FXB vs. YCS
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXB returned 0.48%/yr vs 13.62%/yr for YCS. At a correlation of -0.26, they often move in opposite directions. FXB charges 0.40%/yr vs 1.00%/yr for YCS.
Performance
FXB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, FXB has underperformed YCS with an annualized return of 0.48%, while YCS has yielded a comparatively higher 13.62% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
FXB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between FXB and YCS is -0.60, 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 | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.26 |
Over the past year, the inverse relationship between FXB and YCS has strengthened: their correlation has moved from -0.26 to -0.60, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FXB vs. YCS — Risk / Return Rank
FXB
YCS
FXB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.34 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 3.78 | -3.86 |
| Martin ratioReturn relative to average drawdown | -0.15 | 11.93 | -12.07 |
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Drawdowns
FXB vs. YCS - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FXB and YCS.
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Drawdown Indicators
| FXB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -49.56% | +0.57% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -8.30% | +3.77% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -23.05% | +14.61% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -27.32% | +3.71% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -27.32% | +1.21% |
Current DrawdownCurrent decline from peak | -30.64% | -0.14% | -30.50% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -19.87% | -7.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 2.65% | -0.40% |
Volatility
FXB vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that FXB 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
| FXB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 2.25% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 12.19% | -7.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 16.93% | -10.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 21.10% | -12.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 18.82% | -9.95% |
FXB vs. YCS - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FXB vs. YCS - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXB and YCS have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 0.48% for FXB. On fees, FXB is cheaper at 0.40% per year. On volatility, FXB has been the lower-risk option at 1.62%. 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 13.62% return vs 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.
FXB has the higher dividend yield at 2.24%, compared with 0.00% for YCS.
FXB is categorized as Currency, while YCS is Leveraged Currency. FXB tracks British Pound, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXB and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.05), 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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