FXY vs. YCL
FXY (Invesco CurrencyShares® Japanese Yen Trust) and YCL (ProShares Ultra Yen) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXY returned -4.47%/yr vs -12.51%/yr for YCL. Their correlation of 0.93 suggests significant overlap in exposure. FXY charges 0.40%/yr vs 0.95%/yr for YCL.
Performance
FXY vs. YCL - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -2.11% return, which is significantly higher than YCL's -5.83% return. Over the past 10 years, FXY has outperformed YCL with an annualized return of -4.47%, while YCL has yielded a comparatively lower -12.51% annualized return.
FXY
- 1D
- -0.14%
- 1M
- -1.73%
- YTD
- -2.11%
- 6M
- -2.69%
- 1Y
- -11.07%
- 3Y*
- -4.76%
- 5Y*
- -7.63%
- 10Y*
- -4.47%
YCL
- 1D
- -0.34%
- 1M
- -3.82%
- YTD
- -5.83%
- 6M
- -7.72%
- 1Y
- -24.77%
- 3Y*
- -15.08%
- 5Y*
- -19.19%
- 10Y*
- -12.51%
FXY vs. YCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.11% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
YCL ProShares Ultra Yen | -5.83% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
Correlation
The correlation between FXY and YCL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008 | 0.93 |
The correlation between FXY and YCL has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
FXY vs. YCL — Risk / Return Rank
FXY
YCL
FXY vs. YCL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and ProShares Ultra Yen (YCL). 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.
| FXY | YCL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.33 | -1.48 | +0.15 |
Sortino ratioReturn per unit of downside risk | -1.96 | -2.30 | +0.35 |
Omega ratioGain probability vs. loss probability | 0.79 | 0.76 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.95 | +0.05 |
Martin ratioReturn relative to average drawdown | -1.35 | -1.40 | +0.05 |
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
| FXY | YCL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.33 | -1.48 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.75 | -0.94 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.67 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | -0.50 | +0.32 |
Drawdowns
FXY vs. YCL - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, smaller than the maximum YCL drawdown of -88.15%. Use the drawdown chart below to compare losses from any high point for FXY and YCL.
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Drawdown Indicators
| FXY | YCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -88.15% | +32.12% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -24.55% | +13.39% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -39.91% | +24.79% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -66.19% | +32.47% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -76.71% | +35.87% |
Current DrawdownCurrent decline from peak | -55.85% | -88.15% | +32.30% |
Average DrawdownAverage peak-to-trough decline | -27.73% | -53.11% | +25.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.64% | 16.96% | -9.32% |
Volatility
FXY vs. YCL - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while ProShares Ultra Yen (YCL) has a volatility of 2.72%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than YCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | YCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 2.72% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 5.77% | 11.63% | -5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.43% | 16.88% | -8.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.25% | 20.53% | -10.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 18.61% | -9.28% |
FXY vs. YCL - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than YCL's 0.95% expense ratio.
Dividends
FXY vs. YCL - Dividend Comparison
Neither FXY nor YCL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, FXY and YCL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
YCL has higher volatility (2.72%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs YCL's -88.15%.
On 10-year performance, FXY leads with -4.47% vs -12.51% for YCL. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXY has performed better with a -4.47% return vs -12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.95% for YCL.
FXY and YCL have nearly identical dividend yields, around 0.00%.
FXY is categorized as Currency, while YCL is Leveraged Currency. FXY tracks Japanese Yen, while YCL tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXY and 0.95% for YCL.
FXY currently has the higher Sharpe Ratio (-1.33 vs -1.48), 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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