FLAO vs. YCS

Last updated Jun 24, 2026

FLAO (AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FLAO is a Defined Outcome fund actively managed by Allianz, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FLAO is actively managed, while YCS is passively managed. Over the past year, FLAO returned 3.64% vs 31.27% for YCS. At a correlation of -0.01, they often move in opposite directions. FLAO charges 0.74%/yr vs 1.00%/yr for YCS.

Performance

FLAO vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF (FLAO) 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, FLAO achieves a -0.91% return, which is significantly lower than YCS's 9.63% return.

FLAO

• 1D: -0.21%
• 1M: 0.18%
• YTD: -0.91%
• 6M: -1.19%
• 1Y: 3.64%
• 3Y*: —
• 5Y*: —
• 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)

FLAO vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLAO AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF	-0.91%	3.38%	9.91%
YCS ProShares UltraShort Yen	9.63%	9.04%	14.09%

Correlation

The correlation between FLAO and YCS is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	-0.01

The correlation between FLAO and YCS shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLAO vs. YCS — Risk / Return Rank

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

FLAO

FLAO Risk / Return Rank: 18
FLAO Sharpe Ratio Rank: 20
FLAO Sortino Ratio Rank: 17
FLAO Omega Ratio Rank: 22
FLAO Calmar Ratio Rank: 14
FLAO Martin Ratio Rank: 18

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.

FLAO vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF (FLAO) 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.

	FLAO	YCS	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.86	-1.21
Sortino ratio: Return per unit of downside risk	0.89	2.36	-1.47
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.20
Calmar ratio: Return relative to maximum drawdown	0.48	3.78	-3.30
Martin ratio: Return relative to average drawdown	1.95	11.93	-9.98

FLAO vs. YCS - Sharpe Ratio Comparison

The current FLAO Sharpe Ratio is 0.64, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FLAO 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

FLAO vs. YCS - Drawdown Comparison

The maximum FLAO drawdown since its inception was -10.12%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FLAO and YCS.

Drawdown Indicators

	FLAO	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-10.12%	-49.56%	+39.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-8.30%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
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	-2.12%	-0.14%	-1.98%
Average Drawdown Average peak-to-trough decline	-1.91%	-19.87%	+17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	2.65%	-0.78%

Volatility

FLAO vs. YCS - Volatility Comparison

The current volatility for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF (FLAO) is 0.69%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that FLAO 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.

Volatility by Period

	FLAO	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	2.25%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	5.10%	12.19%	-7.09%
Volatility (1Y) Calculated over the trailing 1-year period	5.68%	16.93%	-11.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	21.10%	-13.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.42%	18.82%	-11.40%

FLAO vs. YCS - Expense Ratio Comparison

FLAO has a 0.74% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FLAO vs. YCS - Dividend Comparison

Neither FLAO nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FLAO and YCS in my portfolio?

FLAO and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLAO or YCS?

YCS has higher volatility (2.25%) compared to FLAO (0.69%). In terms of maximum drawdown, FLAO dropped -10.12% vs YCS's -49.56%.

Which ETF is better, FLAO or YCS?

On 1-year performance, YCS leads with 31.27% vs 3.64% for FLAO. On fees, FLAO is cheaper at 0.74% per year. On volatility, FLAO has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLAO or YCS?

Over the 1-year period, YCS has performed better with a 31.27% return vs 3.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLAO or YCS?

FLAO is cheaper with a 0.74% expense ratio, compared with 1.00% for YCS.

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

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

What is the main difference between FLAO and YCS?

FLAO is categorized as Defined Outcome, while YCS is Leveraged Currency. They also come from different issuers: Allianz and ProShares. Their fees differ too: 0.74% for FLAO and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 0.64), 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.