HECO vs. YCS

Last updated Jun 24, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). HECO is actively managed, while YCS is passively managed. Over the past year, HECO returned 136.37% vs 31.27% for YCS. At a 0.00 correlation, their price movements are largely independent. HECO charges 0.90%/yr vs 1.00%/yr for YCS.

Performance

HECO vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECO achieves a 72.76% return, which is significantly higher than YCS's 9.63% return.

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: -0.14%
• 1M: 3.57%
• YTD: 9.63%
• 6M: 10.44%
• 1Y: 31.27%
• 3Y*: 18.37%
• 5Y*: 23.52%
• 10Y*: 13.62%

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

HECO vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	26.23%	28.95%
YCS ProShares UltraShort Yen	9.63%	9.04%	22.15%

Correlation

The correlation between HECO and YCS is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.00

The correlation between HECO and YCS shifts across timeframes, from -0.16 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HECO vs. YCS — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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.

HECO vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) 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.

	HECO	YCS	Difference
Sharpe ratio: Return per unit of total volatility	3.66	1.86	+1.81
Sortino ratio: Return per unit of downside risk	4.00	2.36	+1.64
Omega ratio: Gain probability vs. loss probability	1.51	1.34	+0.17
Calmar ratio: Return relative to maximum drawdown	6.52	3.78	+2.74
Martin ratio: Return relative to average drawdown	18.64	11.93	+6.71

HECO vs. YCS - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.66, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of HECO 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.

Drawdowns

HECO vs. YCS - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HECO and YCS.

Drawdown Indicators

	HECO	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-49.56%	+4.97%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-8.30%	-12.73%
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	-1.40%	-0.14%	-1.26%
Average Drawdown Average peak-to-trough decline	-11.53%	-19.87%	+8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	2.65%	+4.70%

Volatility

HECO vs. YCS - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 10.26% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that HECO'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.

Volatility by Period

	HECO	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	2.25%	+8.01%
Volatility (6M) Calculated over the trailing 6-month period	28.99%	12.19%	+16.80%
Volatility (1Y) Calculated over the trailing 1-year period	37.49%	16.93%	+20.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.68%	21.10%	+23.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.68%	18.82%	+25.86%

HECO vs. YCS - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

HECO vs. YCS - Dividend Comparison

Neither HECO nor YCS has paid dividends to shareholders.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HECO and YCS in my portfolio?

HECO and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HECO or YCS?

HECO has higher volatility (10.26%) compared to YCS (2.25%). In terms of maximum drawdown, HECO dropped -44.59% vs YCS's -49.56%.

Which ETF is better, HECO or YCS?

On 1-year performance, HECO leads with 136.37% vs 31.27% for YCS. On fees, HECO is cheaper at 0.90% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or YCS?

Over the 1-year period, HECO has performed better with a 136.37% return vs 31.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or YCS?

HECO is cheaper with a 0.90% expense ratio, compared with 1.00% for YCS.

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

HECO and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between HECO and YCS?

HECO is categorized as Blockchain, while YCS is Leveraged Currency. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.90% for HECO and 1.00% for YCS.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 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.