FTKI vs. YCS

Last updated Jun 21, 2026

FTKI (First Trust Small Cap BuyWrite Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FTKI is a Derivative Income fund actively managed by First Trust, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FTKI is actively managed, while YCS is passively managed. Over the past year, FTKI returned 20.08% vs 30.84% for YCS. At a 0.06 correlation, their price movements are largely independent. FTKI charges 0.85%/yr vs 1.00%/yr for YCS.

Performance

FTKI vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap BuyWrite Income ETF (FTKI) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTKI achieves a 11.12% return, which is significantly higher than YCS's 9.35% return.

FTKI

• 1D: 0.24%
• 1M: 2.25%
• YTD: 11.12%
• 6M: 10.28%
• 1Y: 20.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.88%
• 1M: 3.65%
• YTD: 9.35%
• 6M: 8.16%
• 1Y: 30.84%
• 3Y*: 19.46%
• 5Y*: 23.76%
• 10Y*: 13.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FTKI vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
FTKI First Trust Small Cap BuyWrite Income ETF	11.12%	4.33%
YCS ProShares UltraShort Yen	9.35%	17.31%

Correlation

The correlation between FTKI and YCS is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025	0.06

The correlation between FTKI and YCS shifts across timeframes, from -0.06 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FTKI vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FTKI

FTKI Risk / Return Rank: 69
FTKI Sharpe Ratio Rank: 66
FTKI Sortino Ratio Rank: 69
FTKI Omega Ratio Rank: 68
FTKI Calmar Ratio Rank: 75
FTKI Martin Ratio Rank: 69

YCS

YCS Risk / Return Rank: 65
YCS Sharpe Ratio Rank: 61
YCS Sortino Ratio Rank: 53
YCS Omega Ratio Rank: 62
YCS Calmar Ratio Rank: 80
YCS Martin Ratio Rank: 70

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.

FTKI vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap BuyWrite Income ETF (FTKI) 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.

	FTKI	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.95	+0.14
Sortino ratio: Return per unit of downside risk	3.01	2.46	+0.54
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	3.68	3.98	-0.30
Martin ratio: Return relative to average drawdown	12.34	12.43	-0.09

FTKI vs. YCS - Sharpe Ratio Comparison

The current FTKI Sharpe Ratio is 2.08, which is comparable to the YCS Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of FTKI 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.

Drawdowns

FTKI vs. YCS - Drawdown Comparison

The maximum FTKI drawdown since its inception was -15.17%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FTKI and YCS.

Drawdown Indicators

	FTKI	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-49.56%	+34.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.56%	-8.30%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-2.53%	-19.88%	+17.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.65%	-0.99%

Volatility

FTKI vs. YCS - Volatility Comparison

First Trust Small Cap BuyWrite Income ETF (FTKI) has a higher volatility of 2.77% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that FTKI'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.

Volatility by Period

	FTKI	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	2.25%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	7.68%	12.24%	-4.56%
Volatility (1Y) Calculated over the trailing 1-year period	9.86%	16.99%	-7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	21.09%	-5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	18.98%	-3.83%

FTKI vs. YCS - Expense Ratio Comparison

FTKI has a 0.85% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FTKI vs. YCS - Dividend Comparison

FTKI's dividend yield for the trailing twelve months is around 11.33%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
FTKI First Trust Small Cap BuyWrite Income ETF	11.33%	8.99%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTKI and YCS in my portfolio?

FTKI and YCS have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTKI or YCS?

FTKI has higher volatility (2.77%) compared to YCS (2.25%). In terms of maximum drawdown, FTKI dropped -15.17% vs YCS's -49.56%.

Which ETF is better, FTKI or YCS?

On 1-year performance, YCS leads with 30.84% vs 20.08% for FTKI. On fees, FTKI is cheaper at 0.85% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTKI or YCS?

Over the 1-year period, YCS has performed better with a 30.84% return vs 20.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTKI or YCS?

FTKI is cheaper with a 0.85% expense ratio, compared with 1.00% for YCS.

Which ETF pays a higher dividend yield, FTKI or YCS?

FTKI has the higher dividend yield at 11.33%, compared with 0.00% for YCS.

What is the main difference between FTKI and YCS?

FTKI 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 FTKI and 1.00% for YCS.

Which has better risk-adjusted returns?

FTKI currently has the higher Sharpe Ratio (2.08 vs 1.95), 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.