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 -4.97%/yr vs -13.39%/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 -3.20% return, which is significantly higher than YCL's -7.76% return. Over the past 10 years, FXY has outperformed YCL with an annualized return of -4.97%, while YCL has yielded a comparatively lower -13.39% annualized return.
FXY
- 1D
- -0.11%
- 1M
- -1.58%
- YTD
- -3.20%
- 6M
- -3.04%
- 1Y
- -9.89%
- 3Y*
- -4.26%
- 5Y*
- -7.71%
- 10Y*
- -4.97%
YCL
- 1D
- -0.49%
- 1M
- -3.19%
- YTD
- -7.76%
- 6M
- -7.91%
- 1Y
- -22.35%
- 3Y*
- -14.02%
- 5Y*
- -19.29%
- 10Y*
- -13.39%
FXY vs. YCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.20% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
YCL ProShares Ultra Yen | -7.76% | -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 9, 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.
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.
| FXY | YCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.77 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.91 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.37 | +0.05 |
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Drawdowns
FXY vs. YCL - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, smaller than the maximum YCL drawdown of -88.39%. 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 | -56.35% | -88.39% | +32.04% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -24.74% | +13.29% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -41.14% | +25.41% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -66.88% | +32.69% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -77.19% | +35.92% |
Current DrawdownCurrent decline from peak | -56.35% | -88.39% | +32.04% |
Average DrawdownAverage peak-to-trough decline | -27.80% | -53.20% | +25.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.47% | 16.31% | -8.84% |
Volatility
FXY vs. YCL - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.78%, while ProShares Ultra Yen (YCL) has a volatility of 1.29%. 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 | 0.78% | 1.29% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 11.22% | -5.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.20% | 16.46% | -8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 20.51% | -10.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.30% | 18.57% | -9.27% |
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 (1.29%) compared to FXY (0.78%). In terms of maximum drawdown, FXY dropped -56.35% vs YCL's -88.39%.
On 10-year performance, FXY leads with -4.97% vs -13.39% for YCL. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.78%. 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 -4.97% return vs -13.39%. 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 (-1.21 vs -1.37), 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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