IMRA vs. YCS
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 -32.66% vs 32.82% 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
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Returns By Period
In the year-to-date period, IMRA achieves a 30.26% return, which is significantly higher than YCS's 7.17% return.
IMRA
- 1D
- -0.83%
- 1M
- 9.36%
- YTD
- 30.26%
- 6M
- 0.68%
- 1Y
- -32.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
IMRA vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IMRA Bitwise MARA Option Income Strategy ETF | 30.26% | -33.37% |
YCS ProShares UltraShort Yen | 7.17% | 20.99% |
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 4, 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.
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Return for Risk
IMRA vs. YCS — Risk / Return Rank
IMRA
YCS
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.
| IMRA | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.35 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 3.97 | -4.50 |
| Martin ratioReturn relative to average drawdown | -0.86 | 12.40 | -13.26 |
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
| IMRA | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.55 | 1.92 | -2.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.19 | 0.33 | -0.52 |
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.
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Drawdown Indicators
| IMRA | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -40.71% | 0.00% | -40.71% |
Average DrawdownAverage peak-to-trough decline | -28.21% | -19.93% | -8.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.93% | 2.66% | +35.27% |
Volatility
IMRA vs. YCS - Volatility Comparison
Bitwise MARA Option Income Strategy ETF (IMRA) has a higher volatility of 9.53% compared to ProShares UltraShort Yen (YCS) at 2.75%. 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.
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Volatility by Period
| IMRA | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.53% | 2.75% | +6.78% |
Volatility (6M)Calculated over the trailing 6-month period | 43.61% | 12.32% | +31.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.89% | 17.27% | +42.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.39% | 21.10% | +40.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.39% | 19.01% | +42.38% |
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 108.66%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
IMRA Bitwise MARA Option Income Strategy ETF | 108.66% | 188.74% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% |
Frequently Asked Questions
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.
IMRA has higher volatility (9.53%) compared to YCS (2.75%). In terms of maximum drawdown, IMRA dropped -61.55% vs YCS's -49.56%.
On 1-year performance, YCS leads with 32.82% vs -32.66% for IMRA. On fees, IMRA is cheaper at 0.98% per year. On volatility, YCS has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, YCS has performed better with a 32.82% return vs -32.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IMRA is cheaper with a 0.98% expense ratio, compared with 1.00% for YCS.
IMRA has the higher dividend yield at 108.66%, compared with 0.00% for 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.
YCS currently has the higher Sharpe Ratio (1.92 vs -0.55), 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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