IMVP vs. YCS
IMVP (Invesco India ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IMVP is a Emerging Markets Equities fund tracking the FTSE India Quality and Yield Select Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, IMVP returned 8.82%/yr vs 13.62%/yr for YCS. At a 0.10 correlation, their price movements are largely independent. IMVP charges 0.78%/yr vs 1.00%/yr for YCS.
Performance
IMVP vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, IMVP achieves a -14.82% return, which is significantly lower than YCS's 9.63% return. Over the past 10 years, IMVP has underperformed YCS with an annualized return of 8.82%, while YCS has yielded a comparatively higher 13.62% annualized return.
IMVP
- 1D
- -2.33%
- 1M
- -0.92%
- YTD
- -14.82%
- 6M
- -15.38%
- 1Y
- -15.46%
- 3Y*
- 3.28%
- 5Y*
- 3.04%
- 10Y*
- 8.82%
YCS
- 1D
- -0.14%
- 1M
- 3.57%
- YTD
- 9.63%
- 6M
- 10.44%
- 1Y
- 31.27%
- 3Y*
- 18.37%
- 5Y*
- 23.52%
- 10Y*
- 13.62%
IMVP vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | -14.82% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between IMVP and YCS is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.10 |
The correlation between IMVP and YCS shifts across timeframes, from -0.17 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IMVP vs. YCS — Risk / Return Rank
IMVP
YCS
IMVP vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) 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.
| IMVP | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.34 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 3.78 | -4.51 |
| Martin ratioReturn relative to average drawdown | -1.54 | 11.93 | -13.47 |
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Drawdowns
IMVP vs. YCS - Drawdown Comparison
The maximum IMVP drawdown since its inception was -64.54%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IMVP and YCS.
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Drawdown Indicators
| IMVP | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.54% | -49.56% | -14.98% |
Max Drawdown (1Y)Largest decline over 1 year | -21.44% | -8.30% | -13.14% |
Max Drawdown (3Y)Largest decline over 3 years | -25.80% | -23.05% | -2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -27.32% | +1.52% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -27.32% | -12.37% |
Current DrawdownCurrent decline from peak | -22.56% | -0.14% | -22.42% |
Average DrawdownAverage peak-to-trough decline | -16.72% | -19.87% | +3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.05% | 2.65% | +7.40% |
Volatility
IMVP vs. YCS - Volatility Comparison
Invesco India ETF (IMVP) has a higher volatility of 5.38% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that IMVP'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
| IMVP | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 2.25% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 14.55% | 12.19% | +2.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.44% | 16.93% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 21.10% | -4.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.54% | 18.82% | +0.72% |
IMVP vs. YCS - Expense Ratio Comparison
IMVP has a 0.78% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
IMVP vs. YCS - Dividend Comparison
IMVP's dividend yield for the trailing twelve months is around 11.83%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | 11.83% | 7.39% | 8.48% | 2.08% | 14.07% | 6.95% | 0.72% | 36.35% | 0.96% | 1.01% | 1.18% | 0.61% |
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
IMVP and YCS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IMVP has higher volatility (5.38%) compared to YCS (2.25%). In terms of maximum drawdown, IMVP dropped -64.54% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 8.82% for IMVP. On fees, IMVP is cheaper at 0.78% 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.
Over the 10-year period, YCS has performed better with a 13.62% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IMVP is cheaper with a 0.78% expense ratio, compared with 1.00% for YCS.
IMVP has the higher dividend yield at 11.83%, compared with 0.00% for YCS.
IMVP is categorized as Emerging Markets Equities, while YCS is Leveraged Currency. IMVP tracks FTSE India Quality and Yield Select Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.78% for IMVP and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.94), 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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