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GNR vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GNR vs. YCS

Last updated Jun 4, 2026

GNR (SPDR S&P Global Natural Resources ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 12.34%/yr for YCS. At a 0.04 correlation, their price movements are largely independent. GNR charges 0.40%/yr vs 1.00%/yr for YCS.

Performance

GNR vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GNR achieves a 20.27% return, which is significantly higher than YCS's 7.17% return. Over the past 10 years, GNR has underperformed YCS with an annualized return of 10.91%, while YCS has yielded a comparatively higher 12.34% annualized return.

GNR

1D
-0.53%
1M
1.20%
YTD
20.27%
6M
23.12%
1Y
43.10%
3Y*
15.55%
5Y*
9.73%
10Y*
10.91%

YCS

1D
0.17%
1M
4.42%
YTD
7.17%
6M
10.05%
1Y
32.82%
3Y*
19.84%
5Y*
23.54%
10Y*
12.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GNR vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GNR
SPDR S&P Global Natural Resources ETF		20.27%28.68%-8.27%2.95%10.20%24.73%-0.03%16.49%-13.19%22.64%
YCS
ProShares UltraShort Yen		7.17%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between GNR and YCS is -0.20, 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

-0.20

Correlation (3Y)
Calculated over the trailing 3-year period

-0.18

Correlation (5Y)
Calculated over the trailing 5-year period

-0.13

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2010

0.04

The correlation between GNR and YCS shifts across timeframes, from -0.20 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Global Natural Resources ETF

ProShares UltraShort Yen

Often compared with GNR:
GNR vs. REMXGNR vs. XLEGNR vs. BCIGNR vs. SPYGNR vs. VAWGNR vs. XLBGNR vs. MXI
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

GNR vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GNR
GNR Risk / Return Rank: 8282
Overall Rank
GNR Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
GNR Sortino Ratio Rank: 7474
Sortino Ratio Rank
GNR Omega Ratio Rank: 7676
Omega Ratio Rank
GNR Calmar Ratio Rank: 8989
Calmar Ratio Rank
GNR Martin Ratio Rank: 9090
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6161
Overall Rank
YCS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 4949
Sortino Ratio Rank
YCS Omega Ratio Rank: 5656
Omega Ratio Rank
YCS Calmar Ratio Rank: 7878
Calmar Ratio Rank
YCS Martin Ratio Rank: 6767
Martin Ratio Rank
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.

GNR vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) 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.

GNRYCSDifference
Sharpe ratioReturn per unit of total volatility
2.64
1.92

+0.72

Sortino ratioReturn per unit of downside risk
3.38
2.44

+0.94

Omega ratioGain probability vs. loss probability

1.46

1.35

+0.11

Calmar ratioReturn relative to maximum drawdown

5.43

3.97

+1.46

Martin ratioReturn relative to average drawdown

21.28

12.40

+8.88

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GNR vs. YCS - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.64, which is higher than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of GNR and YCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GNRYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.64

1.92

+0.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

1.12

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.65

-0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.33

-0.07

Drawdowns

GNR vs. YCS - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for GNR and YCS.

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Drawdown Indicators

GNRYCSDifference

Max Drawdown

Largest peak-to-trough decline

-51.37%

-49.56%

-1.81%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-8.30%

+0.33%

Max Drawdown (3Y)

Largest decline over 3 years

-21.15%

-23.05%

+1.90%

Max Drawdown (5Y)

Largest decline over 5 years

-25.66%

-27.32%

+1.66%

Max Drawdown (10Y)

Largest decline over 10 years

-48.59%

-27.32%

-21.27%

Current Drawdown

Current decline from peak

-1.51%

0.00%

-1.51%

Average Drawdown

Average peak-to-trough decline

-14.95%

-19.93%

+4.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.66%

-0.63%

Volatility

GNR vs. YCS - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) has a higher volatility of 4.53% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that GNR'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

GNRYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.53%

2.75%

+1.78%

Volatility (6M)

Calculated over the trailing 6-month period

13.23%

12.32%

+0.91%

Volatility (1Y)

Calculated over the trailing 1-year period

16.39%

17.27%

-0.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.23%

21.10%

-0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.88%

19.01%

+2.87%

GNR vs. YCS - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

GNR vs. YCS - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.47%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GNR
SPDR S&P Global Natural Resources ETF		2.47%2.76%4.73%3.37%4.37%3.44%2.78%3.84%3.51%2.40%2.06%4.59%
YCS
ProShares UltraShort Yen		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

GNR and YCS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GNR has higher volatility (4.53%) compared to YCS (2.75%). In terms of maximum drawdown, GNR dropped -51.37% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 10.91% for GNR. On fees, GNR is cheaper at 0.40% per year. On volatility, YCS has been the lower-risk option at 2.75%. 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 12.34% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GNR is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.

GNR has the higher dividend yield at 2.47%, compared with 0.00% for YCS.

GNR is categorized as Commodity Producers Equities, while YCS is Leveraged Currency. GNR tracks S&P Global Natural Resources Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.40% for GNR and 1.00% for YCS.

GNR currently has the higher Sharpe Ratio (2.64 vs 1.92), 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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