IMRA vs. YCS

Last updated Jun 25, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IMRA is a Derivative Income fund actively managed by Bitwise, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). IMRA is actively managed, while YCS is passively managed. Over the past year, IMRA returned -34.37% vs 34.18% for YCS. At a correlation of -0.00, they often move in opposite directions. IMRA charges 0.98%/yr vs 1.00%/yr for YCS.

Performance

IMRA vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise MARA Option Income Strategy ETF (IMRA) 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, IMRA achieves a 26.43% return, which is significantly higher than YCS's 10.06% return.

IMRA

• 1D: -3.17%
• 1M: -2.81%
• YTD: 26.43%
• 6M: 17.17%
• 1Y: -34.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.39%
• 1M: 3.97%
• YTD: 10.06%
• 6M: 11.27%
• 1Y: 34.18%
• 3Y*: 18.53%
• 5Y*: 23.65%
• 10Y*: 13.66%

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

IMRA vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	26.43%	-34.78%
YCS ProShares UltraShort Yen	10.06%	14.64%

Correlation

The correlation between IMRA and YCS is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.00

The correlation between IMRA and YCS shifts across timeframes, from -0.12 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IMRA vs. YCS — Risk / Return Rank

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

IMRA

IMRA Risk / Return Rank: 5
IMRA Sharpe Ratio Rank: 5
IMRA Sortino Ratio Rank: 5
IMRA Omega Ratio Rank: 5
IMRA Calmar Ratio Rank: 5
IMRA Martin Ratio Rank: 5

YCS

YCS Risk / Return Rank: 73
YCS Sharpe Ratio Rank: 71
YCS Sortino Ratio Rank: 62
YCS Omega Ratio Rank: 72
YCS Calmar Ratio Rank: 84
YCS Martin Ratio Rank: 77

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.

IMRA vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise MARA Option Income Strategy ETF (IMRA) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IMRA	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	2.04	-2.61
Sortino ratio: Return per unit of downside risk	-0.55	2.57	-3.12
Omega ratio: Gain probability vs. loss probability	0.93	1.38	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.56	4.14	-4.70
Martin ratio: Return relative to average drawdown	-0.88	13.04	-13.92

IMRA vs. YCS - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.57, which is lower than the YCS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IMRA 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.

Drawdowns

IMRA vs. YCS - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IMRA and YCS.

Drawdown Indicators

	IMRA	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-49.56%	-11.99%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-8.30%	-53.25%
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	-42.45%	0.00%	-42.45%
Average Drawdown Average peak-to-trough decline	-28.79%	-19.87%	-8.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.21%	2.63%	+36.58%

Volatility

IMRA vs. YCS - Volatility Comparison

Bitwise MARA Option Income Strategy ETF (IMRA) has a higher volatility of 13.18% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that IMRA's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.18%	2.25%	+10.93%
Volatility (6M) Calculated over the trailing 6-month period	43.42%	11.91%	+31.51%
Volatility (1Y) Calculated over the trailing 1-year period	60.30%	16.93%	+43.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.90%	21.10%	+39.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.90%	18.82%	+42.08%

IMRA vs. YCS - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

IMRA vs. YCS - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 111.95%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
IMRA Bitwise MARA Option Income Strategy ETF	111.95%	188.74%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMRA and YCS in my portfolio?

IMRA and YCS have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMRA or YCS?

IMRA has higher volatility (13.18%) compared to YCS (2.25%). In terms of maximum drawdown, IMRA dropped -61.55% vs YCS's -49.56%.

Which ETF is better, IMRA or YCS?

On 1-year performance, YCS leads with 34.18% vs -34.37% for IMRA. On fees, IMRA is cheaper at 0.98% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or YCS?

Over the 1-year period, YCS has performed better with a 34.18% return vs -34.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or YCS?

IMRA is cheaper with a 0.98% expense ratio, compared with 1.00% for YCS.

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

IMRA has the higher dividend yield at 111.95%, compared with 0.00% for YCS.

What is the main difference between IMRA and YCS?

IMRA is categorized as Derivative Income, while YCS is Leveraged Currency. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.98% for IMRA and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (2.04 vs -0.57), 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.