IPAY vs. YCS
IPAY (ETFMG Prime Mobile Payments ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IPAY is a Technology Equities fund tracking the Prime Mobile Payments Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, IPAY returned 6.83%/yr vs 13.63%/yr for YCS. At a 0.08 correlation, their price movements are largely independent. IPAY charges 0.75%/yr vs 1.00%/yr for YCS.
Performance
IPAY vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, IPAY achieves a -15.66% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, IPAY has underperformed YCS with an annualized return of 6.83%, while YCS has yielded a comparatively higher 13.63% annualized return.
IPAY
- 1D
- -1.15%
- 1M
- -2.98%
- YTD
- -15.66%
- 6M
- -17.25%
- 1Y
- -21.91%
- 3Y*
- 2.40%
- 5Y*
- -8.82%
- 10Y*
- 6.83%
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
IPAY vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPAY ETFMG Prime Mobile Payments ETF | -15.66% | -9.55% | 25.88% | 18.21% | -32.38% | -12.72% | 34.22% | 41.80% | 0.17% | 36.34% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between IPAY and YCS is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2015 | 0.08 |
The correlation between IPAY and YCS shifts across timeframes, from -0.20 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IPAY vs. YCS — Risk / Return Rank
IPAY
YCS
IPAY vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETFMG Prime Mobile Payments ETF (IPAY) 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.
| IPAY | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.35 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 3.79 | -4.50 |
| Martin ratioReturn relative to average drawdown | -1.26 | 11.86 | -13.12 |
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Drawdowns
IPAY vs. YCS - Drawdown Comparison
The maximum IPAY drawdown since its inception was -51.75%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IPAY and YCS.
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Drawdown Indicators
| IPAY | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.75% | -49.56% | -2.19% |
Max Drawdown (1Y)Largest decline over 1 year | -31.31% | -8.30% | -23.01% |
Max Drawdown (3Y)Largest decline over 3 years | -32.74% | -23.05% | -9.69% |
Max Drawdown (5Y)Largest decline over 5 years | -51.49% | -27.32% | -24.17% |
Max Drawdown (10Y)Largest decline over 10 years | -51.75% | -27.32% | -24.43% |
Current DrawdownCurrent decline from peak | -38.94% | 0.00% | -38.94% |
Average DrawdownAverage peak-to-trough decline | -16.76% | -19.88% | +3.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 2.65% | +14.73% |
Volatility
IPAY vs. YCS - Volatility Comparison
ETFMG Prime Mobile Payments ETF (IPAY) has a higher volatility of 7.87% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that IPAY'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
| IPAY | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.87% | 2.22% | +5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 18.79% | 12.19% | +6.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.96% | 16.96% | +7.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.15% | 21.10% | +5.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.43% | 18.96% | +6.47% |
IPAY vs. YCS - Expense Ratio Comparison
IPAY has a 0.75% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
IPAY vs. YCS - Dividend Comparison
IPAY's dividend yield for the trailing twelve months is around 0.94%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IPAY ETFMG Prime Mobile Payments ETF | 0.94% | 0.79% | 0.77% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IPAY and YCS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IPAY has higher volatility (7.87%) compared to YCS (2.22%). In terms of maximum drawdown, IPAY dropped -51.75% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 6.83% for IPAY. On fees, IPAY is cheaper at 0.75% per year. On volatility, YCS has been the lower-risk option at 2.22%. 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 13.63% return vs 6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IPAY is cheaper with a 0.75% expense ratio, compared with 1.00% for YCS.
IPAY has the higher dividend yield at 0.94%, compared with 0.00% for YCS.
IPAY is categorized as Technology Equities, while YCS is Leveraged Currency. IPAY tracks Prime Mobile Payments Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: ETFMG and ProShares. Their fees differ too: 0.75% for IPAY and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.92), 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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