FTSM vs. YCS
FTSM (First Trust Enhanced Short Maturity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FTSM is a Ultrashort Bond fund actively managed by First Trust, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FTSM is actively managed, while YCS is passively managed. Over the past 10 years, FTSM returned 2.57%/yr vs 13.63%/yr for YCS. At a correlation of -0.18, they often move in opposite directions. FTSM charges 0.44%/yr vs 1.00%/yr for YCS.
Performance
FTSM vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FTSM achieves a 1.59% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, FTSM has underperformed YCS with an annualized return of 2.57%, while YCS has yielded a comparatively higher 13.63% annualized return.
FTSM
- 1D
- -0.01%
- 1M
- 0.22%
- YTD
- 1.59%
- 6M
- 1.73%
- 1Y
- 4.09%
- 3Y*
- 4.83%
- 5Y*
- 3.49%
- 10Y*
- 2.57%
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%
FTSM vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 1.59% | 4.66% | 5.22% | 5.12% | 1.02% | -0.01% | 1.12% | 2.82% | 1.94% | 1.57% |
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 FTSM and YCS is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2014 | -0.18 |
The correlation between FTSM and YCS shifts across timeframes, from -0.41 (3 years) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FTSM vs. YCS — Risk / Return Rank
FTSM
YCS
FTSM vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Short Maturity ETF (FTSM) 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.
| FTSM | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.61 | ||
| Sortino ratioReturn per unit of downside risk | +17.12 | ||
| Omega ratioGain probability vs. loss probability | 4.15 | 1.35 | +2.80 |
| Calmar ratioReturn relative to maximum drawdown | 35.13 | 3.79 | +31.34 |
| Martin ratioReturn relative to average drawdown | 172.78 | 11.86 | +160.93 |
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Drawdowns
FTSM vs. YCS - Drawdown Comparison
The maximum FTSM drawdown since its inception was -4.12%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FTSM and YCS.
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Drawdown Indicators
| FTSM | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -49.56% | +45.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -8.30% | +8.18% |
Max Drawdown (3Y)Largest decline over 3 years | -0.15% | -23.05% | +22.90% |
Max Drawdown (5Y)Largest decline over 5 years | -0.65% | -27.32% | +26.67% |
Max Drawdown (10Y)Largest decline over 10 years | -4.12% | -27.32% | +23.20% |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -19.88% | +19.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 2.65% | -2.63% |
Volatility
FTSM vs. YCS - Volatility Comparison
The current volatility for First Trust Enhanced Short Maturity ETF (FTSM) is 0.17%, while ProShares UltraShort Yen (YCS) has a volatility of 2.22%. This indicates that FTSM 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
| FTSM | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 2.22% | -2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 0.37% | 12.19% | -11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.49% | 16.96% | -16.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.50% | 21.10% | -20.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.88% | 18.96% | -18.08% |
FTSM vs. YCS - Expense Ratio Comparison
FTSM has a 0.44% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FTSM vs. YCS - Dividend Comparison
FTSM's dividend yield for the trailing twelve months is around 4.15%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 4.15% | 4.28% | 4.91% | 4.62% | 1.62% | 0.39% | 1.20% | 2.38% | 2.14% | 1.49% | 1.03% | 0.48% |
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
FTSM and YCS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.22%) compared to FTSM (0.17%). In terms of maximum drawdown, FTSM dropped -4.12% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 2.57% for FTSM. On fees, FTSM is cheaper at 0.44% per year. On volatility, FTSM has been the lower-risk option at 0.17%. 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 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTSM is cheaper with a 0.44% expense ratio, compared with 1.00% for YCS.
FTSM has the higher dividend yield at 4.15%, compared with 0.00% for YCS.
FTSM is categorized as Ultrashort Bond, while YCS is Leveraged Currency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.44% for FTSM and 1.00% for YCS.
FTSM currently has the higher Sharpe Ratio (8.47 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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