FXE vs. YCS
FXE (Invesco CurrencyShares® Euro Currency Trust) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXE returned 0.30%/yr vs 12.99%/yr for YCS. At a correlation of -0.35, they often move in opposite directions. FXE charges 0.40%/yr vs 1.00%/yr for YCS.
Performance
FXE vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -2.24% return, which is significantly lower than YCS's 11.45% return. Over the past 10 years, FXE has underperformed YCS with an annualized return of 0.30%, while YCS has yielded a comparatively higher 12.99% annualized return.
FXE
- 1D
- -0.23%
- 1M
- -1.38%
- 6M
- -0.98%
- YTD
- -2.24%
- 1Y
- -0.97%
- 3Y*
- 2.10%
- 5Y*
- 0.17%
- 10Y*
- 0.30%
YCS
- 1D
- 0.42%
- 1M
- 3.09%
- 6M
- 8.08%
- YTD
- 11.45%
- 1Y
- 29.82%
- 3Y*
- 21.64%
- 5Y*
- 24.30%
- 10Y*
- 12.99%
FXE vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.24% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
YCS ProShares UltraShort Yen | 11.45% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between FXE and YCS is -0.61, 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 | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.35 |
Over the past year, the inverse relationship between FXE and YCS has strengthened: their correlation has moved from -0.35 to -0.61, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FXE vs. YCS — Risk / Return Rank
FXE
YCS
FXE vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) 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.
| FXE | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.35 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 3.61 | -3.79 |
| Martin ratioReturn relative to average drawdown | -0.38 | 11.41 | -11.79 |
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Drawdowns
FXE vs. YCS - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FXE and YCS.
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Drawdown Indicators
| FXE | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -49.56% | +6.23% |
Max Drawdown (1Y)Largest decline over 1 year | -5.40% | -8.30% | +2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -23.05% | +14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -20.21% | -27.32% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -27.32% | +0.86% |
Current DrawdownCurrent decline from peak | -28.89% | 0.00% | -28.89% |
Average DrawdownAverage peak-to-trough decline | -22.34% | -19.80% | -2.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.62% | -0.06% |
Volatility
FXE vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.61%, while ProShares UltraShort Yen (YCS) has a volatility of 2.47%. This indicates that FXE 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
| FXE | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 2.47% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 11.85% | -7.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.18% | 16.54% | -10.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 21.09% | -13.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 18.70% | -11.44% |
FXE vs. YCS - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FXE vs. YCS - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.75%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.75% | 0.94% | 2.28% | 1.49% | 0.01% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXE and YCS have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.47%) compared to FXE (1.61%). In terms of maximum drawdown, FXE dropped -43.33% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.99% vs 0.30% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, FXE has been the lower-risk option at 1.61%. 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 12.99% return vs 0.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.
FXE has the higher dividend yield at 0.75%, compared with 0.00% for YCS.
FXE is categorized as Currency, while YCS is Leveraged Currency. FXE tracks Euro, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXE and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.82 vs -0.16), 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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