs 1.00%/yr for YCS.

Performance

FAUG vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) 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, FAUG achieves a 6.33% return, which is significantly lower than YCS's 9.78% return.

FAUG

• 1D: 0.01%
• 1M: 0.63%
• YTD: 6.33%
• 6M: 6.20%
• 1Y: 18.25%
• 3Y*: 14.11%
• 5Y*: 8.87%
• 10Y*: —

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

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

FAUG vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FAUG FT Cboe Vest U.S. Equity Buffer ETF - August	6.33%	13.77%	14.55%	17.24%	-10.52%	11.54%	12.43%	2.03%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	28.70%	29.09%	22.38%	-11.18%	0.22%

Correlation

The correlation between FAUG 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 Nov 7, 2019	0.02

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

Return for Risk

FAUG vs. YCS — Risk / Return Rank

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

FAUG

FAUG Risk / Return Rank: 83
FAUG Sharpe Ratio Rank: 83
FAUG Sortino Ratio Rank: 85
FAUG Omega Ratio Rank: 87
FAUG Calmar Ratio Rank: 71
FAUG Martin Ratio Rank: 86

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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.

FAUG vs. YCS - Risk-Adjusted Trends Comparison

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

	FAUG	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.86	+0.70
Sortino ratio: Return per unit of downside risk	3.65	2.37	+1.29
Omega ratio: Gain probability vs. loss probability	1.51	1.35	+0.16
Calmar ratio: Return relative to maximum drawdown	3.49	3.79	-0.31
Martin ratio: Return relative to average drawdown	17.57	11.86	+5.71

FAUG vs. YCS - Sharpe Ratio Comparison

The current FAUG Sharpe Ratio is 2.56, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FAUG 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

FAUG vs. YCS - Drawdown Comparison

The maximum FAUG drawdown since its inception was -22.33%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FAUG and YCS.

Drawdown Indicators

	FAUG	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-22.33%	-49.56%	+27.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.26%	-8.30%	+3.04%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-23.05%	+10.24%
Max Drawdown (5Y) Largest decline over 5 years	-15.91%	-27.32%	+11.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.82%	-19.88%	+17.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	2.65%	-1.61%

Volatility

FAUG vs. YCS - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG) is 1.70%, while ProShares UltraShort Yen (YCS) has a volatility of 2.22%. This indicates that FAUG experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAUG	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	2.22%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	5.59%	12.19%	-6.60%
Volatility (1Y) Calculated over the trailing 1-year period	7.17%	16.96%	-9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	21.10%	-10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.72%	18.96%	-6.24%

FAUG vs. YCS - Expense Ratio Comparison

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

Dividends

FAUG vs. YCS - Dividend Comparison

Neither FAUG nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FAUG and YCS in my portfolio?

FAUG 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, FAUG or YCS?

YCS has higher volatility (2.22%) compared to FAUG (1.70%). In terms of maximum drawdown, FAUG dropped -22.33% vs YCS's -49.56%.

Which ETF is better, FAUG or YCS?

On 5-year performance, YCS leads with 23.50% vs 8.87% for FAUG. On fees, FAUG is cheaper at 0.85% per year. On volatility, FAUG has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAUG or YCS?

Over the 5-year period, YCS has performed better with a 23.50% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAUG or YCS?

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

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

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

What is the main difference between FAUG and YCS?

FAUG is categorized as Large Cap Blend Equities, while YCS is Leveraged Currency. FAUG tracks Cboe S&P 500 Buffer Protect Index August, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.85% for FAUG and 1.00% for YCS.

Which has better risk-adjusted returns?

FAUG currently has the higher Sharpe Ratio (2.56 vs 1.86), 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.