IBMP vs. YCS
IBMP (iShares iBonds Dec 2027 Term Muni Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IBMP is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Callable Factor Adjusted 2027 Series Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, IBMP returned 0.60%/yr vs 23.54%/yr for YCS. At a correlation of -0.31, they often move in opposite directions. IBMP charges 0.18%/yr vs 1.00%/yr for YCS.
Performance
IBMP vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, IBMP achieves a 0.93% return, which is significantly lower than YCS's 7.17% return.
IBMP
- 1D
- 0.04%
- 1M
- 0.21%
- YTD
- 0.93%
- 6M
- 1.30%
- 1Y
- 3.02%
- 3Y*
- 2.93%
- 5Y*
- 0.60%
- 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%
IBMP vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 0.93% | 3.52% | 1.26% | 3.49% | -6.09% | -0.16% | 6.22% | 4.88% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | -1.75% |
Correlation
The correlation between IBMP and YCS is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019 | -0.31 |
Over the past year, the inverse relationship between IBMP and YCS has weakened: their correlation has moved from -0.31 to -0.09, meaning they move in opposite directions less often than they have historically.
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Return for Risk
IBMP vs. YCS — Risk / Return Rank
IBMP
YCS
IBMP vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) 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.
| IBMP | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.38 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | 4.23 | +0.87 |
| Martin ratioReturn relative to average drawdown | 14.14 | 13.22 | +0.92 |
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
| IBMP | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.81 | 2.06 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 1.12 | -0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.33 | +0.05 |
Drawdowns
IBMP vs. YCS - Drawdown Comparison
The maximum IBMP drawdown since its inception was -15.24%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IBMP and YCS.
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Drawdown Indicators
| IBMP | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -49.56% | +34.32% |
Max Drawdown (1Y)Largest decline over 1 year | -0.59% | -8.30% | +7.71% |
Max Drawdown (3Y)Largest decline over 3 years | -2.63% | -23.05% | +20.42% |
Max Drawdown (5Y)Largest decline over 5 years | -10.00% | -27.32% | +17.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.72% | -19.93% | +17.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 2.65% | -2.44% |
Volatility
IBMP vs. YCS - Volatility Comparison
The current volatility for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) is 0.27%, while ProShares UltraShort Yen (YCS) has a volatility of 2.62%. This indicates that IBMP 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
| IBMP | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.27% | 2.62% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | 12.31% | -11.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 17.18% | -16.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.56% | 21.09% | -18.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 19.01% | -14.01% |
IBMP vs. YCS - Expense Ratio Comparison
IBMP has a 0.18% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
IBMP vs. YCS - Dividend Comparison
IBMP's dividend yield for the trailing twelve months is around 2.50%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 2.50% | 2.47% | 2.35% | 2.05% | 1.26% | 0.86% | 1.16% | 1.06% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBMP and YCS have a correlation of -0.09, 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 IBMP (0.27%). In terms of maximum drawdown, IBMP dropped -15.24% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 0.60% for IBMP. On fees, IBMP is cheaper at 0.18% per year. On volatility, IBMP has been the lower-risk option at 0.27%. 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 0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMP is cheaper with a 0.18% expense ratio, compared with 1.00% for YCS.
IBMP has the higher dividend yield at 2.50%, compared with 0.00% for YCS.
IBMP is categorized as Municipal Bonds, while YCS is Leveraged Currency. IBMP tracks S&P AMT-Free Municipal Callable Factor Adjusted 2027 Series Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.18% for IBMP and 1.00% for YCS.
IBMP currently has the higher Sharpe Ratio (2.81 vs 2.06), 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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