HFEQ vs. YCS

Last updated Jun 23, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). HFEQ is actively managed, while YCS is passively managed. At a correlation of -0.19, they often move in opposite directions. Both charge a 1.00% expense ratio.

Performance

HFEQ vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HFEQ having a 9.98% return and YCS slightly lower at 9.78%.

HFEQ

• 1D: -3.97%
• 1M: -1.18%
• YTD: 9.98%
• 6M: 9.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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%

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

HFEQ vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
YCS ProShares UltraShort Yen	9.78%	16.53%

Correlation

The correlation between HFEQ and YCS is -0.19, 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 (All Time) Calculated using the full available price history since Jul 15, 2025	-0.19

Return for Risk

HFEQ vs. YCS — Risk / Return Rank

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

HFEQ

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

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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.

HFEQ vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

	HFEQ	YCS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.86	—
Sortino ratio: Return per unit of downside risk	—	2.37	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	3.79	—
Martin ratio: Return relative to average drawdown	—	11.86	—

Drawdowns

HFEQ vs. YCS - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HFEQ and YCS.

Drawdown Indicators

	HFEQ	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-49.56%	+37.10%
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	-3.97%	0.00%	-3.97%
Average Drawdown Average peak-to-trough decline	-2.44%	-19.88%	+17.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.65%	—

Volatility

Volatility by Period

	HFEQ	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	16.96%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	21.10%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	18.96%	+2.94%

HFEQ vs. YCS - Expense Ratio Comparison

Both HFEQ and YCS have an expense ratio of 1.00%.

Dividends

HFEQ vs. YCS - Dividend Comparison

Neither HFEQ nor YCS has paid dividends to shareholders.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and YCS in my portfolio?

HFEQ and YCS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or YCS?

Both ETFs have the same 1.00% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or YCS?

HFEQ and YCS have the same expense ratio: 1.00% per year.

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

HFEQ has the higher dividend yield at 9.59%, compared with 0.00% for YCS.

What is the main difference between HFEQ and YCS?

HFEQ is categorized as Long-Short, while YCS is Leveraged Currency. They also come from different issuers: Unlimited and ProShares.