IWMI vs. YCS

Last updated Jun 24, 2026

IWMI (NEOS Russell 2000 High Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IWMI is a Derivative Income fund actively managed by Neos, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). IWMI is actively managed, while YCS is passively managed. Over the past year, IWMI returned 35.89% vs 31.27% for YCS. At a correlation of -0.01, they often move in opposite directions. IWMI charges 0.68%/yr vs 1.00%/yr for YCS.

Performance

IWMI vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Russell 2000 High Income ETF (IWMI) 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, IWMI achieves a 16.33% return, which is significantly higher than YCS's 9.63% return.

IWMI

• 1D: -0.73%
• 1M: 3.68%
• YTD: 16.33%
• 6M: 14.17%
• 1Y: 35.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

IWMI vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	16.33%	14.97%	6.58%
YCS ProShares UltraShort Yen	9.63%	9.04%	-0.16%

Correlation

The correlation between IWMI and YCS is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	-0.01

The correlation between IWMI and YCS shifts across timeframes, from -0.18 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IWMI vs. YCS — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 79
IWMI Sharpe Ratio Rank: 77
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 72
IWMI Calmar Ratio Rank: 83
IWMI Martin Ratio Rank: 87

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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.

IWMI vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) 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.

	IWMI	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.86	+0.49
Sortino ratio: Return per unit of downside risk	3.23	2.36	+0.87
Omega ratio: Gain probability vs. loss probability	1.40	1.34	+0.06
Calmar ratio: Return relative to maximum drawdown	4.29	3.78	+0.51
Martin ratio: Return relative to average drawdown	17.68	11.93	+5.75

IWMI vs. YCS - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.34, which is comparable to the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of IWMI 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

IWMI vs. YCS - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IWMI and YCS.

Drawdown Indicators

	IWMI	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-49.56%	+25.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-8.30%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
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	-0.73%	-0.14%	-0.59%
Average Drawdown Average peak-to-trough decline	-4.03%	-19.87%	+15.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.65%	-0.61%

Volatility

IWMI vs. YCS - Volatility Comparison

NEOS Russell 2000 High Income ETF (IWMI) has a higher volatility of 5.22% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that IWMI'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

	IWMI	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	2.25%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	12.19%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	16.93%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	21.10%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	18.82%	-0.87%

IWMI vs. YCS - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

IWMI vs. YCS - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 14.53%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	14.53%	14.05%	8.78%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMI and YCS in my portfolio?

IWMI and YCS have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMI or YCS?

IWMI has higher volatility (5.22%) compared to YCS (2.25%). In terms of maximum drawdown, IWMI dropped -23.88% vs YCS's -49.56%.

Which ETF is better, IWMI or YCS?

On 1-year performance, IWMI leads with 35.89% vs 31.27% for YCS. On fees, IWMI is cheaper at 0.68% 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.

Which ETF has performed better, IWMI or YCS?

Over the 1-year period, IWMI has performed better with a 35.89% return vs 31.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMI or YCS?

IWMI is cheaper with a 0.68% expense ratio, compared with 1.00% for YCS.

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

IWMI has the higher dividend yield at 14.53%, compared with 0.00% for YCS.

What is the main difference between IWMI and YCS?

IWMI is categorized as Derivative Income, while YCS is Leveraged Currency. They also come from different issuers: Neos and ProShares. Their fees differ too: 0.68% for IWMI and 1.00% for YCS.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.34 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.