IBGA vs. YCS
IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IBGA is a Intermediate Core Bond fund tracking the ICE 2044 Maturity US Treasury Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past year, IBGA returned 4.16% vs 34.18% for YCS. At a correlation of -0.44, they often move in opposite directions. IBGA charges 0.07%/yr vs 1.00%/yr for YCS.
Performance
IBGA vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, IBGA achieves a 0.45% return, which is significantly lower than YCS's 10.06% return.
IBGA
- 1D
- 0.16%
- 1M
- 1.86%
- YTD
- 0.45%
- 6M
- 0.38%
- 1Y
- 4.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
YCS
- 1D
- 0.39%
- 1M
- 3.97%
- YTD
- 10.06%
- 6M
- 11.27%
- 1Y
- 34.18%
- 3Y*
- 18.53%
- 5Y*
- 23.65%
- 10Y*
- 13.66%
IBGA vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | 0.45% | 6.09% | -2.18% |
YCS ProShares UltraShort Yen | 10.06% | 9.04% | 3.64% |
Correlation
The correlation between IBGA and YCS is -0.44, 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 | -0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | -0.44 |
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Return for Risk
IBGA vs. YCS — Risk / Return Rank
IBGA
YCS
IBGA vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) 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.
| IBGA | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.38 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 4.14 | -3.50 |
| Martin ratioReturn relative to average drawdown | 1.64 | 13.04 | -11.40 |
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Drawdowns
IBGA vs. YCS - Drawdown Comparison
The maximum IBGA drawdown since its inception was -11.69%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IBGA and YCS.
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Drawdown Indicators
| IBGA | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.69% | -49.56% | +37.87% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -8.30% | +1.70% |
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 DrawdownCurrent decline from peak | -3.88% | 0.00% | -3.88% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -19.87% | +14.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 2.63% | -0.09% |
Volatility
IBGA vs. YCS - Volatility Comparison
The current volatility for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) is 1.97%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that IBGA 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
| IBGA | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 2.25% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 11.91% | -6.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.00% | 16.93% | -8.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.82% | 21.10% | -11.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.82% | 18.82% | -9.00% |
IBGA vs. YCS - Expense Ratio Comparison
IBGA has a 0.07% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
IBGA vs. YCS - Dividend Comparison
IBGA's dividend yield for the trailing twelve months is around 4.62%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | 4.62% | 4.49% | 2.03% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBGA and YCS have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to IBGA (1.97%). In terms of maximum drawdown, IBGA dropped -11.69% vs YCS's -49.56%.
On 1-year performance, YCS leads with 34.18% vs 4.16% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, IBGA has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, YCS has performed better with a 34.18% return vs 4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGA is cheaper with a 0.07% expense ratio, compared with 1.00% for YCS.
IBGA has the higher dividend yield at 4.62%, compared with 0.00% for YCS.
IBGA is categorized as Intermediate Core Bond, while YCS is Leveraged Currency. IBGA tracks ICE 2044 Maturity US Treasury Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.07% for IBGA and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (2.04 vs 0.52), 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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