HYFI vs. YCS
HYFI (AB High Yield ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HYFI is a High Yield Bonds fund actively managed by AllianceBernstein, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). HYFI is actively managed, while YCS is passively managed. Over the past 3 years, HYFI returned 9.21%/yr vs 20.03%/yr for YCS. At a correlation of -0.27, they often move in opposite directions. HYFI charges 0.40%/yr vs 1.00%/yr for YCS.
Performance
HYFI vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, HYFI achieves a 1.98% return, which is significantly lower than YCS's 7.17% return.
HYFI
- 1D
- 0.03%
- 1M
- 0.44%
- YTD
- 1.98%
- 6M
- 2.35%
- 1Y
- 7.65%
- 3Y*
- 9.21%
- 5Y*
- —
- 10Y*
- —
YCS
- 1D
- 0.00%
- 1M
- 3.39%
- YTD
- 7.17%
- 6M
- 10.02%
- 1Y
- 34.99%
- 3Y*
- 20.03%
- 5Y*
- 23.54%
- 10Y*
- 12.16%
HYFI vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HYFI AB High Yield ETF | 1.98% | 8.91% | 7.98% | 8.66% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 15.87% |
Correlation
The correlation between HYFI and YCS is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since May 16, 2023 | -0.27 |
The correlation between HYFI and YCS shifts across timeframes, from -0.38 (1 year) to -0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYFI vs. YCS — Risk / Return Rank
HYFI
YCS
HYFI vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB High Yield ETF (HYFI) 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.
| HYFI | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.38 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 4.23 | -1.15 |
| Martin ratioReturn relative to average drawdown | 13.91 | 13.22 | +0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYFI | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.06 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.70 | 0.33 | +1.37 |
Drawdowns
HYFI vs. YCS - Drawdown Comparison
The maximum HYFI drawdown since its inception was -6.34%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HYFI and YCS.
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Drawdown Indicators
| HYFI | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.34% | -49.56% | +43.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -8.30% | +5.81% |
Max Drawdown (3Y)Largest decline over 3 years | -6.34% | -23.05% | +16.71% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.21% | 0.00% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -0.51% | -19.93% | +19.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 2.65% | -2.10% |
Volatility
HYFI vs. YCS - Volatility Comparison
The current volatility for AB High Yield ETF (HYFI) is 1.08%, while ProShares UltraShort Yen (YCS) has a volatility of 2.62%. This indicates that HYFI experiences smaller price fluctuations and is considered to be less risky 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
| HYFI | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 2.62% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 12.31% | -9.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 17.18% | -13.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.36% | 21.09% | -15.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.36% | 19.01% | -13.65% |
HYFI vs. YCS - Expense Ratio Comparison
HYFI has a 0.40% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
HYFI vs. YCS - Dividend Comparison
HYFI's dividend yield for the trailing twelve months is around 6.64%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HYFI AB High Yield ETF | 6.64% | 6.66% | 6.57% | 4.17% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYFI and YCS have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.62%) compared to HYFI (1.08%). In terms of maximum drawdown, HYFI dropped -6.34% vs YCS's -49.56%.
On 3-year performance, YCS leads with 20.03% vs 9.21% for HYFI. On fees, HYFI is cheaper at 0.40% per year. On volatility, HYFI has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YCS has performed better with a 20.03% return vs 9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYFI is cheaper with a 0.40% expense ratio, compared with 1.00% for YCS.
HYFI has the higher dividend yield at 6.64%, compared with 0.00% for YCS.
HYFI is categorized as High Yield Bonds, while YCS is Leveraged Currency. They also come from different issuers: AllianceBernstein and ProShares. Their fees differ too: 0.40% for HYFI and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (2.06 vs 1.95), 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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