IYRI vs. YCS

Last updated Jun 4, 2026

IYRI (NEOS Real Estate High Income ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - IYRI is a Derivative Income fund tracking the Dow Jones U.S. Real Estate Capped Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past year, IYRI returned 8.34% vs 32.82% for YCS. At a correlation of -0.21, they often move in opposite directions. 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 4.08% return, which is significantly lower than YCS's 7.17% return.

IYRI

• 1D: 0.17%
• 1M: -1.04%
• YTD: 4.08%
• 6M: 3.47%
• 1Y: 8.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.17%
• 1M: 4.42%
• YTD: 7.17%
• 6M: 10.05%
• 1Y: 32.82%
• 3Y*: 19.84%
• 5Y*: 23.54%
• 10Y*: 12.34%

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

IYRI vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	4.08%	7.95%
YCS ProShares UltraShort Yen	7.17%	7.56%

Correlation

The correlation between IYRI and YCS is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	-0.21

The correlation between IYRI and YCS shifts across timeframes, from -0.36 (1 year) to -0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IYRI vs. YCS — Risk / Return Rank

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

IYRI

IYRI Risk / Return Rank: 23
IYRI Sharpe Ratio Rank: 23
IYRI Sortino Ratio Rank: 21
IYRI Omega Ratio Rank: 22
IYRI Calmar Ratio Rank: 24
IYRI Martin Ratio Rank: 28

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 56
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 56
YCS Calmar Ratio Rank: 78
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.

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.

	IYRI	YCS	Difference
Sharpe ratio Return per unit of total volatility	0.81	1.92	-1.11
Sortino ratio Return per unit of downside risk	1.16	2.44	-1.28
Omega ratio Gain probability vs. loss probability	1.15	1.35	-0.20
Calmar ratio Return relative to maximum drawdown	1.11	3.97	-2.86
Martin ratio Return relative to average drawdown	4.00	12.40	-8.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYRI vs. YCS - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 0.81, which is lower than the YCS Sharpe Ratio of 1.92. 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.

Sharpe Ratios by Period

	IYRI	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	1.92	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.33	+0.35

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%	-8.30%	+0.77%
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	-2.17%	0.00%	-2.17%
Average Drawdown Average peak-to-trough decline	-1.72%	-19.93%	+18.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.66%	-0.57%

Volatility

IYRI vs. YCS - Volatility Comparison

NEOS Real Estate High Income ETF (IYRI) has a higher volatility of 3.03% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that IYRI'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

	IYRI	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	2.75%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	7.17%	12.32%	-5.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.31%	17.27%	-6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	21.10%	-8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	19.01%	-5.94%

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 11.27%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
IYRI NEOS Real Estate High Income ETF	11.27%	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 -0.36, 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?

IYRI has higher volatility (3.03%) compared to YCS (2.75%). 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 32.82% vs 8.34% for IYRI. On fees, IYRI is cheaper at 0.68% per year. On volatility, YCS has been the lower-risk option at 2.75%. 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 32.82% return vs 8.34%. 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 11.27%, 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. IYRI tracks Dow Jones U.S. Real Estate Capped Index, while YCS tracks USD/JPY Exchange Rate (-200%). 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 (1.92 vs 0.81), 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.