FTMA vs. YCS

Last updated Jun 13, 2026

FTMA (Franklin Massachusetts Municipal Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FTMA is a Municipal Bonds fund tracking the Actively Managed, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. At a correlation of -0.28, they often move in opposite directions. FTMA charges 0.35%/yr vs 1.00%/yr for YCS.

Performance

FTMA vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Massachusetts Municipal Income ETF (FTMA) 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, FTMA achieves a 2.00% return, which is significantly lower than YCS's 7.60% return.

FTMA

• 1D: -0.11%
• 1M: 0.72%
• YTD: 2.00%
• 6M: 2.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.94%
• 1M: 2.84%
• YTD: 7.60%
• 6M: 9.35%
• 1Y: 33.14%
• 3Y*: 19.77%
• 5Y*: 23.58%
• 10Y*: 12.50%

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

FTMA vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
FTMA Franklin Massachusetts Municipal Income ETF	2.00%	0.54%
YCS ProShares UltraShort Yen	7.60%	5.40%

Correlation

The correlation between FTMA and YCS is -0.28, 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 (All Time) Calculated using the full available price history since Nov 10, 2025	-0.28

Return for Risk

FTMA vs. YCS — Risk / Return Rank

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

FTMA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

YCS

YCS Risk / Return Rank: 73
YCS Sharpe Ratio Rank: 71
YCS Sortino Ratio Rank: 61
YCS Omega Ratio Rank: 72
YCS Calmar Ratio Rank: 85
YCS Martin Ratio Rank: 76

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.

FTMA vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Massachusetts Municipal Income ETF (FTMA) 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.

	FTMA	YCS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.99	—
Sortino ratio: Return per unit of downside risk	—	2.52	—
Omega ratio: Gain probability vs. loss probability	—	1.37	—
Calmar ratio: Return relative to maximum drawdown	—	4.09	—
Martin ratio: Return relative to average drawdown	—	12.77	—

Drawdowns

FTMA vs. YCS - Drawdown Comparison

The maximum FTMA drawdown since its inception was -2.27%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FTMA and YCS.

Drawdown Indicators

	FTMA	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-49.56%	+47.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.30%	—
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	-0.11%	-0.53%	+0.42%
Average Drawdown Average peak-to-trough decline	-0.48%	-19.90%	+19.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.65%	—

Volatility

Volatility by Period

	FTMA	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	17.08%	-13.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	21.09%	-17.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.44%	19.01%	-15.57%

FTMA vs. YCS - Expense Ratio Comparison

FTMA has a 0.35% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FTMA vs. YCS - Dividend Comparison

FTMA's dividend yield for the trailing twelve months is around 1.96%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
FTMA Franklin Massachusetts Municipal Income ETF	1.96%	0.54%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTMA and YCS in my portfolio?

FTMA and YCS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMA or YCS?

On fees, FTMA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMA or YCS?

FTMA is cheaper with a 0.35% expense ratio, compared with 1.00% for YCS.

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

FTMA has the higher dividend yield at 1.96%, compared with 0.00% for YCS.

What is the main difference between FTMA and YCS?

FTMA is categorized as Municipal Bonds, while YCS is Leveraged Currency. FTMA tracks Actively Managed, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.35% for FTMA and 1.00% for YCS.