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 0.23%/yr vs 13.62%/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 -2.81% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, FXE has underperformed YCS with an annualized return of 0.23%, while YCS has yielded a comparatively higher 13.62% annualized return.
FXE
- 1D
- -0.38%
- 1M
- -1.87%
- YTD
- -2.81%
- 6M
- -3.08%
- 1Y
- -1.02%
- 3Y*
- 3.01%
- 5Y*
- -0.19%
- 10Y*
- 0.23%
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%
FXE vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.81% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
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 FXE and YCS is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.51 |
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 -0.63, 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 | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.34 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.78 | -3.98 |
| Martin ratioReturn relative to average drawdown | -0.45 | 11.93 | -12.38 |
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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 | -5.17% | -8.30% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -23.05% | +14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -27.32% | +6.71% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -27.32% | +0.86% |
Current DrawdownCurrent decline from peak | -29.31% | -0.14% | -29.17% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -19.87% | -2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 2.65% | -0.37% |
Volatility
FXE vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.55%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. 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 | 1.55% | 2.25% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 12.19% | -7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 16.93% | -10.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 21.10% | -13.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.27% | 18.82% | -11.55% |
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 0.74%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.74% | 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 -0.63, 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 FXE (1.55%). In terms of maximum drawdown, FXE dropped -43.33% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 0.23% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, FXE has been the lower-risk option at 1.55%. 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 0.23%. 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 0.74%, 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 (1.86 vs -0.17), 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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