JPYUSD=X vs. YCS
JPYUSD=X (JPY/USD) is a currency, while YCS (ProShares UltraShort Yen) is Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Over the past 10 years, JPYUSD=X returned -4.48%/yr vs 13.66%/yr for YCS. At a correlation of -0.94, they often move in opposite directions.
Performance
JPYUSD=X vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -3.09% return, which is significantly lower than YCS's 10.06% return. Over the past 10 years, JPYUSD=X has underperformed YCS with an annualized return of -4.48%, while YCS has yielded a comparatively higher 13.66% annualized return.
JPYUSD=X
- 1D
- -0.08%
- 1M
- -1.70%
- YTD
- -3.09%
- 6M
- -3.57%
- 1Y
- -10.34%
- 3Y*
- -3.84%
- 5Y*
- -7.28%
- 10Y*
- -4.48%
YCS
- 1D
- 0.39%
- 1M
- 3.97%
- YTD
- 10.06%
- 6M
- 11.27%
- 1Y
- 34.18%
- 3Y*
- 18.53%
- 5Y*
- 23.65%
- 10Y*
- 13.66%
JPYUSD=X vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.09% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
YCS ProShares UltraShort Yen | 10.06% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between JPYUSD=X and YCS is -0.85, 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 | -0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.94 |
The correlation between JPYUSD=X and YCS has been stable across timeframes, ranging from -0.94 to -0.85 - a consistent structural relationship.
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Return for Risk
JPYUSD=X vs. YCS — Risk / Return Rank
JPYUSD=X
YCS
JPYUSD=X vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) 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.
| JPYUSD=X | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.17 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.38 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 4.14 | -4.88 |
| Martin ratioReturn relative to average drawdown | -1.12 | 13.04 | -14.15 |
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Drawdowns
JPYUSD=X vs. YCS - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -52.96%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and YCS.
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Drawdown Indicators
| JPYUSD=X | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.96% | -49.56% | -3.40% |
Max Drawdown (1Y)Largest decline over 1 year | -11.31% | -8.30% | -3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -23.05% | +8.42% |
Max Drawdown (5Y)Largest decline over 5 years | -32.59% | -27.32% | -5.27% |
Max Drawdown (10Y)Largest decline over 10 years | -38.21% | -27.32% | -10.89% |
Current DrawdownCurrent decline from peak | -52.94% | 0.00% | -52.94% |
Average DrawdownAverage peak-to-trough decline | -27.01% | -19.87% | -7.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.41% | 2.63% | +3.78% |
Volatility
JPYUSD=X vs. YCS - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.73%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that JPYUSD=X 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
| JPYUSD=X | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 2.25% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.83% | 11.91% | -7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.47% | 16.93% | -9.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 21.10% | -11.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 18.82% | -10.06% |
Frequently Asked Questions
JPYUSD=X and YCS have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.25%) compared to JPYUSD=X (0.73%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs YCS's -49.56%.
YCS currently has the higher Sharpe Ratio (2.04 vs -1.13), 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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