FFEB vs. YCS

Last updated Jun 24, 2026

FFEB (FT Vest U.S. Equity Buffer ETF - February) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FFEB is a Defined Outcome fund actively managed by FT Vest, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FFEB is actively managed, while YCS is passively managed. Over the past 5 years, FFEB returned 10.75%/yr vs 23.52%/yr for YCS. At a 0.01 correlation, their price movements are largely independent. FFEB charges 0.85%/yr vs 1.00%/yr for YCS.

Performance

FFEB vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - February (FFEB) 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, FFEB achieves a 6.88% return, which is significantly lower than YCS's 9.63% return.

FFEB

• 1D: -0.56%
• 1M: -0.17%
• YTD: 6.88%
• 6M: 6.77%
• 1Y: 17.62%
• 3Y*: 15.58%
• 5Y*: 10.75%
• 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)

FFEB vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FFEB FT Vest U.S. Equity Buffer ETF - February	6.88%	13.76%	16.64%	19.95%	-7.51%	16.26%	9.36%
YCS ProShares UltraShort Yen	9.63%	9.04%	35.41%	28.70%	29.09%	22.38%	-16.17%

Correlation

The correlation between FFEB and YCS is -0.20, 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	-0.20
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 Feb 24, 2020	0.01

The correlation between FFEB and YCS shifts across timeframes, from -0.20 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FFEB vs. YCS — Risk / Return Rank

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

FFEB

FFEB Risk / Return Rank: 81
FFEB Sharpe Ratio Rank: 83
FFEB Sortino Ratio Rank: 85
FFEB Omega Ratio Rank: 86
FFEB Calmar Ratio Rank: 67
FFEB 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.

FFEB vs. YCS - Risk-Adjusted Trends Comparison

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

	FFEB	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.86	+0.60
Sortino ratio: Return per unit of downside risk	3.52	2.36	+1.16
Omega ratio: Gain probability vs. loss probability	1.49	1.34	+0.14
Calmar ratio: Return relative to maximum drawdown	3.09	3.78	-0.69
Martin ratio: Return relative to average drawdown	16.18	11.93	+4.25

FFEB vs. YCS - Sharpe Ratio Comparison

The current FFEB Sharpe Ratio is 2.45, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FFEB 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

FFEB vs. YCS - Drawdown Comparison

The maximum FFEB drawdown since its inception was -23.14%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FFEB and YCS.

Drawdown Indicators

	FFEB	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-23.14%	-49.56%	+26.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-8.30%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	-23.05%	+11.16%
Max Drawdown (5Y) Largest decline over 5 years	-13.85%	-27.32%	+13.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-1.01%	-0.14%	-0.87%
Average Drawdown Average peak-to-trough decline	-2.41%	-19.87%	+17.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	2.65%	-1.56%

Volatility

FFEB vs. YCS - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - February (FFEB) and ProShares UltraShort Yen (YCS) have volatilities of 2.27% 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

	FFEB	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	2.25%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	5.91%	12.19%	-6.28%
Volatility (1Y) Calculated over the trailing 1-year period	7.26%	16.93%	-9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.83%	21.10%	-10.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	18.82%	-5.10%

FFEB vs. YCS - Expense Ratio Comparison

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

Dividends

FFEB vs. YCS - Dividend Comparison

Neither FFEB nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FFEB and YCS in my portfolio?

FFEB and YCS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFEB or YCS?

FFEB has higher volatility (2.27%) compared to YCS (2.25%). In terms of maximum drawdown, FFEB dropped -23.14% vs YCS's -49.56%.

Which ETF is better, FFEB or YCS?

On 5-year performance, YCS leads with 23.52% vs 10.75% for FFEB. On fees, FFEB 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, FFEB or YCS?

Over the 5-year period, YCS has performed better with a 23.52% return vs 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFEB or YCS?

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

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

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

What is the main difference between FFEB and YCS?

FFEB 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 FFEB and 1.00% for YCS.

Which has better risk-adjusted returns?

FFEB currently has the higher Sharpe Ratio (2.45 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.