FFLS vs. YCS
FFLS (Future Fund Long/Short ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FFLS is a Long-Short fund actively managed by Future Fund, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FFLS is actively managed, while YCS is passively managed. Over the past 3 years, FFLS returned 10.27%/yr vs 16.96%/yr for YCS. Their -0.03 correlation means they have often moved in opposite directions in the past. FFLS charges 1.75%/yr vs 1.00%/yr for YCS.
Performance
FFLS vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FFLS achieves a 0.09% return, which is significantly lower than YCS's 4.11% return.
FFLS
- 1D
- 1.47%
- 1M
- -0.49%
- 6M
- -0.32%
- YTD
- 0.09%
- 1Y
- -2.14%
- 3Y*
- 10.27%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.14%
YCS
- 1D
- -2.97%
- 1M
- -5.17%
- 6M
- 5.08%
- YTD
- 4.11%
- 1Y
- 21.34%
- 3Y*
- 16.96%
- 5Y*
- 22.90%
- 10Y*
- 13.21%
- ALL TIME*
- 6.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.32K | $128.25K | $158.86K | |
| $2.37M | $2.29M | $1.56M |
FFLS vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FFLS Future Fund Long/Short ETF | 0.09% | 7.49% | 17.71% | 0.79% |
YCS ProShares UltraShort Yen | 4.11% | 9.04% | 35.41% | 5.94% |
Correlation
The correlation between FFLS and YCS is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.03 |
Over the past year, the inverse relationship between FFLS and YCS has strengthened: their correlation has moved from -0.03 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FFLS vs. YCS — Risk / Return Rank
FFLS
YCS
FFLS vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Future Fund Long/Short ETF (FFLS) 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.
| FFLS | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.26 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 2.53 | -2.72 |
| Martin ratioReturn relative to average drawdown | -0.38 | 9.53 | -9.91 |
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Drawdowns
FFLS vs. YCS - Drawdown Comparison
The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FFLS and YCS.
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Drawdown Indicators
| FFLS | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.05% | -49.56% | +38.51% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -8.48% | -2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -11.05% | -23.05% | +12.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -4.62% | -8.48% | +3.86% |
Average DrawdownAverage peak-to-trough decline | -3.27% | -19.75% | +16.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.68% | 2.24% | +3.44% |
Volatility
FFLS vs. YCS - Volatility Comparison
The current volatility for Future Fund Long/Short ETF (FFLS) is 4.41%, while ProShares UltraShort Yen (YCS) has a volatility of 5.88%. This indicates that FFLS 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
| FFLS | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 5.88% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 11.84% | -2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 16.43% | -5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.50% | 21.21% | -9.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.50% | 18.61% | -7.11% |
FFLS vs. YCS - Expense Ratio Comparison
FFLS has a 1.75% expense ratio, which is higher than YCS's 1.00% expense ratio.
Dividends
FFLS vs. YCS - Dividend Comparison
FFLS's dividend yield for the trailing twelve months is around 6.57%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FFLS Future Fund Long/Short ETF | 6.57% | 6.58% | 3.34% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FFLS and YCS have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.88%) compared to FFLS (4.41%). In terms of maximum drawdown, FFLS dropped -11.05% vs YCS's -49.56%.
On 3-year performance, YCS leads with 16.96% vs 10.27% for FFLS. On fees, YCS is cheaper at 1.00% per year. On volatility, FFLS has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YCS has performed better with a 16.96% return vs 10.27%. 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 1.75% for FFLS.
FFLS has the higher dividend yield at 6.57%, compared with 0.00% for YCS.
FFLS is categorized as Long-Short, while YCS is Leveraged Currency. They also come from different issuers: Future Fund and ProShares. Their fees differ too: 1.75% for FFLS and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.31 vs -0.21), 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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