IWDL vs. YCS

Last updated Jun 23, 2026

IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 5 years, IWDL returned 15.13%/yr vs 23.50%/yr for YCS. At a correlation of -0.05, they often move in opposite directions. IWDL charges 0.95%/yr vs 1.00%/yr for YCS.

Performance

IWDL vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) 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, IWDL achieves a 30.74% return, which is significantly higher than YCS's 9.78% return.

IWDL

• 1D: 0.51%
• 1M: 5.72%
• YTD: 30.74%
• 6M: 29.25%
• 1Y: 58.75%
• 3Y*: 30.67%
• 5Y*: 15.13%
• 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%

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

IWDL vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	30.74%	25.02%	20.68%	13.50%	-21.27%	40.35%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	28.70%	29.09%	16.89%

Correlation

The correlation between IWDL and YCS is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	-0.05

The correlation between IWDL and YCS shifts across timeframes, from -0.23 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IWDL vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWDL

IWDL Risk / Return Rank: 82
IWDL Sharpe Ratio Rank: 82
IWDL Sortino Ratio Rank: 79
IWDL Omega Ratio Rank: 75
IWDL Calmar Ratio Rank: 84
IWDL Martin Ratio Rank: 87

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWDL vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) 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.

	IWDL	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.86	+0.68
Sortino ratio: Return per unit of downside risk	3.37	2.37	+1.00
Omega ratio: Gain probability vs. loss probability	1.43	1.35	+0.08
Calmar ratio: Return relative to maximum drawdown	4.36	3.79	+0.57
Martin ratio: Return relative to average drawdown	17.83	11.86	+5.97

IWDL vs. YCS - Sharpe Ratio Comparison

The current IWDL Sharpe Ratio is 2.54, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of IWDL 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

IWDL vs. YCS - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IWDL and YCS.

Drawdown Indicators

	IWDL	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-49.56%	+11.61%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-8.30%	-5.23%
Max Drawdown (3Y) Largest decline over 3 years	-31.78%	-23.05%	-8.73%
Max Drawdown (5Y) Largest decline over 5 years	-37.95%	-27.32%	-10.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-10.51%	-19.88%	+9.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.65%	+0.65%

Volatility

IWDL vs. YCS - Volatility Comparison

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a higher volatility of 6.99% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that IWDL'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.

Volatility by Period

	IWDL	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	2.22%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	18.24%	12.19%	+6.05%
Volatility (1Y) Calculated over the trailing 1-year period	23.32%	16.96%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.32%	21.10%	+9.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.00%	18.96%	+11.04%

IWDL vs. YCS - Expense Ratio Comparison

IWDL has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

IWDL vs. YCS - Dividend Comparison

Neither IWDL nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWDL and YCS in my portfolio?

IWDL and YCS have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWDL or YCS?

IWDL has higher volatility (6.99%) compared to YCS (2.22%). In terms of maximum drawdown, IWDL dropped -37.95% vs YCS's -49.56%.

Which ETF is better, IWDL or YCS?

On 5-year performance, YCS leads with 23.50% vs 15.13% for IWDL. On fees, IWDL is cheaper at 0.95% 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.

Which ETF has performed better, IWDL or YCS?

Over the 5-year period, YCS has performed better with a 23.50% return vs 15.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWDL or YCS?

IWDL is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.

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

IWDL and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between IWDL and YCS?

IWDL is categorized as Leveraged Equities, while YCS is Leveraged Currency. IWDL tracks Russell 1000 Value (200%), while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 0.95% for IWDL and 1.00% for YCS.

Which has better risk-adjusted returns?

IWDL currently has the higher Sharpe Ratio (2.54 vs 1.86), 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.