IAPR vs. YCS
IAPR (Innovator International Developed Power Buffer ETF - April) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IAPR is a Defined Outcome fund tracking the MSCI EAFE, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, IAPR returned 5.03%/yr vs 23.54%/yr for YCS. At a correlation of -0.22, they often move in opposite directions. IAPR charges 0.85%/yr vs 1.00%/yr for YCS.
Performance
IAPR vs. YCS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IAPR having a 6.91% return and YCS slightly higher at 7.17%.
IAPR
- 1D
- -0.33%
- 1M
- 1.90%
- YTD
- 6.91%
- 6M
- 8.28%
- 1Y
- 14.08%
- 3Y*
- 10.13%
- 5Y*
- 5.03%
- 10Y*
- —
YCS
- 1D
- 0.17%
- 1M
- 4.42%
- YTD
- 7.17%
- 6M
- 10.05%
- 1Y
- 32.82%
- 3Y*
- 19.84%
- 5Y*
- 23.54%
- 10Y*
- 12.34%
IAPR vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAPR Innovator International Developed Power Buffer ETF - April | 6.91% | 15.51% | 3.76% | 7.67% | -7.61% | 2.74% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 6.99% |
Correlation
The correlation between IAPR and YCS is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.22 |
The correlation between IAPR and YCS shifts across timeframes, from -0.39 (1 year) to -0.21 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IAPR vs. YCS — Risk / Return Rank
IAPR
YCS
IAPR vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - April (IAPR) 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.
| IAPR | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.35 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.51 | 3.97 | +1.54 |
| Martin ratioReturn relative to average drawdown | 21.30 | 12.40 | +8.91 |
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
| IAPR | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 1.92 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 1.12 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.33 | +0.28 |
Drawdowns
IAPR vs. YCS - Drawdown Comparison
The maximum IAPR drawdown since its inception was -17.73%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IAPR and YCS.
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Drawdown Indicators
| IAPR | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.73% | -49.56% | +31.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -8.30% | +5.74% |
Max Drawdown (3Y)Largest decline over 3 years | -9.46% | -23.05% | +13.59% |
Max Drawdown (5Y)Largest decline over 5 years | -17.73% | -27.32% | +9.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.41% | 0.00% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -3.88% | -19.93% | +16.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 2.66% | -2.00% |
Volatility
IAPR vs. YCS - Volatility Comparison
Innovator International Developed Power Buffer ETF - April (IAPR) and ProShares UltraShort Yen (YCS) have volatilities of 2.73% and 2.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAPR | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 2.75% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 12.32% | -6.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.68% | 17.27% | -10.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.85% | 21.10% | -12.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 19.01% | -10.24% |
IAPR vs. YCS - Expense Ratio Comparison
IAPR has a 0.85% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
IAPR vs. YCS - Dividend Comparison
Neither IAPR nor YCS has paid dividends to shareholders.
Frequently Asked Questions
IAPR and YCS have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.75%) compared to IAPR (2.73%). In terms of maximum drawdown, IAPR dropped -17.73% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 5.03% for IAPR. On fees, IAPR is cheaper at 0.85% per year. Their volatility is very similar. 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 23.54% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAPR is cheaper with a 0.85% expense ratio, compared with 1.00% for YCS.
IAPR and YCS have nearly identical dividend yields, around 0.00%.
IAPR is categorized as Defined Outcome, while YCS is Leveraged Currency. IAPR tracks MSCI EAFE, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.85% for IAPR and 1.00% for YCS.
IAPR currently has the higher Sharpe Ratio (2.12 vs 1.92), 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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