HEDG vs. YCS

Last updated Jun 23, 2026

HEDG (Equable Shares Hedged Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HEDG is a Equity Hedged fund tracking the Actively Managed, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. At a correlation of -0.09, they often move in opposite directions. HEDG charges 0.96%/yr vs 1.00%/yr for YCS.

Performance

HEDG vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) 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, HEDG achieves a 2.98% return, which is significantly lower than YCS's 9.63% return.

HEDG

• 1D: -0.07%
• 1M: 0.40%
• YTD: 2.98%
• 6M: 3.06%
• 1Y: —
• 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)

HEDG vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	2.98%	3.20%
YCS ProShares UltraShort Yen	9.63%	8.84%

Correlation

The correlation between HEDG and YCS is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	-0.09

Return for Risk

HEDG vs. YCS — Risk / Return Rank

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

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

HEDG vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) 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.

	HEDG	YCS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.86	—
Sortino ratio: Return per unit of downside risk	—	2.36	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	3.78	—
Martin ratio: Return relative to average drawdown	—	11.93	—

Drawdowns

HEDG vs. YCS - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HEDG and YCS.

Drawdown Indicators

	HEDG	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-49.56%	+45.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.30%	—
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	-0.30%	-0.14%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.39%	-19.87%	+19.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.65%	—

Volatility

Volatility by Period

	HEDG	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.87%	16.93%	-11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.87%	21.10%	-15.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.87%	18.82%	-12.95%

HEDG vs. YCS - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

HEDG vs. YCS - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 1.83%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
HEDG Equable Shares Hedged Equity ETF	1.83%	1.38%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEDG and YCS in my portfolio?

HEDG and YCS have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or YCS?

On fees, HEDG is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or YCS?

HEDG is cheaper with a 0.96% expense ratio, compared with 1.00% for YCS.

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

HEDG has the higher dividend yield at 1.83%, compared with 0.00% for YCS.

What is the main difference between HEDG and YCS?

HEDG is categorized as Equity Hedged, while YCS is Leveraged Currency. HEDG tracks Actively Managed, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Equable Shares and ProShares. Their fees differ too: 0.96% for HEDG and 1.00% for YCS.