FFND vs. YCS

Last updated Jun 23, 2026

FFND (The Future Fund Active ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FFND is a Large Cap Growth Equities fund actively managed by The Future Fund, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FFND is actively managed, while YCS is passively managed. Over the past 3 years, FFND returned 20.42%/yr vs 18.43%/yr for YCS. At a correlation of -0.03, they often move in opposite directions. Both charge a 1.00% expense ratio.

Performance

FFND vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Future Fund Active ETF (FFND) 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, FFND achieves a 6.49% return, which is significantly lower than YCS's 9.78% return.

FFND

• 1D: -0.53%
• 1M: 0.63%
• YTD: 6.49%
• 6M: 5.90%
• 1Y: 20.97%
• 3Y*: 20.42%
• 5Y*: —
• 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)

FFND vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FFND The Future Fund Active ETF	6.49%	19.38%	24.05%	40.05%	-39.84%	-3.43%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	28.70%	29.09%	9.52%

Correlation

The correlation between FFND 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	-0.05
Correlation (All Time) Calculated using the full available price history since Aug 24, 2021	-0.03

Over the past year, the inverse relationship between FFND and YCS has strengthened: their correlation has moved from -0.03 to -0.24, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

FFND vs. YCS — Risk / Return Rank

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

FFND

FFND Risk / Return Rank: 47
FFND Sharpe Ratio Rank: 47
FFND Sortino Ratio Rank: 47
FFND Omega Ratio Rank: 46
FFND Calmar Ratio Rank: 41
FFND Martin Ratio Rank: 52

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.

FFND vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Future Fund Active ETF (FFND) 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.

	FFND	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.86	-0.28
Sortino ratio: Return per unit of downside risk	2.27	2.37	-0.10
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	2.00	3.79	-1.79
Martin ratio: Return relative to average drawdown	8.67	11.86	-3.18

FFND vs. YCS - Sharpe Ratio Comparison

The current FFND Sharpe Ratio is 1.58, which is comparable to the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FFND 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

FFND vs. YCS - Drawdown Comparison

The maximum FFND drawdown since its inception was -47.84%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FFND and YCS.

Drawdown Indicators

	FFND	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-47.84%	-49.56%	+1.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-8.30%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-23.05%	+4.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-1.27%	0.00%	-1.27%
Average Drawdown Average peak-to-trough decline	-18.60%	-19.88%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.65%	-0.23%

Volatility

FFND vs. YCS - Volatility Comparison

The Future Fund Active ETF (FFND) has a higher volatility of 4.59% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that FFND's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFND	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	2.22%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	12.19%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	16.96%	-3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.99%	21.10%	+3.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.99%	18.96%	+6.03%

FFND vs. YCS - Expense Ratio Comparison

Both FFND and YCS have an expense ratio of 1.00%.

Dividends

FFND vs. YCS - Dividend Comparison

FFND's dividend yield for the trailing twelve months is around 0.61%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FFND The Future Fund Active ETF	0.61%	0.65%	0.00%	0.00%	0.00%	0.03%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFND and YCS in my portfolio?

FFND 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.

Which is riskier, FFND or YCS?

FFND has higher volatility (4.59%) compared to YCS (2.22%). In terms of maximum drawdown, FFND dropped -47.84% vs YCS's -49.56%.

Which ETF is better, FFND or YCS?

On 3-year performance, FFND leads with 20.42% vs 18.43% for YCS. Both ETFs have the same 1.00% expense ratio. On volatility, YCS has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFND or YCS?

Over the 3-year period, FFND has performed better with a 20.42% return vs 18.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFND or YCS?

FFND and YCS have the same expense ratio: 1.00% per year.

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

FFND has the higher dividend yield at 0.61%, compared with 0.00% for YCS.

What is the main difference between FFND and YCS?

FFND is categorized as Large Cap Growth Equities, while YCS is Leveraged Currency. They also come from different issuers: The Future Fund and ProShares.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 1.58), 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.