GVIP vs. YCS
GVIP (Goldman Sachs Hedge Industry VIP ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, GVIP returned 14.11%/yr vs 23.50%/yr for YCS. At a 0.11 correlation, their price movements are largely independent. GVIP charges 0.45%/yr vs 1.00%/yr for YCS.
Performance
GVIP vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, GVIP achieves a 23.78% return, which is significantly higher than YCS's 9.78% return.
GVIP
- 1D
- 3.35%
- 1M
- 10.03%
- YTD
- 23.78%
- 6M
- 23.16%
- 1Y
- 45.11%
- 3Y*
- 32.71%
- 5Y*
- 14.11%
- 10Y*
- —
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
GVIP vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 23.78% | 25.27% | 29.82% | 39.15% | -31.95% | 11.86% | 44.12% | 30.21% | -6.85% | 25.79% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between GVIP and YCS is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016 | 0.11 |
The correlation between GVIP and YCS shifts across timeframes, from -0.13 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GVIP vs. YCS — Risk / Return Rank
GVIP
YCS
GVIP vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) 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.
| GVIP | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.35 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 3.79 | -0.48 |
| Martin ratioReturn relative to average drawdown | 14.12 | 11.86 | +2.26 |
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Drawdowns
GVIP vs. YCS - Drawdown Comparison
The maximum GVIP drawdown since its inception was -37.09%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for GVIP and YCS.
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Drawdown Indicators
| GVIP | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.09% | -49.56% | +12.47% |
Max Drawdown (1Y)Largest decline over 1 year | -13.67% | -8.30% | -5.37% |
Max Drawdown (3Y)Largest decline over 3 years | -23.29% | -23.05% | -0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -37.09% | -27.32% | -9.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -19.88% | +12.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 2.65% | +0.55% |
Volatility
GVIP vs. YCS - Volatility Comparison
Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 9.33% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that GVIP'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
| GVIP | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.33% | 2.22% | +7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 16.71% | 12.19% | +4.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.12% | 16.96% | +3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.65% | 21.10% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.79% | 18.96% | +2.83% |
GVIP vs. YCS - Expense Ratio Comparison
GVIP has a 0.45% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
GVIP vs. YCS - Dividend Comparison
GVIP'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 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 0.27% | 0.34% | 0.29% | 0.77% | 0.02% | 0.00% | 0.12% | 0.77% | 0.44% | 0.45% | 0.08% |
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% |
Frequently Asked Questions
GVIP and YCS have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVIP has higher volatility (9.33%) compared to YCS (2.22%). In terms of maximum drawdown, GVIP dropped -37.09% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.50% vs 14.11% for GVIP. On fees, GVIP is cheaper at 0.45% per year. On volatility, YCS has been the lower-risk option at 2.22%. 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 23.50% return vs 14.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GVIP is cheaper with a 0.45% expense ratio, compared with 1.00% for YCS.
GVIP has the higher dividend yield at 0.27%, compared with 0.00% for YCS.
GVIP is categorized as Large Cap Growth Equities, while YCS is Leveraged Currency. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Goldman Sachs and ProShares. Their fees differ too: 0.45% for GVIP and 1.00% for YCS.
GVIP currently has the higher Sharpe Ratio (2.26 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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