INCM vs. YCS

Last updated Aug 4, 2026

INCM (Franklin Income Focus ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - INCM is a Diversified Portfolio fund actively managed by Franklin Templeton, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). INCM is actively managed, while YCS is passively managed. Over the past 3 years, INCM returned 11.04%/yr vs 16.96%/yr for YCS. Their -0.24 correlation means they have often moved in opposite directions in the past. INCM charges 0.38%/yr vs 1.00%/yr for YCS.

Performance

INCM vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Focus ETF (INCM) 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, INCM achieves a 7.65% return, which is significantly higher than YCS's 4.11% return.

INCM

• 1D: 0.41%
• 1M: 0.81%
• 6M: 3.80%
• YTD: 7.65%
• 1Y: 14.02%
• 3Y*: 11.04%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.62%

YCS

• 1D: -2.97%
• 1M: -5.17%
• 6M: 5.08%
• YTD: 4.11%
• 1Y: 21.34%
• 3Y*: 16.96%
• 5Y*: 22.90%
• 10Y*: 13.21%
• ALL TIME*: 6.26%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INCM Franklin Income Focus ETF	$11.73M	$12.25M	$11.49M
YCS ProShares UltraShort Yen	$2.37M	$2.29M	$1.56M

INCM vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INCM Franklin Income Focus ETF	7.65%	13.07%	6.80%	5.76%
YCS ProShares UltraShort Yen	4.11%	9.04%	35.41%	8.15%

Correlation

The correlation between INCM and YCS is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.32
Correlation (3Y) Balances recent behavior with more history.	-0.25
Correlation (All Time) Calculated using the full available price history since Jun 8, 2023	-0.24

Return for Risk

INCM vs. YCS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INCM

INCM Risk / Return Rank: 93
INCM Sharpe Ratio Rank: 93
INCM Sortino Ratio Rank: 93
INCM Omega Ratio Rank: 93
INCM Calmar Ratio Rank: 92
INCM Martin Ratio Rank: 93

YCS

YCS Risk / Return Rank: 59
YCS Sharpe Ratio Rank: 51
YCS Sortino Ratio Rank: 45
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 70
YCS Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INCM vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Focus ETF (INCM) 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.

	INCM	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.31	+1.26
Sortino ratio: Return per unit of downside risk	3.64	1.71	+1.93
Omega ratio: Gain probability vs. loss probability	1.48	1.26	+0.22
Calmar ratio: Return relative to maximum drawdown	4.41	2.53	+1.89
Martin ratio: Return relative to average drawdown	17.73	9.53	+8.20

INCM vs. YCS - Sharpe Ratio Comparison

The current INCM Sharpe Ratio is 2.57, which is higher than the YCS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of INCM 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

INCM vs. YCS - Drawdown Comparison

The maximum INCM drawdown since its inception was -7.84%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for INCM and YCS.

Drawdown Indicators

	INCM	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-7.84%	-49.56%	+41.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-8.48%	+5.29%
Max Drawdown (3Y) Largest decline over 3 years	-7.84%	-23.05%	+15.21%
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%	-8.48%	+8.48%
Average Drawdown Average peak-to-trough decline	-1.07%	-19.75%	+18.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	2.24%	-1.45%

Volatility

INCM vs. YCS - Volatility Comparison

The current volatility for Franklin Income Focus ETF (INCM) is 1.48%, while ProShares UltraShort Yen (YCS) has a volatility of 5.88%. This indicates that INCM experiences smaller price fluctuations and is considered to be less risky than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCM	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	5.88%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	4.36%	11.84%	-7.48%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	16.43%	-10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	21.21%	-14.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.21%	18.61%	-11.40%

INCM vs. YCS - Expense Ratio Comparison

INCM has a 0.38% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

INCM vs. YCS - Dividend Comparison

INCM's dividend yield for the trailing twelve months is around 5.18%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
INCM Franklin Income Focus ETF	5.18%	4.96%	5.06%	3.01%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INCM and YCS in my portfolio?

INCM and YCS have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCM or YCS?

YCS has higher volatility (5.88%) compared to INCM (1.48%). In terms of maximum drawdown, INCM dropped -7.84% vs YCS's -49.56%.

Which ETF is better, INCM or YCS?

On 3-year performance, YCS leads with 16.96% vs 11.04% for INCM. On fees, INCM is cheaper at 0.38% per year. On volatility, INCM has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCM or YCS?

Over the 3-year period, YCS has performed better with a 16.96% return vs 11.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCM or YCS?

INCM is cheaper with a 0.38% expense ratio, compared with 1.00% for YCS.

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

INCM has the higher dividend yield at 5.18%, compared with 0.00% for YCS.

What is the main difference between INCM and YCS?

INCM is categorized as Diversified Portfolio, while YCS is Leveraged Currency. They also come from different issuers: Franklin Templeton and ProShares. Their fees differ too: 0.38% for INCM and 1.00% for YCS.

Which has better risk-adjusted returns?

INCM currently has the higher Sharpe Ratio (2.57 vs 1.31), 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.