IBUF vs. YCS

Last updated Jun 5, 2026

IBUF (Innovator International Developed 10 Buffer ETF - Quarterly) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IBUF is a Defined Outcome fund actively managed by Innovator, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). IBUF is actively managed, while YCS is passively managed. Over the past year, IBUF returned 12.34% vs 34.99% for YCS. At a correlation of -0.21, they often move in opposite directions. IBUF charges 0.85%/yr vs 1.00%/yr for YCS.

Performance

IBUF vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) 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, IBUF achieves a 5.86% return, which is significantly lower than YCS's 7.17% return.

IBUF

• 1D: 0.63%
• 1M: 2.09%
• YTD: 5.86%
• 6M: 7.41%
• 1Y: 12.34%
• 3Y*: —
• 5Y*: —
• 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%

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

IBUF vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBUF Innovator International Developed 10 Buffer ETF - Quarterly	5.86%	13.54%	2.77%
YCS ProShares UltraShort Yen	7.17%	9.04%	-2.91%

Correlation

The correlation between IBUF and YCS is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	-0.21

The correlation between IBUF and YCS shifts across timeframes, from -0.36 (1 year) to -0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBUF vs. YCS — Risk / Return Rank

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

IBUF

IBUF Risk / Return Rank: 83
IBUF Sharpe Ratio Rank: 71
IBUF Sortino Ratio Rank: 84
IBUF Omega Ratio Rank: 80
IBUF Calmar Ratio Rank: 91
IBUF Martin Ratio Rank: 90

YCS

YCS Risk / Return Rank: 67
YCS Sharpe Ratio Rank: 62
YCS Sortino Ratio Rank: 55
YCS Omega Ratio Rank: 63
YCS Calmar Ratio Rank: 82
YCS Martin Ratio Rank: 72

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.

IBUF vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) 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.

	IBUF	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.06	+0.23
Sortino ratio: Return per unit of downside risk	3.69	2.60	+1.09
Omega ratio: Gain probability vs. loss probability	1.47	1.38	+0.09
Calmar ratio: Return relative to maximum drawdown	5.72	4.23	+1.49
Martin ratio: Return relative to average drawdown	20.31	13.22	+7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBUF vs. YCS - Sharpe Ratio Comparison

The current IBUF Sharpe Ratio is 2.28, which is comparable to the YCS Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IBUF 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

	IBUF	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.06	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.33	+1.45

Drawdowns

IBUF vs. YCS - Drawdown Comparison

The maximum IBUF drawdown since its inception was -5.92%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IBUF and YCS.

Drawdown Indicators

	IBUF	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-5.92%	-49.56%	+43.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-8.30%	+6.13%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.47%	-19.93%	+19.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	2.65%	-2.04%

Volatility

IBUF vs. YCS - Volatility Comparison

Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) and ProShares UltraShort Yen (YCS) have volatilities of 2.49% and 2.62%, 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.

Volatility by Period

	IBUF	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	2.62%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	12.31%	-7.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.43%	17.18%	-11.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	21.09%	-14.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.54%	19.01%	-12.47%

IBUF vs. YCS - Expense Ratio Comparison

IBUF has a 0.85% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

IBUF vs. YCS - Dividend Comparison

Neither IBUF nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IBUF and YCS in my portfolio?

IBUF and YCS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBUF or YCS?

YCS has higher volatility (2.62%) compared to IBUF (2.49%). In terms of maximum drawdown, IBUF dropped -5.92% vs YCS's -49.56%.

Which ETF is better, IBUF or YCS?

On 1-year performance, YCS leads with 34.99% vs 12.34% for IBUF. On fees, IBUF is cheaper at 0.85% per year. On volatility, IBUF has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBUF or YCS?

Over the 1-year period, YCS has performed better with a 34.99% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBUF or YCS?

IBUF is cheaper with a 0.85% expense ratio, compared with 1.00% for YCS.

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

IBUF and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between IBUF and YCS?

IBUF is categorized as Defined Outcome, while YCS is Leveraged Currency. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.85% for IBUF and 1.00% for YCS.

Which has better risk-adjusted returns?

IBUF currently has the higher Sharpe Ratio (2.28 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.