FCEF vs. YCS
FCEF (First Trust CEF Income Opportunity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FCEF is a Diversified Portfolio fund actively managed by First Trust, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FCEF is actively managed, while YCS is passively managed. Over the past 5 years, FCEF returned 6.02%/yr vs 23.16%/yr for YCS. At a 0.01 correlation, their price movements are largely independent. FCEF charges 2.91%/yr vs 1.00%/yr for YCS.
Performance
FCEF vs. YCS - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FCEF having a 7.01% return and YCS slightly lower at 6.99%.
FCEF
- 1D
- 0.08%
- 1M
- 0.77%
- YTD
- 7.01%
- 6M
- 8.03%
- 1Y
- 17.14%
- 3Y*
- 15.92%
- 5Y*
- 6.02%
- 10Y*
- —
YCS
- 1D
- 0.03%
- 1M
- 4.27%
- YTD
- 6.99%
- 6M
- 8.81%
- 1Y
- 35.19%
- 3Y*
- 19.77%
- 5Y*
- 23.16%
- 10Y*
- 12.32%
FCEF vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCEF First Trust CEF Income Opportunity ETF | 7.01% | 14.39% | 17.51% | 10.27% | -19.51% | 19.50% | 3.80% | 28.28% | -9.65% | 15.72% |
YCS ProShares UltraShort Yen | 6.99% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between FCEF and YCS is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016 | 0.01 |
The correlation between FCEF and YCS shifts across timeframes, from -0.24 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FCEF vs. YCS — Risk / Return Rank
FCEF
YCS
FCEF vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) 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.
| FCEF | YCS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.23 | 2.05 | +0.18 |
Sortino ratioReturn per unit of downside risk | 3.09 | 2.59 | +0.50 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.37 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 2.51 | 3.95 | -1.44 |
Martin ratioReturn relative to average drawdown | 11.41 | 12.35 | -0.94 |
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
| FCEF | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 2.05 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 1.10 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.33 | +0.21 |
Drawdowns
FCEF vs. YCS - Drawdown Comparison
The maximum FCEF drawdown since its inception was -44.81%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FCEF and YCS.
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Drawdown Indicators
| FCEF | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.81% | -49.56% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -8.30% | +1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -12.39% | -23.05% | +10.66% |
Max Drawdown (5Y)Largest decline over 5 years | -25.32% | -27.32% | +2.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.04% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -6.28% | -19.94% | +13.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 2.66% | -1.11% |
Volatility
FCEF vs. YCS - Volatility Comparison
The current volatility for First Trust CEF Income Opportunity ETF (FCEF) is 2.13%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that FCEF 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.
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Volatility by Period
| FCEF | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.13% | 2.75% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 12.36% | -6.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.73% | 17.38% | -9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.19% | 21.11% | -8.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.42% | 19.02% | -3.60% |
FCEF vs. YCS - Expense Ratio Comparison
FCEF has a 2.91% expense ratio, which is higher than YCS's 1.00% expense ratio.
Dividends
FCEF vs. YCS - Dividend Comparison
FCEF's dividend yield for the trailing twelve months is around 6.82%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FCEF First Trust CEF Income Opportunity ETF | 6.82% | 7.05% | 7.13% | 7.17% | 7.26% | 4.74% | 5.03% | 5.07% | 5.96% | 4.90% | 1.51% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCEF and YCS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.75%) compared to FCEF (2.13%). In terms of maximum drawdown, FCEF dropped -44.81% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.16% vs 6.02% for FCEF. On fees, YCS is cheaper at 1.00% per year. On volatility, FCEF has been the lower-risk option at 2.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YCS has performed better with a 23.16% return vs 6.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCS is cheaper with a 1.00% expense ratio, compared with 2.91% for FCEF.
FCEF has the higher dividend yield at 6.82%, compared with 0.00% for YCS.
FCEF is categorized as Diversified Portfolio, while YCS is Leveraged Currency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 2.91% for FCEF and 1.00% for YCS.
FCEF currently has the higher Sharpe Ratio (2.23 vs 2.05), 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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