FPEI vs. YCS
FPEI (First Trust Institutional Preferred Securities & Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FPEI is actively managed, while YCS is passively managed. Over the past 5 years, FPEI returned 4.19%/yr vs 23.65%/yr for YCS. At a correlation of -0.08, they often move in opposite directions. FPEI charges 0.85%/yr vs 1.00%/yr for YCS.
Performance
FPEI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FPEI achieves a 2.03% return, which is significantly lower than YCS's 10.06% return.
FPEI
- 1D
- 0.08%
- 1M
- 0.89%
- YTD
- 2.03%
- 6M
- 1.93%
- 1Y
- 7.87%
- 3Y*
- 11.06%
- 5Y*
- 4.19%
- 10Y*
- —
YCS
- 1D
- 0.39%
- 1M
- 3.97%
- YTD
- 10.06%
- 6M
- 11.27%
- 1Y
- 34.18%
- 3Y*
- 18.53%
- 5Y*
- 23.65%
- 10Y*
- 13.66%
FPEI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.03% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.07% |
YCS ProShares UltraShort Yen | 10.06% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | 6.60% |
Correlation
The correlation between FPEI and YCS is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | -0.08 |
Over the past year, the inverse relationship between FPEI and YCS has strengthened: their correlation has moved from -0.08 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FPEI vs. YCS — Risk / Return Rank
FPEI
YCS
FPEI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) 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.
| FPEI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.38 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 4.14 | -1.96 |
| Martin ratioReturn relative to average drawdown | 10.81 | 13.04 | -2.22 |
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Drawdowns
FPEI vs. YCS - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FPEI and YCS.
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Drawdown Indicators
| FPEI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -49.56% | +22.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -8.30% | +4.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -23.05% | +18.79% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -27.32% | +10.86% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -19.87% | +16.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 2.63% | -1.90% |
Volatility
FPEI vs. YCS - Volatility Comparison
The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.81%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that FPEI 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
| FPEI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 2.25% | -1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 11.91% | -8.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 16.93% | -13.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 21.10% | -15.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.83% | 18.82% | -9.99% |
FPEI vs. YCS - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FPEI vs. YCS - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.70%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.70% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FPEI and YCS have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to FPEI (0.81%). In terms of maximum drawdown, FPEI dropped -27.51% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.65% vs 4.19% for FPEI. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.81%. 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 23.65% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPEI is cheaper with a 0.85% expense ratio, compared with 1.00% for YCS.
FPEI has the higher dividend yield at 5.70%, compared with 0.00% for YCS.
FPEI is categorized as Preferred Stock/Convertible Bonds, while YCS is Leveraged Currency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.85% for FPEI and 1.00% for YCS.
FPEI currently has the higher Sharpe Ratio (2.12 vs 2.04), 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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