HEGD vs. YCS
HEGD (Swan Hedged Equity US Large Cap ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HEGD is a Equity Hedged fund actively managed by Swan, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). HEGD is actively managed, while YCS is passively managed. Over the past 5 years, HEGD returned 8.45%/yr vs 23.52%/yr for YCS. At a correlation of -0.03, they often move in opposite directions. HEGD charges 0.88%/yr vs 1.00%/yr for YCS.
Performance
HEGD vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, HEGD achieves a 4.64% return, which is significantly lower than YCS's 9.63% return.
HEGD
- 1D
- -0.90%
- 1M
- -1.16%
- YTD
- 4.64%
- 6M
- 3.89%
- 1Y
- 15.13%
- 3Y*
- 13.52%
- 5Y*
- 8.45%
- 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%
HEGD vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 4.64% | 12.95% | 15.24% | 14.16% | -11.25% | 17.30% | 0.75% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -0.61% |
Correlation
The correlation between HEGD and YCS is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020 | -0.03 |
The correlation between HEGD and YCS shifts across timeframes, from -0.22 (1 year) to -0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HEGD vs. YCS — Risk / Return Rank
HEGD
YCS
HEGD vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) 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.
| HEGD | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.34 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 3.78 | -0.32 |
| Martin ratioReturn relative to average drawdown | 12.69 | 11.93 | +0.77 |
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Drawdowns
HEGD vs. YCS - Drawdown Comparison
The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HEGD and YCS.
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Drawdown Indicators
| HEGD | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.56% | -49.56% | +35.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.39% | -8.30% | +3.91% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -23.05% | +14.91% |
Max Drawdown (5Y)Largest decline over 5 years | -14.56% | -27.32% | +12.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -2.67% | -0.14% | -2.53% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -19.87% | +16.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 2.65% | -1.46% |
Volatility
HEGD vs. YCS - Volatility Comparison
Swan Hedged Equity US Large Cap ETF (HEGD) has a higher volatility of 3.36% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that HEGD'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
| HEGD | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 2.25% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 5.62% | 12.19% | -6.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.52% | 16.93% | -9.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 21.10% | -11.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.40% | 18.82% | -9.42% |
HEGD vs. YCS - Expense Ratio Comparison
HEGD has a 0.88% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
HEGD vs. YCS - Dividend Comparison
HEGD's dividend yield for the trailing twelve months is around 0.34%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 0.34% | 0.36% | 0.43% | 0.39% | 0.87% | 0.31% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEGD and YCS have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEGD has higher volatility (3.36%) compared to YCS (2.25%). In terms of maximum drawdown, HEGD dropped -14.56% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.52% vs 8.45% for HEGD. On fees, HEGD is cheaper at 0.88% 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.
Over the 5-year period, YCS has performed better with a 23.52% return vs 8.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEGD is cheaper with a 0.88% expense ratio, compared with 1.00% for YCS.
HEGD has the higher dividend yield at 0.34%, compared with 0.00% for YCS.
HEGD is categorized as Equity Hedged, while YCS is Leveraged Currency. They also come from different issuers: Swan and ProShares. Their fees differ too: 0.88% for HEGD and 1.00% for YCS.
HEGD currently has the higher Sharpe Ratio (2.03 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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