HWSM vs. YCS

Last updated Jun 24, 2026

HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HWSM is a Mid Cap Value Equities fund actively managed by Hotchkis & Wiley, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). HWSM is actively managed, while YCS is passively managed. Over the past year, HWSM returned 23.75% vs 31.27% for YCS. At a correlation of -0.01, they often move in opposite directions. HWSM charges 0.55%/yr vs 1.00%/yr for YCS.

Performance

HWSM vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) 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, HWSM achieves a 10.81% return, which is significantly higher than YCS's 9.63% return.

HWSM

• 1D: 0.09%
• 1M: 2.22%
• YTD: 10.81%
• 6M: 9.51%
• 1Y: 23.75%
• 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)

HWSM vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	10.81%	12.92%
YCS ProShares UltraShort Yen	9.63%	15.39%

Correlation

The correlation between HWSM 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 Mar 31, 2025	-0.01

The correlation between HWSM and YCS shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HWSM vs. YCS — Risk / Return Rank

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

HWSM

HWSM Risk / Return Rank: 50
HWSM Sharpe Ratio Rank: 48
HWSM Sortino Ratio Rank: 52
HWSM Omega Ratio Rank: 46
HWSM Calmar Ratio Rank: 51
HWSM Martin Ratio Rank: 50

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.

HWSM vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) 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.

	HWSM	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.86	-0.33
Sortino ratio: Return per unit of downside risk	2.30	2.36	-0.06
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	2.33	3.78	-1.45
Martin ratio: Return relative to average drawdown	7.80	11.93	-4.13

HWSM vs. YCS - Sharpe Ratio Comparison

The current HWSM Sharpe Ratio is 1.53, which is comparable to the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of HWSM 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

HWSM vs. YCS - Drawdown Comparison

The maximum HWSM drawdown since its inception was -15.67%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HWSM and YCS.

Drawdown Indicators

	HWSM	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-49.56%	+33.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-8.30%	-1.93%
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	-1.85%	-0.14%	-1.71%
Average Drawdown Average peak-to-trough decline	-2.68%	-19.87%	+17.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.65%	+0.40%

Volatility

HWSM vs. YCS - Volatility Comparison

Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) has a higher volatility of 3.40% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that HWSM'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

	HWSM	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	2.25%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	12.19%	-1.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	16.93%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	21.10%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	18.82%	+1.50%

HWSM vs. YCS - Expense Ratio Comparison

HWSM has a 0.55% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

HWSM vs. YCS - Dividend Comparison

HWSM's dividend yield for the trailing twelve months is around 1.20%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	1.20%	1.33%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both HWSM and YCS in my portfolio?

HWSM 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, HWSM or YCS?

HWSM has higher volatility (3.40%) compared to YCS (2.25%). In terms of maximum drawdown, HWSM dropped -15.67% vs YCS's -49.56%.

Which ETF is better, HWSM or YCS?

On 1-year performance, YCS leads with 31.27% vs 23.75% for HWSM. On fees, HWSM is cheaper at 0.55% 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, HWSM or YCS?

Over the 1-year period, YCS has performed better with a 31.27% return vs 23.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWSM or YCS?

HWSM is cheaper with a 0.55% expense ratio, compared with 1.00% for YCS.

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

HWSM has the higher dividend yield at 1.20%, compared with 0.00% for YCS.

What is the main difference between HWSM and YCS?

HWSM is categorized as Mid Cap Value Equities, while YCS is Leveraged Currency. They also come from different issuers: Hotchkis & Wiley and ProShares. Their fees differ too: 0.55% for HWSM and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs 1.53), 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.