IBHK vs. YCS

Last updated Jun 3, 2026

IBHK (iShares iBonds 2031 Term High Yield and Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IBHK is a High Yield Bonds fund tracking the Bloomberg 2031 Term High Yield and Income Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past year, IBHK returned 7.64% vs 35.19% for YCS. At a correlation of -0.19, they often move in opposite directions. IBHK charges 0.35%/yr vs 1.00%/yr for YCS.

Performance

IBHK vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2031 Term High Yield and Income ETF (IBHK) 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, IBHK achieves a 1.99% return, which is significantly lower than YCS's 6.99% return.

IBHK

• 1D: 0.04%
• 1M: 0.41%
• YTD: 1.99%
• 6M: 2.46%
• 1Y: 7.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.03%
• 1M: 4.27%
• YTD: 6.99%
• 6M: 8.81%
• 1Y: 35.19%
• 3Y*: 19.77%
• 5Y*: 23.16%
• 10Y*: 12.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBHK vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBHK iShares iBonds 2031 Term High Yield and Income ETF	1.99%	9.05%	5.05%
YCS ProShares UltraShort Yen	6.99%	9.04%	4.36%

Correlation

The correlation between IBHK and YCS is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since May 28, 2024	-0.19

The correlation between IBHK and YCS shifts across timeframes, from -0.32 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBHK vs. YCS — Risk / Return Rank

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

IBHK

IBHK Risk / Return Rank: 59
IBHK Sharpe Ratio Rank: 54
IBHK Sortino Ratio Rank: 59
IBHK Omega Ratio Rank: 58
IBHK Calmar Ratio Rank: 56
IBHK Martin Ratio Rank: 67

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 60
YCS Sortino Ratio Rank: 53
YCS Omega Ratio Rank: 60
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 66

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.

IBHK vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2031 Term High Yield and Income ETF (IBHK) 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.

	IBHK	YCS	Difference
Sharpe ratio Return per unit of total volatility	1.90	2.05	-0.15
Sortino ratio Return per unit of downside risk	2.87	2.59	+0.28
Omega ratio Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio Return relative to maximum drawdown	2.83	3.95	-1.12
Martin ratio Return relative to average drawdown	12.49	12.35	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBHK vs. YCS - Sharpe Ratio Comparison

The current IBHK Sharpe Ratio is 1.90, which is comparable to the YCS Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of IBHK 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.

Sharpe Ratios by Period

	IBHK	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.05	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	0.33	+1.25

Drawdowns

IBHK vs. YCS - Drawdown Comparison

The maximum IBHK drawdown since its inception was -4.83%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IBHK and YCS.

Drawdown Indicators

	IBHK	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-49.56%	+44.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-8.30%	+5.48%
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	-0.08%	-0.04%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.49%	-19.94%	+19.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	2.66%	-2.02%

Volatility

IBHK vs. YCS - Volatility Comparison

The current volatility for iShares iBonds 2031 Term High Yield and Income ETF (IBHK) is 1.29%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that IBHK 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.

Volatility by Period

	IBHK	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	2.75%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	12.36%	-9.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	17.38%	-13.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.12%	21.11%	-15.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	19.02%	-13.90%

IBHK vs. YCS - Expense Ratio Comparison

IBHK has a 0.35% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

IBHK vs. YCS - Dividend Comparison

IBHK's dividend yield for the trailing twelve months is around 6.46%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
IBHK iShares iBonds 2031 Term High Yield and Income ETF	6.46%	6.52%	4.02%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBHK and YCS in my portfolio?

IBHK and YCS have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBHK or YCS?

YCS has higher volatility (2.75%) compared to IBHK (1.29%). In terms of maximum drawdown, IBHK dropped -4.83% vs YCS's -49.56%.

Which ETF is better, IBHK or YCS?

On 1-year performance, YCS leads with 35.19% vs 7.64% for IBHK. On fees, IBHK is cheaper at 0.35% per year. On volatility, IBHK has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBHK or YCS?

Over the 1-year period, YCS has performed better with a 35.19% return vs 7.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBHK or YCS?

IBHK is cheaper with a 0.35% expense ratio, compared with 1.00% for YCS.

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

IBHK has the higher dividend yield at 6.46%, compared with 0.00% for YCS.

What is the main difference between IBHK and YCS?

IBHK is categorized as High Yield Bonds, while YCS is Leveraged Currency. IBHK tracks Bloomberg 2031 Term High Yield and Income Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.35% for IBHK and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (2.05 vs 1.90), 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.