FTHI vs. YCS
FTHI (First Trust BuyWrite Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FTHI is a Derivative Income fund actively managed by First Trust, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FTHI is actively managed, while YCS is passively managed. Over the past 10 years, FTHI returned 8.74%/yr vs 13.63%/yr for YCS. At a 0.13 correlation, their price movements are largely independent. FTHI charges 0.85%/yr vs 1.00%/yr for YCS.
Performance
FTHI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FTHI achieves a 5.63% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, FTHI has underperformed YCS with an annualized return of 8.74%, while YCS has yielded a comparatively higher 13.63% annualized return.
FTHI
- 1D
- 0.25%
- 1M
- 0.67%
- YTD
- 5.63%
- 6M
- 5.23%
- 1Y
- 17.10%
- 3Y*
- 14.55%
- 5Y*
- 10.58%
- 10Y*
- 8.74%
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
FTHI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTHI First Trust BuyWrite Income ETF | 5.63% | 11.03% | 19.02% | 20.72% | -4.37% | 13.95% | -7.13% | 18.16% | -9.72% | 14.41% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between FTHI and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2014 | 0.13 |
The correlation between FTHI and YCS shifts across timeframes, from -0.15 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FTHI vs. YCS — Risk / Return Rank
FTHI
YCS
FTHI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust BuyWrite Income ETF (FTHI) 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.
| FTHI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 3.79 | -0.65 |
| Martin ratioReturn relative to average drawdown | 13.44 | 11.86 | +1.58 |
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Drawdowns
FTHI vs. YCS - Drawdown Comparison
The maximum FTHI drawdown since its inception was -32.65%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FTHI and YCS.
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Drawdown Indicators
| FTHI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.65% | -49.56% | +16.91% |
Max Drawdown (1Y)Largest decline over 1 year | -5.47% | -8.30% | +2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -15.92% | -23.05% | +7.13% |
Max Drawdown (5Y)Largest decline over 5 years | -16.70% | -27.32% | +10.62% |
Max Drawdown (10Y)Largest decline over 10 years | -32.65% | -27.32% | -5.33% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -19.88% | +16.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 2.65% | -1.37% |
Volatility
FTHI vs. YCS - Volatility Comparison
First Trust BuyWrite Income ETF (FTHI) has a higher volatility of 2.60% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that FTHI'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
| FTHI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.60% | 2.22% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 7.31% | 12.19% | -4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 16.96% | -7.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.43% | 21.10% | -7.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.31% | 18.96% | -4.65% |
FTHI vs. YCS - Expense Ratio Comparison
FTHI has a 0.85% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FTHI vs. YCS - Dividend Comparison
FTHI's dividend yield for the trailing twelve months is around 8.66%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTHI First Trust BuyWrite Income ETF | 8.66% | 8.70% | 8.61% | 8.50% | 9.06% | 4.37% | 4.76% | 4.21% | 4.76% | 4.00% | 4.41% | 4.98% |
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
FTHI and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTHI has higher volatility (2.60%) compared to YCS (2.22%). In terms of maximum drawdown, FTHI dropped -32.65% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 8.74% for FTHI. On fees, FTHI is cheaper at 0.85% per year. On volatility, YCS has been the lower-risk option at 2.22%. 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 13.63% return vs 8.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTHI is cheaper with a 0.85% expense ratio, compared with 1.00% for YCS.
FTHI has the higher dividend yield at 8.66%, compared with 0.00% for YCS.
FTHI is categorized as Derivative Income, while YCS is Leveraged Currency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.85% for FTHI and 1.00% for YCS.
FTHI currently has the higher Sharpe Ratio (1.90 vs 1.86), 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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