FXC vs. YCS
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs 13.76%/yr for YCS. Their -0.12 correlation means they have often moved in opposite directions in the past. FXC charges 0.40%/yr vs 1.00%/yr for YCS.
Performance
FXC vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -1.96% return, which is significantly lower than YCS's 7.29% return. Over the past 10 years, FXC has underperformed YCS with an annualized return of -0.15%, while YCS has yielded a comparatively higher 13.76% annualized return.
FXC
- 1D
- 0.06%
- 1M
- 1.05%
- 6M
- -2.81%
- YTD
- -1.96%
- 1Y
- -1.43%
- 3Y*
- -0.59%
- 5Y*
- -1.37%
- 10Y*
- -0.15%
- ALL TIME*
- -0.50%
YCS
- 1D
- -0.84%
- 1M
- -2.27%
- 6M
- 9.33%
- YTD
- 7.29%
- 1Y
- 25.05%
- 3Y*
- 17.34%
- 5Y*
- 23.55%
- 10Y*
- 13.76%
- ALL TIME*
- 6.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.79M | $2.89M | $1.65M | |
| $1.53M | $2.43M | $1.42M |
FXC vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -1.96% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
YCS ProShares UltraShort Yen | 7.29% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between FXC and YCS is -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.37 |
Correlation (3Y) Balances recent behavior with more history. | -0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.12 |
Over the past year, the inverse relationship between FXC and YCS has strengthened: their correlation has moved from -0.12 to -0.37, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FXC vs. YCS — Risk / Return Rank
FXC
YCS
FXC vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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.
| FXC | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.23 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.35 | -2.55 |
| Martin ratioReturn relative to average drawdown | -0.46 | 8.93 | -9.39 |
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Drawdowns
FXC vs. YCS - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FXC and YCS.
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Drawdown Indicators
| FXC | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -49.56% | +14.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -8.30% | +3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -23.05% | +15.71% |
Max Drawdown (5Y)Largest decline over 5 years | -11.65% | -27.32% | +15.67% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -27.32% | +11.86% |
Current DrawdownCurrent decline from peak | -29.44% | -5.68% | -23.76% |
Average DrawdownAverage peak-to-trough decline | -19.99% | -19.75% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 2.64% | -0.44% |
Volatility
FXC vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 1.13%, while ProShares UltraShort Yen (YCS) has a volatility of 5.30%. This indicates that FXC 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
| FXC | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 5.30% | -4.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 11.65% | -8.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 16.85% | -12.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 21.16% | -14.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.59% | 18.61% | -12.02% |
FXC vs. YCS - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FXC vs. YCS - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.23%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.19% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
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
FXC and YCS have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (5.30%) compared to FXC (1.13%). In terms of maximum drawdown, FXC dropped -35.39% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.76% vs -0.15% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 1.13%. 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 13.76% return vs -0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.
FXC has the higher dividend yield at 0.19%, compared with 0.00% for YCS.
FXC is categorized as Currency, while YCS is Leveraged Currency. FXC tracks Canadian Dollar, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXC and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.16 vs -0.24), 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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