IBND vs. YCS

Last updated Jun 4, 2026

IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, IBND returned 0.65%/yr vs 12.34%/yr for YCS. At a correlation of -0.45, they often move in opposite directions. IBND charges 0.50%/yr vs 1.00%/yr for YCS.

Performance

IBND vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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, IBND achieves a -1.08% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, IBND has underperformed YCS with an annualized return of 0.65%, while YCS has yielded a comparatively higher 12.34% annualized return.

IBND

• 1D: -0.44%
• 1M: -0.01%
• YTD: -1.08%
• 6M: -0.51%
• 1Y: 2.86%
• 3Y*: 6.69%
• 5Y*: -1.50%
• 10Y*: 0.65%

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%

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

IBND vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	-1.08%	16.17%	-2.81%	10.38%	-19.44%	-8.40%	11.50%	4.41%	-6.15%	14.84%
YCS ProShares UltraShort Yen	7.17%	9.04%	35.41%	28.70%	29.09%	22.38%	-11.18%	3.37%	-1.49%	-6.57%

Correlation

The correlation between IBND and YCS is -0.67, 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	-0.67
Correlation (3Y) Calculated over the trailing 3-year period	-0.58
Correlation (5Y) Calculated over the trailing 5-year period	-0.57
Correlation (10Y) Calculated over the trailing 10-year period	-0.51
Correlation (All Time) Calculated using the full available price history since May 21, 2010	-0.45

Over the past year, the inverse relationship between IBND and YCS has strengthened: their correlation has moved from -0.45 to -0.67, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

IBND vs. YCS — Risk / Return Rank

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

IBND

IBND Risk / Return Rank: 13
IBND Sharpe Ratio Rank: 14
IBND Sortino Ratio Rank: 13
IBND Omega Ratio Rank: 13
IBND Calmar Ratio Rank: 14
IBND Martin Ratio Rank: 14

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 56
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 78
YCS Martin Ratio Rank: 67

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.

IBND vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.

	IBND	YCS	Difference
Sharpe ratio Return per unit of total volatility	0.36	1.92	-1.56
Sortino ratio Return per unit of downside risk	0.58	2.44	-1.87
Omega ratio Gain probability vs. loss probability	1.07	1.35	-0.28
Calmar ratio Return relative to maximum drawdown	0.42	3.97	-3.55
Martin ratio Return relative to average drawdown	1.16	12.40	-11.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBND vs. YCS - Sharpe Ratio Comparison

The current IBND Sharpe Ratio is 0.36, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of IBND 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

	IBND	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.36	1.92	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	1.12	-1.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	0.65	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.33	-0.18

Drawdowns

IBND vs. YCS - Drawdown Comparison

The maximum IBND drawdown since its inception was -35.62%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IBND and YCS.

Drawdown Indicators

	IBND	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-49.56%	+13.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-8.30%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-9.18%	-23.05%	+13.87%
Max Drawdown (5Y) Largest decline over 5 years	-34.32%	-27.32%	-7.00%
Max Drawdown (10Y) Largest decline over 10 years	-35.62%	-27.32%	-8.30%
Current Drawdown Current decline from peak	-9.45%	0.00%	-9.45%
Average Drawdown Average peak-to-trough decline	-10.64%	-19.93%	+9.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.66%	-0.20%

Volatility

IBND vs. YCS - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) is 2.04%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. This indicates that IBND 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

	IBND	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.75%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	12.32%	-6.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.97%	17.27%	-9.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.74%	21.10%	-11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	19.01%	-10.07%

IBND vs. YCS - Expense Ratio Comparison

IBND has a 0.50% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

IBND vs. YCS - Dividend Comparison

IBND's dividend yield for the trailing twelve months is around 2.74%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	2.74%	2.49%	2.61%	2.08%	0.54%	0.38%	0.45%	0.67%	0.71%	0.34%	0.01%	0.01%
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

Can I hold both IBND and YCS in my portfolio?

IBND and YCS have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBND or YCS?

YCS has higher volatility (2.75%) compared to IBND (2.04%). In terms of maximum drawdown, IBND dropped -35.62% vs YCS's -49.56%.

Which ETF is better, IBND or YCS?

On 10-year performance, YCS leads with 12.34% vs 0.65% for IBND. On fees, IBND is cheaper at 0.50% per year. On volatility, IBND has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBND or YCS?

Over the 10-year period, YCS has performed better with a 12.34% return vs 0.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBND or YCS?

IBND is cheaper with a 0.50% expense ratio, compared with 1.00% for YCS.

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

IBND has the higher dividend yield at 2.74%, compared with 0.00% for YCS.

What is the main difference between IBND and YCS?

IBND is categorized as Corporate Bonds, while YCS is Leveraged Currency. IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.50% for IBND and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.92 vs 0.36), 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.