FDEC vs. YCS

Last updated Jun 24, 2026

FDEC (FT Vest U.S. Equity Buffer ETF - December) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FDEC is a Defined Outcome fund actively managed by FT Vest, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FDEC is actively managed, while YCS is passively managed. Over the past 5 years, FDEC returned 10.20%/yr vs 23.52%/yr for YCS. At a correlation of -0.01, they often move in opposite directions. FDEC charges 0.85%/yr vs 1.00%/yr for YCS.

Performance

FDEC vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - December (FDEC) 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, FDEC achieves a 5.40% return, which is significantly lower than YCS's 9.63% return.

FDEC

• 1D: -0.67%
• 1M: -0.22%
• YTD: 5.40%
• 6M: 5.03%
• 1Y: 18.13%
• 3Y*: 15.03%
• 5Y*: 10.20%
• 10Y*: —

YCS

• 1D: -0.14%
• 1M: 3.57%
• YTD: 9.63%
• 6M: 10.44%
• 1Y: 31.27%
• 3Y*: 18.37%
• 5Y*: 23.52%
• 10Y*: 13.62%

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

FDEC vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDEC FT Vest U.S. Equity Buffer ETF - December	5.40%	14.82%	14.32%	22.76%	-9.18%	14.12%	1.74%
YCS ProShares UltraShort Yen	9.63%	9.04%	35.41%	28.70%	29.09%	22.38%	-0.01%

Correlation

The correlation between FDEC 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	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Dec 21, 2020	-0.01

The correlation between FDEC and YCS shifts across timeframes, from -0.18 (1 year) to -0.00 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FDEC vs. YCS — Risk / Return Rank

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

FDEC

FDEC Risk / Return Rank: 80
FDEC Sharpe Ratio Rank: 81
FDEC Sortino Ratio Rank: 83
FDEC Omega Ratio Rank: 82
FDEC Calmar Ratio Rank: 67
FDEC Martin Ratio Rank: 84

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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.

FDEC vs. YCS - Risk-Adjusted Trends Comparison

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

	FDEC	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.86	+0.50
Sortino ratio: Return per unit of downside risk	3.41	2.36	+1.05
Omega ratio: Gain probability vs. loss probability	1.45	1.34	+0.11
Calmar ratio: Return relative to maximum drawdown	3.12	3.78	-0.66
Martin ratio: Return relative to average drawdown	15.92	11.93	+3.99

FDEC vs. YCS - Sharpe Ratio Comparison

The current FDEC Sharpe Ratio is 2.36, which is comparable to the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FDEC 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

FDEC vs. YCS - Drawdown Comparison

The maximum FDEC drawdown since its inception was -15.67%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FDEC and YCS.

Drawdown Indicators

	FDEC	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-49.56%	+33.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-8.30%	+2.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	-23.05%	+10.01%
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	-27.32%	+11.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-1.11%	-0.14%	-0.97%
Average Drawdown Average peak-to-trough decline	-2.55%	-19.87%	+17.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.65%	-1.51%

Volatility

FDEC vs. YCS - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - December (FDEC) and ProShares UltraShort Yen (YCS) have volatilities of 2.26% and 2.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEC	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	2.25%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	6.19%	12.19%	-6.00%
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	16.93%	-9.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	21.10%	-9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.99%	18.82%	-7.83%

FDEC vs. YCS - Expense Ratio Comparison

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

Dividends

FDEC vs. YCS - Dividend Comparison

Neither FDEC nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FDEC and YCS in my portfolio?

FDEC 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, FDEC or YCS?

FDEC has higher volatility (2.26%) compared to YCS (2.25%). In terms of maximum drawdown, FDEC dropped -15.67% vs YCS's -49.56%.

Which ETF is better, FDEC or YCS?

On 5-year performance, YCS leads with 23.52% vs 10.20% for FDEC. On fees, FDEC is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEC or YCS?

Over the 5-year period, YCS has performed better with a 23.52% return vs 10.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEC or YCS?

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

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

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

What is the main difference between FDEC and YCS?

FDEC is categorized as Defined Outcome, while YCS is Leveraged Currency. They also come from different issuers: FT Vest and ProShares. Their fees differ too: 0.85% for FDEC and 1.00% for YCS.

Which has better risk-adjusted returns?

FDEC currently has the higher Sharpe Ratio (2.36 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.