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FPA vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPA vs. YCS

Last updated Jun 3, 2026

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FPA returned 11.32%/yr vs 12.32%/yr for YCS. At a 0.02 correlation, their price movements are largely independent. FPA charges 0.80%/yr vs 1.00%/yr for YCS.

Performance

FPA vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FPA achieves a 52.36% return, which is significantly higher than YCS's 6.99% return. Over the past 10 years, FPA has underperformed YCS with an annualized return of 11.32%, while YCS has yielded a comparatively higher 12.32% annualized return.

FPA

1D
-3.56%
1M
9.83%
YTD
52.36%
6M
52.58%
1Y
83.84%
3Y*
33.58%
5Y*
13.37%
10Y*
11.32%

YCS

1D
0.03%
1M
4.27%
YTD
6.99%
6M
8.81%
1Y
35.19%
3Y*
19.77%
5Y*
23.16%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FPA vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		52.36%43.16%3.95%9.97%-14.55%2.98%13.43%8.91%-21.91%35.81%
YCS
ProShares UltraShort Yen		6.99%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between FPA and YCS is -0.27, 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

-0.27

Correlation (3Y)
Calculated over the trailing 3-year period

-0.21

Correlation (5Y)
Calculated over the trailing 5-year period

-0.15

Correlation (10Y)
Calculated over the trailing 10-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2011

0.02

The correlation between FPA and YCS shifts across timeframes, from -0.27 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Asia Pacific ex-Japan AlphaDEX Fund

ProShares UltraShort Yen

Often compared with FPA:
FPA vs. FSEAXFPA vs. VPLFPA vs. EPPFPA vs. EWSFPA vs. ADIVFPA vs. EWYFPA vs. FICS
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

FPA vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPA
FPA Risk / Return Rank: 8989
Overall Rank
FPA Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
FPA Sortino Ratio Rank: 8787
Sortino Ratio Rank
FPA Omega Ratio Rank: 8787
Omega Ratio Rank
FPA Calmar Ratio Rank: 9090
Calmar Ratio Rank
FPA Martin Ratio Rank: 9090
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6363
Overall Rank
YCS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5353
Sortino Ratio Rank
YCS Omega Ratio Rank: 6060
Omega Ratio Rank
YCS Calmar Ratio Rank: 7777
Calmar Ratio Rank
YCS Martin Ratio Rank: 6666
Martin Ratio Rank
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.

FPA vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.

FPAYCSDifference

Sharpe ratio

Return per unit of total volatility

3.30

2.05

+1.25

Sortino ratio

Return per unit of downside risk

3.99

2.59

+1.40

Omega ratio

Gain probability vs. loss probability

1.55

1.37

+0.17

Calmar ratio

Return relative to maximum drawdown

5.61

3.95

+1.66

Martin ratio

Return relative to average drawdown

20.86

12.35

+8.52

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPA vs. YCS - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 3.30, which is higher than the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FPA 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.

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Sharpe Ratios by Period

FPAYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.30

2.05

+1.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

1.10

-0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.65

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.33

0.00

Drawdowns

FPA vs. YCS - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FPA and YCS.

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Drawdown Indicators

FPAYCSDifference

Max Drawdown

Largest peak-to-trough decline

-52.91%

-49.56%

-3.35%

Max Drawdown (1Y)

Largest decline over 1 year

-15.37%

-8.30%

-7.07%

Max Drawdown (3Y)

Largest decline over 3 years

-20.66%

-23.05%

+2.39%

Max Drawdown (5Y)

Largest decline over 5 years

-35.21%

-27.32%

-7.89%

Max Drawdown (10Y)

Largest decline over 10 years

-52.91%

-27.32%

-25.59%

Current Drawdown

Current decline from peak

-3.56%

-0.04%

-3.52%

Average Drawdown

Average peak-to-trough decline

-13.49%

-19.94%

+6.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.13%

2.66%

+1.47%

Volatility

FPA vs. YCS - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 12.98% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that FPA'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.

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Volatility by Period

FPAYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.98%

2.75%

+10.23%

Volatility (6M)

Calculated over the trailing 6-month period

21.92%

12.36%

+9.56%

Volatility (1Y)

Calculated over the trailing 1-year period

25.56%

17.38%

+8.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.98%

21.11%

+2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.40%

19.02%

+3.38%

FPA vs. YCS - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FPA vs. YCS - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.50%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		3.50%4.71%3.40%3.02%4.22%5.12%1.59%3.90%2.81%3.15%2.42%1.74%
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

FPA and YCS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPA has higher volatility (12.98%) compared to YCS (2.75%). In terms of maximum drawdown, FPA dropped -52.91% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.32% vs 11.32% for FPA. On fees, FPA is cheaper at 0.80% per year. On volatility, YCS has been the lower-risk option at 2.75%. 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 12.32% return vs 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FPA is cheaper with a 0.80% expense ratio, compared with 1.00% for YCS.

FPA has the higher dividend yield at 3.50%, compared with 0.00% for YCS.

FPA is categorized as Asia Pacific Equities, while YCS is Leveraged Currency. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.80% for FPA and 1.00% for YCS.

FPA currently has the higher Sharpe Ratio (3.30 vs 2.05), 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.

Portfolio Optimizer

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