HYGH vs. YCS
HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, HYGH returned 6.48%/yr vs 13.63%/yr for YCS. At a 0.17 correlation, their price movements are largely independent. HYGH charges 0.52%/yr vs 1.00%/yr for YCS.
Performance
HYGH vs. YCS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYGH achieves a 3.37% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, HYGH has underperformed YCS with an annualized return of 6.48%, while YCS has yielded a comparatively higher 13.63% annualized return.
HYGH
- 1D
- -0.05%
- 1M
- 0.60%
- YTD
- 3.37%
- 6M
- 3.70%
- 1Y
- 7.78%
- 3Y*
- 9.89%
- 5Y*
- 6.94%
- 10Y*
- 6.48%
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%
HYGH vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.37% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between HYGH and YCS is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.17 |
The correlation between HYGH and YCS shifts across timeframes, from -0.14 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYGH vs. YCS — Risk / Return Rank
HYGH
YCS
HYGH vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) 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.
| HYGH | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.35 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.82 | 3.79 | +1.03 |
| Martin ratioReturn relative to average drawdown | 18.86 | 11.86 | +7.00 |
Loading charts...
Drawdowns
HYGH vs. YCS - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for HYGH and YCS.
Loading charts...
Drawdown Indicators
| HYGH | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -49.56% | +25.68% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -8.30% | +6.68% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -23.05% | +14.99% |
Max Drawdown (5Y)Largest decline over 5 years | -8.24% | -27.32% | +19.08% |
Max Drawdown (10Y)Largest decline over 10 years | -23.88% | -27.32% | +3.44% |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -2.22% | -19.88% | +17.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 2.65% | -2.24% |
Volatility
HYGH vs. YCS - Volatility Comparison
The current volatility for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is 0.63%, while ProShares UltraShort Yen (YCS) has a volatility of 2.22%. This indicates that HYGH 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.
Loading charts...
Volatility by Period
| HYGH | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 2.22% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 12.19% | -9.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 16.96% | -13.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.08% | 21.10% | -14.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.33% | 18.96% | -10.63% |
HYGH vs. YCS - Expense Ratio Comparison
HYGH has a 0.52% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
HYGH vs. YCS - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.60%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGH and YCS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.22%) compared to HYGH (0.63%). In terms of maximum drawdown, HYGH dropped -23.88% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 6.48% for HYGH. On fees, HYGH is cheaper at 0.52% per year. On volatility, HYGH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.63% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGH is cheaper with a 0.52% expense ratio, compared with 1.00% for YCS.
HYGH has the higher dividend yield at 6.60%, compared with 0.00% for YCS.
HYGH is categorized as High Yield Bonds, while YCS is Leveraged Currency. HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.52% for HYGH and 1.00% for YCS.
HYGH currently has the higher Sharpe Ratio (2.15 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.
Find the right allocation for HYGH and YCS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer