GMUN vs. YCS

Last updated Jul 14, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. At a correlation of -0.40, they often move in opposite directions. GMUN charges 0.15%/yr vs 1.00%/yr for YCS.

Performance

GMUN vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Community Municipal Bond ETF (GMUN) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GMUN

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.38%
• 1M: 2.89%
• 6M: 8.26%
• YTD: 10.72%
• 1Y: 29.55%
• 3Y*: 21.25%
• 5Y*: 24.17%
• 10Y*: 13.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GMUN vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.69%
YCS ProShares UltraShort Yen	10.72%	9.04%	35.41%	15.87%

Correlation

The correlation between GMUN and YCS is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.38
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023	-0.40

The correlation between GMUN and YCS shifts across timeframes, from -0.40 (all time) to -0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GMUN vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

YCS

YCS Risk / Return Rank: 72
YCS Sharpe Ratio Rank: 69
YCS Sortino Ratio Rank: 61
YCS Omega Ratio Rank: 72
YCS Calmar Ratio Rank: 83
YCS Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GMUN vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.

	GMUN	YCS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.79	—
Sortino ratio: Return per unit of downside risk	—	2.27	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	3.58	—
Martin ratio: Return relative to average drawdown	—	11.30	—

Drawdowns

Drawdown Indicators

	GMUN	YCS	Difference
Max Drawdown Largest peak-to-trough decline	—	-49.56%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.30%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	—	-0.63%	—
Average Drawdown Average peak-to-trough decline	—	-19.81%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.62%	—

Volatility

Volatility by Period

	GMUN	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.63%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	21.09%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.71%	—

GMUN vs. YCS - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

GMUN vs. YCS - Dividend Comparison

Neither GMUN nor YCS has paid dividends to shareholders.

Position	TTM	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	2.87%	2.94%	3.22%	2.20%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMUN and YCS in my portfolio?

GMUN and YCS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMUN or YCS?

On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMUN or YCS?

GMUN is cheaper with a 0.15% expense ratio, compared with 1.00% for YCS.

Which ETF pays a higher dividend yield, GMUN or YCS?

GMUN has the higher dividend yield at 2.87%, compared with 0.00% for YCS.

What is the main difference between GMUN and YCS?

GMUN is categorized as Municipal Bonds, while YCS is Leveraged Currency. GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Goldman Sachs and ProShares. Their fees differ too: 0.15% for GMUN and 1.00% for YCS.