FLTB vs. YCS
FLTB (Fidelity Limited Term Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FLTB is a Short-Term Bond fund actively managed by Fidelity, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FLTB is actively managed, while YCS is passively managed. Over the past 10 years, FLTB returned 2.48%/yr vs 12.34%/yr for YCS. At a correlation of -0.37, they often move in opposite directions. FLTB charges 0.25%/yr vs 1.00%/yr for YCS.
Performance
FLTB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FLTB achieves a 0.81% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, FLTB has underperformed YCS with an annualized return of 2.48%, while YCS has yielded a comparatively higher 12.34% annualized return.
FLTB
- 1D
- -0.03%
- 1M
- 0.33%
- YTD
- 0.81%
- 6M
- 1.01%
- 1Y
- 4.69%
- 3Y*
- 5.53%
- 5Y*
- 2.25%
- 10Y*
- 2.48%
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%
FLTB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 0.81% | 6.60% | 5.14% | 5.94% | -5.88% | -1.20% | 5.57% | 5.87% | 1.06% | 2.10% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between FLTB and YCS is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014 | -0.37 |
The correlation between FLTB and YCS shifts across timeframes, from -0.48 (5 years) to -0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLTB vs. YCS — Risk / Return Rank
FLTB
YCS
FLTB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Limited Term Bond ETF (FLTB) 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.
| FLTB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.35 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 3.97 | -0.88 |
| Martin ratioReturn relative to average drawdown | 13.08 | 12.40 | +0.68 |
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
| FLTB | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 1.92 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 1.12 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.65 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.33 | +0.50 |
Drawdowns
FLTB vs. YCS - Drawdown Comparison
The maximum FLTB drawdown since its inception was -9.37%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FLTB and YCS.
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Drawdown Indicators
| FLTB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.37% | -49.56% | +40.19% |
Max Drawdown (1Y)Largest decline over 1 year | -1.52% | -8.30% | +6.78% |
Max Drawdown (3Y)Largest decline over 3 years | -1.52% | -23.05% | +21.53% |
Max Drawdown (5Y)Largest decline over 5 years | -9.26% | -27.32% | +18.06% |
Max Drawdown (10Y)Largest decline over 10 years | -9.37% | -27.32% | +17.95% |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -1.40% | -19.93% | +18.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 2.66% | -2.30% |
Volatility
FLTB vs. YCS - Volatility Comparison
The current volatility for Fidelity Limited Term Bond ETF (FLTB) is 0.63%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that FLTB 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
| FLTB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 2.75% | -2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.64% | 12.32% | -10.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.13% | 17.27% | -15.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.80% | 21.10% | -18.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.94% | 19.01% | -16.07% |
FLTB vs. YCS - Expense Ratio Comparison
FLTB has a 0.25% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FLTB vs. YCS - Dividend Comparison
FLTB's dividend yield for the trailing twelve months is around 4.36%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 4.36% | 4.31% | 4.11% | 3.20% | 1.63% | 0.89% | 1.56% | 2.67% | 2.50% | 1.78% | 1.59% | 1.63% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLTB and YCS have a correlation of -0.41, 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 FLTB (0.63%). In terms of maximum drawdown, FLTB dropped -9.37% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.34% vs 2.48% for FLTB. On fees, FLTB is cheaper at 0.25% per year. On volatility, FLTB has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 12.34% return vs 2.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLTB is cheaper with a 0.25% expense ratio, compared with 1.00% for YCS.
FLTB has the higher dividend yield at 4.36%, compared with 0.00% for YCS.
FLTB is categorized as Short-Term Bond, while YCS is Leveraged Currency. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.25% for FLTB and 1.00% for YCS.
FLTB currently has the higher Sharpe Ratio (2.21 vs 1.92), 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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