FTLS vs. YCS
FTLS (First Trust Long/Short Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FTLS is a Long-Short fund actively managed by First Trust, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FTLS is actively managed, while YCS is passively managed. Over the past 10 years, FTLS returned 10.02%/yr vs 13.63%/yr for YCS. At a 0.16 correlation, their price movements are largely independent. FTLS charges 1.60%/yr vs 1.00%/yr for YCS.
Performance
FTLS vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FTLS achieves a 5.55% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, FTLS has underperformed YCS with an annualized return of 10.02%, while YCS has yielded a comparatively higher 13.63% annualized return.
FTLS
- 1D
- 0.48%
- 1M
- 0.28%
- YTD
- 5.55%
- 6M
- 5.16%
- 1Y
- 16.53%
- 3Y*
- 14.35%
- 5Y*
- 10.26%
- 10Y*
- 10.02%
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%
FTLS vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTLS First Trust Long/Short Equity ETF | 5.55% | 9.09% | 18.80% | 16.94% | -5.56% | 19.65% | 2.56% | 16.16% | -4.81% | 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 FTLS and YCS is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
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 Sep 10, 2014 | 0.16 |
The correlation between FTLS and YCS shifts across timeframes, from -0.11 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FTLS vs. YCS — Risk / Return Rank
FTLS
YCS
FTLS vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Long/Short Equity ETF (FTLS) 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.
| FTLS | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.39 | 3.79 | +0.59 |
| Martin ratioReturn relative to average drawdown | 13.59 | 11.86 | +1.74 |
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Drawdowns
FTLS vs. YCS - Drawdown Comparison
The maximum FTLS drawdown since its inception was -20.54%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FTLS and YCS.
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Drawdown Indicators
| FTLS | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.54% | -49.56% | +29.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.79% | -8.30% | +4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -11.69% | -23.05% | +11.36% |
Max Drawdown (5Y)Largest decline over 5 years | -11.69% | -27.32% | +15.63% |
Max Drawdown (10Y)Largest decline over 10 years | -20.54% | -27.32% | +6.78% |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -19.88% | +17.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 2.65% | -1.43% |
Volatility
FTLS vs. YCS - Volatility Comparison
First Trust Long/Short Equity ETF (FTLS) has a higher volatility of 2.41% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that FTLS'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
| FTLS | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 2.22% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 12.19% | -6.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.37% | 16.96% | -8.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.57% | 21.10% | -10.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.30% | 18.96% | -7.66% |
FTLS vs. YCS - Expense Ratio Comparison
FTLS has a 1.60% expense ratio, which is higher than YCS's 1.00% expense ratio.
Dividends
FTLS vs. YCS - Dividend Comparison
FTLS's dividend yield for the trailing twelve months is around 0.90%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTLS First Trust Long/Short Equity ETF | 0.90% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
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
FTLS and YCS have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTLS has higher volatility (2.41%) compared to YCS (2.22%). In terms of maximum drawdown, FTLS dropped -20.54% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 10.02% for FTLS. On fees, YCS is cheaper at 1.00% 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 10.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCS is cheaper with a 1.00% expense ratio, compared with 1.60% for FTLS.
FTLS has the higher dividend yield at 0.90%, compared with 0.00% for YCS.
FTLS is categorized as Long-Short, while YCS is Leveraged Currency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 1.60% for FTLS and 1.00% for YCS.
FTLS currently has the higher Sharpe Ratio (1.99 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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