GSY vs. YCS
GSY (Invesco Ultra Short Duration ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). GSY is actively managed, while YCS is passively managed. Over the past 10 years, GSY returned 2.86%/yr vs 12.34%/yr for YCS. At a correlation of -0.14, they often move in opposite directions. GSY charges 0.22%/yr vs 1.00%/yr for YCS.
Performance
GSY vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, GSY achieves a 1.59% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, GSY has underperformed YCS with an annualized return of 2.86%, while YCS has yielded a comparatively higher 12.34% annualized return.
GSY
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.59%
- 6M
- 1.96%
- 1Y
- 4.54%
- 3Y*
- 5.45%
- 5Y*
- 3.65%
- 10Y*
- 2.86%
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%
GSY vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 1.59% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
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 GSY and YCS is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.26 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.14 |
The correlation between GSY and YCS shifts across timeframes, from -0.39 (5 years) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSY vs. YCS — Risk / Return Rank
GSY
YCS
GSY vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) 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.
| GSY | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.60 | ||
| Sortino ratioReturn per unit of downside risk | +27.12 | ||
| Omega ratioGain probability vs. loss probability | 7.01 | 1.35 | +5.66 |
| Calmar ratioReturn relative to maximum drawdown | 76.07 | 3.97 | +72.10 |
| Martin ratioReturn relative to average drawdown | 397.70 | 12.40 | +385.30 |
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
| GSY | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 11.52 | 1.92 | +9.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 6.29 | 1.12 | +5.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.35 | 0.65 | +1.70 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.33 | +0.13 |
Drawdowns
GSY vs. YCS - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for GSY and YCS.
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Drawdown Indicators
| GSY | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -49.56% | +37.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -8.30% | +8.24% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -23.05% | +22.87% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | -27.32% | +25.84% |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | -27.32% | +22.07% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -19.93% | +17.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 2.66% | -2.65% |
Volatility
GSY vs. YCS - Volatility Comparison
The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.14%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that GSY experiences smaller price fluctuations and is considered to be less risky 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
| GSY | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 2.75% | -2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.29% | 12.32% | -12.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.40% | 17.27% | -16.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 21.10% | -20.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 19.01% | -17.79% |
GSY vs. YCS - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
GSY vs. YCS - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.34%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.34% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
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
GSY and YCS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.75%) compared to GSY (0.14%). In terms of maximum drawdown, GSY dropped -12.14% vs YCS's -49.56%.
On 10-year performance, YCS leads with 12.34% vs 2.86% for GSY. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.14%. 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 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSY is cheaper with a 0.22% expense ratio, compared with 1.00% for YCS.
GSY has the higher dividend yield at 4.34%, compared with 0.00% for YCS.
GSY is categorized as Ultrashort Bond, while YCS is Leveraged Currency. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.22% for GSY and 1.00% for YCS.
GSY currently has the higher Sharpe Ratio (11.52 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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