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IGOV vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGOV vs. YCS

Last updated Jun 4, 2026

IGOV (iShares International Treasury Bond ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, IGOV returned -1.38%/yr vs 12.34%/yr for YCS. At a correlation of -0.59, they often move in opposite directions. IGOV charges 0.35%/yr vs 1.00%/yr for YCS.

Performance

IGOV vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Treasury Bond ETF (IGOV) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGOV achieves a -0.50% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, IGOV has underperformed YCS with an annualized return of -1.38%, while YCS has yielded a comparatively higher 12.34% annualized return.

IGOV

1D
-0.84%
1M
-0.43%
YTD
-0.50%
6M
-0.39%
1Y
0.56%
3Y*
2.56%
5Y*
-4.47%
10Y*
-1.38%

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)

IGOV vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGOV
iShares International Treasury Bond ETF		-0.50%9.96%-6.50%5.57%-22.07%-9.25%10.88%3.76%-2.60%11.38%
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 IGOV and YCS is -0.73, 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

-0.73

Correlation (3Y)
Calculated over the trailing 3-year period

-0.65

Correlation (5Y)
Calculated over the trailing 5-year period

-0.66

Correlation (10Y)
Calculated over the trailing 10-year period

-0.65

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2009

-0.59

The correlation between IGOV and YCS shifts across timeframes, from -0.73 (1 year) to -0.59 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares International Treasury Bond ETF

ProShares UltraShort Yen

Often compared with IGOV:
IGOV vs. BNDXIGOV vs. BWXIGOV vs. AGGIGOV vs. VCITIGOV vs. BSVIGOV vs. FLIAIGOV vs. BND
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

IGOV vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGOV
IGOV Risk / Return Rank: 99
Overall Rank
IGOV Sharpe Ratio Rank: 99
Sharpe Ratio Rank
IGOV Sortino Ratio Rank: 99
Sortino Ratio Rank
IGOV Omega Ratio Rank: 99
Omega Ratio Rank
IGOV Calmar Ratio Rank: 1010
Calmar Ratio Rank
IGOV Martin Ratio Rank: 99
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6161
Overall Rank
YCS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 4949
Sortino Ratio Rank
YCS Omega Ratio Rank: 5656
Omega Ratio Rank
YCS Calmar Ratio Rank: 7878
Calmar Ratio Rank
YCS Martin Ratio Rank: 6767
Martin Ratio Rank
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.

IGOV vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.

IGOVYCSDifference
Sharpe ratioReturn per unit of total volatility
0.07
1.92

-1.85

Sortino ratioReturn per unit of downside risk
0.16
2.44

-2.28

Omega ratioGain probability vs. loss probability

1.02

1.35

-0.33

Calmar ratioReturn relative to maximum drawdown

0.10

3.97

-3.87

Martin ratioReturn relative to average drawdown

0.23

12.40

-12.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGOV vs. YCS - Sharpe Ratio Comparison

The current IGOV Sharpe Ratio is 0.07, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of IGOV 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.

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Sharpe Ratios by Period

IGOVYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

1.92

-1.85

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

1.12

-1.57

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.65

-0.81

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.33

-0.31

Drawdowns

IGOV vs. YCS - Drawdown Comparison

The maximum IGOV drawdown since its inception was -35.88%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IGOV and YCS.

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Drawdown Indicators

IGOVYCSDifference

Max Drawdown

Largest peak-to-trough decline

-35.88%

-49.56%

+13.68%

Max Drawdown (1Y)

Largest decline over 1 year

-5.70%

-8.30%

+2.60%

Max Drawdown (3Y)

Largest decline over 3 years

-10.65%

-23.05%

+12.40%

Max Drawdown (5Y)

Largest decline over 5 years

-33.17%

-27.32%

-5.85%

Max Drawdown (10Y)

Largest decline over 10 years

-35.88%

-27.32%

-8.56%

Current Drawdown

Current decline from peak

-24.01%

0.00%

-24.01%

Average Drawdown

Average peak-to-trough decline

-11.02%

-19.93%

+8.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

2.66%

-0.24%

Volatility

IGOV vs. YCS - Volatility Comparison

iShares International Treasury Bond ETF (IGOV) and ProShares UltraShort Yen (YCS) have volatilities of 2.80% and 2.75%, 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.

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Volatility by Period

IGOVYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

2.75%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

12.32%

-6.13%

Volatility (1Y)

Calculated over the trailing 1-year period

8.11%

17.27%

-9.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.96%

21.10%

-11.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.59%

19.01%

-10.42%

IGOV vs. YCS - Expense Ratio Comparison

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

Dividends

IGOV vs. YCS - Dividend Comparison

IGOV's dividend yield for the trailing twelve months is around 1.42%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IGOV
iShares International Treasury Bond ETF		1.42%1.41%0.59%0.00%0.11%0.39%0.00%0.24%0.31%0.19%0.69%0.12%
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

IGOV and YCS have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IGOV has higher volatility (2.80%) compared to YCS (2.75%). In terms of maximum drawdown, IGOV dropped -35.88% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs -1.38% for IGOV. On fees, IGOV is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, YCS has performed better with a 12.34% return vs -1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IGOV has the higher dividend yield at 1.42%, compared with 0.00% for YCS.

IGOV is categorized as International Government Bonds, while YCS is Leveraged Currency. IGOV tracks S&P/Citigroup International Treasury Bond Index Ex-US, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.35% for IGOV and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (1.92 vs 0.07), 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.

Portfolio Optimizer

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