IYRI vs. YCS

Last updated Aug 5, 2026

IYRI (NEOS Real Estate High Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IYRI is a Derivative Income fund actively managed by Neos, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). IYRI is actively managed, while YCS is passively managed. Over the past year, IYRI returned 10.79% vs 23.44% for YCS. Their -0.19 correlation means they have often moved in opposite directions in the past. IYRI charges 0.68%/yr vs 1.00%/yr for YCS.

Performance

IYRI vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Real Estate High Income ETF (IYRI) 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, IYRI achieves a 9.43% return, which is significantly higher than YCS's 5.42% return.

IYRI

• 1D: -0.14%
• 1M: 1.21%
• 6M: 7.99%
• YTD: 9.43%
• 1Y: 10.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.71%

YCS

• 1D: 1.26%
• 1M: -3.97%
• 6M: 6.17%
• YTD: 5.42%
• 1Y: 23.44%
• 3Y*: 17.45%
• 5Y*: 23.10%
• 10Y*: 13.35%
• ALL TIME*: 6.33%

*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)
IYRI NEOS Real Estate High Income ETF	$3.36M	$3.54M	$3.80M
YCS ProShares UltraShort Yen	$2.54M	$2.29M	$1.59M

IYRI vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	9.43%	6.99%
YCS ProShares UltraShort Yen	5.42%	5.58%

Correlation

The correlation between IYRI and YCS is -0.29, 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.	-0.29
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.19

Return for Risk

IYRI vs. YCS — Risk / Return Rank

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

IYRI

IYRI Risk / Return Rank: 38
IYRI Sharpe Ratio Rank: 37
IYRI Sortino Ratio Rank: 35
IYRI Omega Ratio Rank: 35
IYRI Calmar Ratio Rank: 38
IYRI Martin Ratio Rank: 43

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: 71
YCS Martin Ratio Rank: 73

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.

IYRI vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) 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.

	IYRI	YCS	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.43	-0.41
Sortino ratio: Return per unit of downside risk	1.46	1.85	-0.39
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.09
Calmar ratio: Return relative to maximum drawdown	1.44	2.78	-1.34
Martin ratio: Return relative to average drawdown	5.25	10.25	-5.00

IYRI vs. YCS - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 1.02, which is comparable to the YCS Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of IYRI 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

IYRI vs. YCS - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for IYRI and YCS.

Drawdown Indicators

	IYRI	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-49.56%	+37.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-8.48%	+0.95%
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	-0.85%	-7.32%	+6.47%
Average Drawdown Average peak-to-trough decline	-1.60%	-19.75%	+18.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.29%	-0.23%

Volatility

IYRI vs. YCS - Volatility Comparison

The current volatility for NEOS Real Estate High Income ETF (IYRI) is 2.76%, while ProShares UltraShort Yen (YCS) has a volatility of 5.95%. This indicates that IYRI 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

	IYRI	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	5.95%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	11.87%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	16.44%	-5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	21.21%	-8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.98%	18.61%	-5.63%

IYRI vs. YCS - Expense Ratio Comparison

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

Dividends

IYRI vs. YCS - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 10.84%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
IYRI NEOS Real Estate High Income ETF	10.84%	11.72%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both IYRI and YCS in my portfolio?

IYRI and YCS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYRI or YCS?

YCS has higher volatility (5.95%) compared to IYRI (2.76%). In terms of maximum drawdown, IYRI dropped -12.12% vs YCS's -49.56%.

Which ETF is better, IYRI or YCS?

On 1-year performance, YCS leads with 23.44% vs 10.79% for IYRI. On fees, IYRI is cheaper at 0.68% per year. On volatility, IYRI has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYRI or YCS?

Over the 1-year period, YCS has performed better with a 23.44% return vs 10.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYRI or YCS?

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

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

IYRI has the higher dividend yield at 10.84%, compared with 0.00% for YCS.

What is the main difference between IYRI and YCS?

IYRI 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 IYRI and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.43 vs 1.02), 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.