GARP vs. YCS
GARP (iShares MSCI USA Quality GARP ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, GARP returned 18.36%/yr vs 23.52%/yr for YCS. At a 0.01 correlation, their price movements are largely independent. GARP charges 0.15%/yr vs 1.00%/yr for YCS.
Performance
GARP vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, GARP achieves a 16.17% return, which is significantly higher than YCS's 9.63% return.
GARP
- 1D
- -2.76%
- 1M
- 0.95%
- YTD
- 16.17%
- 6M
- 14.60%
- 1Y
- 36.49%
- 3Y*
- 30.82%
- 5Y*
- 18.36%
- 10Y*
- —
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
GARP vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GARP iShares MSCI USA Quality GARP ETF | 16.17% | 21.49% | 37.42% | 42.86% | -26.75% | 27.99% | 26.51% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -13.23% |
Correlation
The correlation between GARP and YCS is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020 | 0.01 |
The correlation between GARP and YCS shifts across timeframes, from -0.15 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GARP vs. YCS — Risk / Return Rank
GARP
YCS
GARP vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) 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.
| GARP | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.34 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 3.78 | -1.11 |
| Martin ratioReturn relative to average drawdown | 10.39 | 11.93 | -1.54 |
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Drawdowns
GARP vs. YCS - Drawdown Comparison
The maximum GARP drawdown since its inception was -31.34%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for GARP and YCS.
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Drawdown Indicators
| GARP | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.34% | -49.56% | +18.22% |
Max Drawdown (1Y)Largest decline over 1 year | -13.69% | -8.30% | -5.39% |
Max Drawdown (3Y)Largest decline over 3 years | -23.73% | -23.05% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -30.61% | -27.32% | -3.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -4.93% | -0.14% | -4.79% |
Average DrawdownAverage peak-to-trough decline | -7.33% | -19.87% | +12.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.52% | 2.65% | +0.87% |
Volatility
GARP vs. YCS - Volatility Comparison
iShares MSCI USA Quality GARP ETF (GARP) has a higher volatility of 8.62% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that GARP's price experiences larger fluctuations and is considered to be riskier 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
| GARP | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.62% | 2.25% | +6.37% |
Volatility (6M)Calculated over the trailing 6-month period | 15.52% | 12.19% | +3.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.23% | 16.93% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.22% | 21.10% | +1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.98% | 18.82% | +5.16% |
GARP vs. YCS - Expense Ratio Comparison
GARP has a 0.15% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
GARP vs. YCS - Dividend Comparison
GARP's dividend yield for the trailing twelve months is around 0.27%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GARP iShares MSCI USA Quality GARP ETF | 0.27% | 0.31% | 0.38% | 0.75% | 1.85% | 0.67% | 0.75% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GARP and YCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GARP has higher volatility (8.62%) compared to YCS (2.25%). In terms of maximum drawdown, GARP dropped -31.34% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.52% vs 18.36% for GARP. On fees, GARP is cheaper at 0.15% per year. On volatility, YCS 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 5-year period, YCS has performed better with a 23.52% return vs 18.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GARP is cheaper with a 0.15% expense ratio, compared with 1.00% for YCS.
GARP has the higher dividend yield at 0.27%, compared with 0.00% for YCS.
GARP is categorized as Large Cap Growth Equities, while YCS is Leveraged Currency. GARP tracks MSCI USA Quality GARP Select Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for GARP and 1.00% for YCS.
GARP currently has the higher Sharpe Ratio (1.91 vs 1.86), 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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