FWD vs. YCS

Last updated Jun 23, 2026

FWD (AB Disruptors ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FWD is a Global Equities fund actively managed by AllianceBernstein, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). FWD is actively managed, while YCS is passively managed. Over the past 3 years, FWD returned 40.05%/yr vs 18.43%/yr for YCS. At a correlation of -0.00, they often move in opposite directions. FWD charges 0.65%/yr vs 1.00%/yr for YCS.

Performance

FWD vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Disruptors ETF (FWD) 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, FWD achieves a 42.55% return, which is significantly higher than YCS's 9.78% return.

FWD

• 1D: 1.11%
• 1M: 8.76%
• YTD: 42.55%
• 6M: 40.47%
• 1Y: 76.62%
• 3Y*: 40.05%
• 5Y*: —
• 10Y*: —

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%

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

FWD vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FWD AB Disruptors ETF	42.55%	32.00%	29.23%	23.48%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	24.20%

Correlation

The correlation between FWD 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	-0.02
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	-0.00

The correlation between FWD and YCS shifts across timeframes, from -0.15 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FWD vs. YCS — Risk / Return Rank

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

FWD

FWD Risk / Return Rank: 88
FWD Sharpe Ratio Rank: 91
FWD Sortino Ratio Rank: 82
FWD Omega Ratio Rank: 83
FWD Calmar Ratio Rank: 92
FWD Martin Ratio Rank: 91

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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.

FWD vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Disruptors ETF (FWD) 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.

	FWD	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.94	1.86	+1.07
Sortino ratio: Return per unit of downside risk	3.47	2.37	+1.10
Omega ratio: Gain probability vs. loss probability	1.47	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	5.91	3.79	+2.12
Martin ratio: Return relative to average drawdown	20.13	11.86	+8.27

FWD vs. YCS - Sharpe Ratio Comparison

The current FWD Sharpe Ratio is 2.94, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FWD 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

FWD vs. YCS - Drawdown Comparison

The maximum FWD drawdown since its inception was -29.02%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FWD and YCS.

Drawdown Indicators

	FWD	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-29.02%	-49.56%	+20.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.03%	-8.30%	-4.73%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	-23.05%	-5.97%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.06%	-19.88%	+15.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	2.65%	+1.17%

Volatility

FWD vs. YCS - Volatility Comparison

AB Disruptors ETF (FWD) has a higher volatility of 11.68% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that FWD'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

	FWD	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.68%	2.22%	+9.46%
Volatility (6M) Calculated over the trailing 6-month period	21.26%	12.19%	+9.07%
Volatility (1Y) Calculated over the trailing 1-year period	26.29%	16.96%	+9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.25%	21.10%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.25%	18.96%	+6.29%

FWD vs. YCS - Expense Ratio Comparison

FWD has a 0.65% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

FWD vs. YCS - Dividend Comparison

FWD's dividend yield for the trailing twelve months is around 0.08%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
FWD AB Disruptors ETF	0.08%	0.11%	1.89%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FWD and YCS in my portfolio?

FWD 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.

Which is riskier, FWD or YCS?

FWD has higher volatility (11.68%) compared to YCS (2.22%). In terms of maximum drawdown, FWD dropped -29.02% vs YCS's -49.56%.

Which ETF is better, FWD or YCS?

On 3-year performance, FWD leads with 40.05% vs 18.43% for YCS. On fees, FWD is cheaper at 0.65% 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.

Which ETF has performed better, FWD or YCS?

Over the 3-year period, FWD has performed better with a 40.05% return vs 18.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FWD or YCS?

FWD is cheaper with a 0.65% expense ratio, compared with 1.00% for YCS.

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

FWD has the higher dividend yield at 0.08%, compared with 0.00% for YCS.

What is the main difference between FWD and YCS?

FWD is categorized as Global Equities, while YCS is Leveraged Currency. They also come from different issuers: AllianceBernstein and ProShares. Their fees differ too: 0.65% for FWD and 1.00% for YCS.

Which has better risk-adjusted returns?

FWD currently has the higher Sharpe Ratio (2.94 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.