HDLB vs. YCS
HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, HDLB returned 11.24%/yr vs 23.54%/yr for YCS. At a correlation of -0.08, they often move in opposite directions. HDLB charges 1.65%/yr vs 1.00%/yr for YCS.
Performance
HDLB vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, HDLB achieves a 9.69% return, which is significantly higher than YCS's 7.17% return.
HDLB
- 1D
- -1.72%
- 1M
- -4.18%
- YTD
- 9.69%
- 6M
- 8.78%
- 1Y
- 17.78%
- 3Y*
- 26.82%
- 5Y*
- 11.24%
- 10Y*
- —
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%
HDLB vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 9.69% | 27.26% | 28.21% | -4.12% | -11.46% | 62.67% | -50.94% | 7.93% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 0.82% |
Correlation
The correlation between HDLB and YCS is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2019 | -0.08 |
Over the past year, the inverse relationship between HDLB and YCS has strengthened: their correlation has moved from -0.08 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
HDLB vs. YCS — Risk / Return Rank
HDLB
YCS
HDLB vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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.
| HDLB | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.35 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 3.97 | -2.74 |
| Martin ratioReturn relative to average drawdown | 2.69 | 12.40 | -9.70 |
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
| HDLB | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.68 | 1.92 | -1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 1.12 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.33 | -0.23 |
Drawdowns
HDLB vs. YCS - Drawdown Comparison
The maximum HDLB drawdown since its inception was -78.70%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HDLB and YCS.
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Drawdown Indicators
| HDLB | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.70% | -49.56% | -29.14% |
Max Drawdown (1Y)Largest decline over 1 year | -14.50% | -8.30% | -6.20% |
Max Drawdown (3Y)Largest decline over 3 years | -22.46% | -23.05% | +0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -43.81% | -27.32% | -16.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -14.15% | 0.00% | -14.15% |
Average DrawdownAverage peak-to-trough decline | -27.47% | -19.93% | -7.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.62% | 2.66% | +3.96% |
Volatility
HDLB vs. YCS - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 6.21% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that HDLB'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
| HDLB | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 2.75% | +3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 18.14% | 12.32% | +5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.46% | 17.27% | +9.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.55% | 21.10% | +9.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.58% | 19.01% | +24.57% |
HDLB vs. YCS - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than YCS's 1.00% expense ratio.
Dividends
HDLB vs. YCS - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 12.13%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 12.13% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDLB and YCS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDLB has higher volatility (6.21%) compared to YCS (2.75%). In terms of maximum drawdown, HDLB dropped -78.70% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 11.24% for HDLB. On fees, YCS is cheaper at 1.00% 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 5-year period, YCS has performed better with a 23.54% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YCS is cheaper with a 1.00% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 12.13%, compared with 0.00% for YCS.
HDLB is categorized as Leveraged Equities, while YCS is Leveraged Currency. HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 1.65% for HDLB and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.92 vs 0.68), 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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