IRVH vs. YCS
IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). IRVH is actively managed, while YCS is passively managed. Over the past 3 years, IRVH returned 0.01%/yr vs 18.43%/yr for YCS. At a correlation of -0.33, they often move in opposite directions. IRVH charges 0.50%/yr vs 1.00%/yr for YCS.
Performance
IRVH vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, IRVH achieves a -4.36% return, which is significantly lower than YCS's 9.78% return.
IRVH
- 1D
- -0.36%
- 1M
- -1.18%
- YTD
- -4.36%
- 6M
- -4.00%
- 1Y
- -2.13%
- 3Y*
- 0.01%
- 5Y*
- —
- 10Y*
- —
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%
IRVH vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | -4.36% | 7.71% | -5.49% | 0.83% | -6.69% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | -6.27% |
Correlation
The correlation between IRVH and YCS is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2022 | -0.33 |
The correlation between IRVH and YCS shifts across timeframes, from -0.33 (all time) to -0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IRVH vs. YCS — Risk / Return Rank
IRVH
YCS
IRVH vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.
| IRVH | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.35 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 3.79 | -4.15 |
| Martin ratioReturn relative to average drawdown | -0.82 | 11.86 | -12.68 |
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Drawdowns
IRVH vs. YCS - Drawdown Comparison
The maximum IRVH drawdown since its inception was -14.98%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IRVH and YCS.
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Drawdown Indicators
| IRVH | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.98% | -49.56% | +34.58% |
Max Drawdown (1Y)Largest decline over 1 year | -5.96% | -8.30% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -23.05% | +15.02% |
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 | -11.28% | 0.00% | -11.28% |
Average DrawdownAverage peak-to-trough decline | -9.72% | -19.88% | +10.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.65% | -0.05% |
Volatility
IRVH vs. YCS - Volatility Comparison
The current volatility for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is 1.09%, while ProShares UltraShort Yen (YCS) has a volatility of 2.22%. This indicates that IRVH 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.
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Volatility by Period
| IRVH | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 2.22% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 12.19% | -8.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.85% | 16.96% | -12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.80% | 21.10% | -12.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.80% | 18.96% | -10.16% |
IRVH vs. YCS - Expense Ratio Comparison
IRVH has a 0.50% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
IRVH vs. YCS - Dividend Comparison
IRVH's dividend yield for the trailing twelve months is around 5.62%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | 5.62% | 4.89% | 3.34% | 3.69% | 2.73% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IRVH and YCS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.22%) compared to IRVH (1.09%). In terms of maximum drawdown, IRVH dropped -14.98% vs YCS's -49.56%.
On 3-year performance, YCS leads with 18.43% vs 0.01% for IRVH. On fees, IRVH is cheaper at 0.50% per year. On volatility, IRVH has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YCS has performed better with a 18.43% return vs 0.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IRVH is cheaper with a 0.50% expense ratio, compared with 1.00% for YCS.
IRVH has the higher dividend yield at 5.62%, compared with 0.00% for YCS.
IRVH is categorized as Inflation-Protected Bonds, while YCS is Leveraged Currency. They also come from different issuers: Global X and ProShares. Their fees differ too: 0.50% for IRVH and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.44), 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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