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 1.17%/yr vs 13.13%/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 -2.34% return, which is significantly lower than YCS's 10.29% return. Over the past 10 years, FXF has underperformed YCS with an annualized return of 1.17%, while YCS has yielded a comparatively higher 13.13% annualized return.
FXF
- 1D
- -0.18%
- 1M
- -1.55%
- 6M
- -1.27%
- YTD
- -2.34%
- 1Y
- -2.03%
- 3Y*
- 2.53%
- 5Y*
- 1.93%
- 10Y*
- 1.17%
YCS
- 1D
- -0.78%
- 1M
- 2.50%
- 6M
- 8.31%
- YTD
- 10.29%
- 1Y
- 29.06%
- 3Y*
- 20.30%
- 5Y*
- 24.01%
- 10Y*
- 13.13%
FXF vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.34% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
YCS ProShares UltraShort Yen | 10.29% | 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 -0.58, 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 | -0.58 |
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 | -0.55 |
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 -0.58 (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 | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.35 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 3.76 | -4.07 |
| Martin ratioReturn relative to average drawdown | -0.75 | 11.88 | -12.63 |
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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 | -6.50% | -8.30% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -23.05% | +14.53% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -27.32% | +15.33% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -27.32% | +12.28% |
Current DrawdownCurrent decline from peak | -20.28% | -1.01% | -19.27% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -19.82% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 2.62% | +0.10% |
Volatility
FXF vs. YCS - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.76%, while ProShares UltraShort Yen (YCS) has a volatility of 3.05%. 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 | 1.76% | 3.05% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 5.67% | 11.94% | -6.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.36% | 16.66% | -9.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.30% | 21.09% | -12.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.56% | 18.75% | -11.19% |
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 -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (3.05%) compared to FXF (1.76%). In terms of maximum drawdown, FXF dropped -35.58% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.13% vs 1.17% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.76%. 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 13.13% return vs 1.17%. 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 (1.87 vs -0.28), 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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