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 1.22%/yr vs 12.16%/yr for YCS. At a correlation of -0.45, they often move in opposite directions. 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 0.11% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, FXF has underperformed YCS with an annualized return of 1.22%, while YCS has yielded a comparatively higher 12.16% annualized return.
FXF
- 1D
- 0.31%
- 1M
- -0.84%
- YTD
- 0.11%
- 6M
- 1.55%
- 1Y
- 3.13%
- 3Y*
- 4.38%
- 5Y*
- 2.07%
- 10Y*
- 1.22%
YCS
- 1D
- 0.00%
- 1M
- 3.39%
- YTD
- 7.17%
- 6M
- 10.02%
- 1Y
- 34.99%
- 3Y*
- 20.03%
- 5Y*
- 23.54%
- 10Y*
- 12.16%
FXF vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.11% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
YCS ProShares UltraShort Yen | 7.17% | 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 -0.59, 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 | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.45 |
The correlation between FXF and YCS shifts across timeframes, from -0.59 (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.
| FXF | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.38 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 4.23 | -3.58 |
| Martin ratioReturn relative to average drawdown | 1.45 | 13.22 | -11.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXF | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | 2.06 | -1.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 1.12 | -0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.64 | -0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.33 | -0.15 |
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 | -4.82% | -8.30% | +3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -23.05% | +14.53% |
Max Drawdown (5Y)Largest decline over 5 years | -13.03% | -27.32% | +14.29% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -27.32% | +12.28% |
Current DrawdownCurrent decline from peak | -18.28% | 0.00% | -18.28% |
Average DrawdownAverage peak-to-trough decline | -20.84% | -19.93% | -0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.65% | -0.49% |
Volatility
FXF vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.73%, while ProShares UltraShort Yen (YCS) has a volatility of 2.62%. 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 | 1.73% | 2.62% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 12.31% | -6.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.45% | 17.18% | -9.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 21.09% | -12.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 19.01% | -11.44% |
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 -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.62%) compared to FXF (1.73%). In terms of maximum drawdown, FXF dropped -35.58% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.16% vs 1.22% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.73%. 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 12.16% return vs 1.22%. 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 (2.06 vs 0.42), 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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