FLGV vs. YCS
FLGV (Franklin Liberty U.S. Treasury Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FLGV is a Government Bonds fund actively managed by Franklin Templeton, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FLGV is actively managed, while YCS is passively managed. Over the past 5 years, FLGV returned -0.17%/yr vs 23.54%/yr for YCS. At a correlation of -0.49, they often move in opposite directions. FLGV charges 0.09%/yr vs 1.00%/yr for YCS.
Performance
FLGV vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FLGV achieves a 0.06% return, which is significantly lower than YCS's 7.17% return.
FLGV
- 1D
- -0.17%
- 1M
- 0.12%
- YTD
- 0.06%
- 6M
- -0.23%
- 1Y
- 3.99%
- 3Y*
- 2.91%
- 5Y*
- -0.17%
- 10Y*
- —
YCS
- 1D
- 0.17%
- 1M
- 4.42%
- YTD
- 7.17%
- 6M
- 10.05%
- 1Y
- 32.82%
- 3Y*
- 19.84%
- 5Y*
- 23.54%
- 10Y*
- 12.34%
FLGV vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FLGV Franklin Liberty U.S. Treasury Bond ETF | 0.06% | 6.22% | 0.62% | 4.18% | -11.53% | -2.39% | -0.27% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -7.27% |
Correlation
The correlation between FLGV and YCS is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2020 | -0.49 |
The correlation between FLGV and YCS has been stable across timeframes, ranging from -0.51 to -0.48 - a consistent structural relationship.
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Return for Risk
FLGV vs. YCS — Risk / Return Rank
FLGV
YCS
FLGV vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Treasury Bond ETF (FLGV) 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.
| FLGV | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.35 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 3.97 | -2.55 |
| Martin ratioReturn relative to average drawdown | 4.20 | 12.40 | -8.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLGV | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.92 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 1.12 | -1.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.13 | 0.33 | -0.46 |
Drawdowns
FLGV vs. YCS - Drawdown Comparison
The maximum FLGV drawdown since its inception was -17.63%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FLGV and YCS.
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Drawdown Indicators
| FLGV | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.63% | -49.56% | +31.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -8.30% | +5.48% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -23.05% | +17.82% |
Max Drawdown (5Y)Largest decline over 5 years | -15.26% | -27.32% | +12.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -5.54% | 0.00% | -5.54% |
Average DrawdownAverage peak-to-trough decline | -8.73% | -19.93% | +11.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 2.66% | -1.71% |
Volatility
FLGV vs. YCS - Volatility Comparison
The current volatility for Franklin Liberty U.S. Treasury Bond ETF (FLGV) is 1.20%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that FLGV 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
| FLGV | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 2.75% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 12.32% | -9.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 17.27% | -13.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.43% | 21.10% | -15.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 19.01% | -13.86% |
FLGV vs. YCS - Expense Ratio Comparison
FLGV has a 0.09% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FLGV vs. YCS - Dividend Comparison
FLGV's dividend yield for the trailing twelve months is around 4.15%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FLGV Franklin Liberty U.S. Treasury Bond ETF | 4.15% | 4.07% | 4.13% | 3.46% | 2.21% | 1.92% | 0.97% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLGV and YCS have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.75%) compared to FLGV (1.20%). In terms of maximum drawdown, FLGV dropped -17.63% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs -0.17% for FLGV. On fees, FLGV is cheaper at 0.09% per year. On volatility, FLGV has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, YCS has performed better with a 23.54% return vs -0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLGV is cheaper with a 0.09% expense ratio, compared with 1.00% for YCS.
FLGV has the higher dividend yield at 4.15%, compared with 0.00% for YCS.
FLGV is categorized as Government Bonds, while YCS is Leveraged Currency. They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.09% for FLGV and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 1.07), 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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