FXF vs. YCS
FXF (Invesco CurrencyShares® Swiss Franc Trust) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXF returned 0.93%/yr vs 13.76%/yr for YCS. Their -0.45 correlation means they have often moved in opposite directions in the past. FXF charges 0.40%/yr vs 1.00%/yr for YCS.
Performance
FXF vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.29% return, which is significantly lower than YCS's 7.29% return. Over the past 10 years, FXF has underperformed YCS with an annualized return of 0.93%, while YCS has yielded a comparatively higher 13.76% annualized return.
FXF
- 1D
- -0.42%
- 1M
- -0.60%
- 6M
- -4.69%
- YTD
- -2.29%
- 1Y
- -0.92%
- 3Y*
- 2.38%
- 5Y*
- 1.77%
- 10Y*
- 0.93%
- ALL TIME*
- 1.67%
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) |
|---|---|---|---|
| $2.96M | $3.14M | $5.24M | |
| $1.53M | $2.43M | $1.42M |
FXF vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.29% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
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 FXF and YCS is -0.57, 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. | -0.57 |
Correlation (3Y) Balances recent behavior with more history. | -0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.45 |
The correlation between FXF and YCS shifts across timeframes, from -0.57 (1 year) to -0.45 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. YCS — Risk / Return Rank
FXF
YCS
FXF vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) 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.
| FXF | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.23 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 2.35 | -2.35 |
| Martin ratioReturn relative to average drawdown | -0.01 | 8.93 | -8.93 |
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Drawdowns
FXF vs. YCS - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for FXF and YCS.
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Drawdown Indicators
| FXF | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -49.56% | +13.98% |
Max Drawdown (1Y)Largest decline over 1 year | -7.27% | -8.30% | +1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -23.05% | +14.53% |
Max Drawdown (5Y)Largest decline over 5 years | -11.76% | -27.32% | +15.56% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -27.32% | +12.28% |
Current DrawdownCurrent decline from peak | -20.24% | -5.68% | -14.56% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -19.75% | -1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 2.64% | +0.45% |
Volatility
FXF vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 2.25%, while ProShares UltraShort Yen (YCS) has a volatility of 5.30%. This indicates that FXF 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
| FXF | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 5.30% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 11.65% | -6.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.38% | 16.85% | -9.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 21.16% | -12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 18.61% | -11.04% |
FXF vs. YCS - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
FXF vs. YCS - Dividend Comparison
Neither FXF nor YCS has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXF and YCS have a correlation of -0.57, 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 FXF (2.25%). In terms of maximum drawdown, FXF dropped -35.58% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.76% vs 0.93% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 2.25%. 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 0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.
FXF and YCS have nearly identical dividend yields, around 0.00%.
FXF is categorized as Currency, while YCS is Leveraged Currency. FXF tracks Swiss Franc, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXF and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.16 vs -0.00), 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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