JPYUSD=X vs. YCS

Last updated Jun 4, 2026

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 -3.98%/yr vs 12.34%/yr for YCS. At a correlation of -0.94, they often move in opposite directions.

Performance

JPYUSD=X vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPY/USD (JPYUSD=X) 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, JPYUSD=X achieves a -2.00% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, JPYUSD=X has underperformed YCS with an annualized return of -3.98%, while YCS has yielded a comparatively higher 12.34% annualized return.

JPYUSD=X

• 1D: -0.17%
• 1M: -1.69%
• YTD: -2.00%
• 6M: -2.90%
• 1Y: -9.92%
• 3Y*: -4.34%
• 5Y*: -7.29%
• 10Y*: -3.98%

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)

JPYUSD=X vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPYUSD=X JPY/USD	-2.00%	0.33%	-10.26%	-7.04%	-12.23%	-10.24%	5.18%	0.86%	2.82%	3.91%
YCS ProShares UltraShort Yen	7.17%	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 26, 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.

Return for Risk

JPYUSD=X vs. YCS — Risk / Return Rank

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

JPYUSD=X

JPYUSD=X Risk / Return Rank: 14
JPYUSD=X Sharpe Ratio Rank: 12
JPYUSD=X Sortino Ratio Rank: 10
JPYUSD=X Omega Ratio Rank: 11
JPYUSD=X Calmar Ratio Rank: 18
JPYUSD=X Martin Ratio Rank: 19

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.

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.

	JPYUSD=X	YCS	Difference
Sharpe ratio Return per unit of total volatility	-1.06	1.92	-2.98
Sortino ratio Return per unit of downside risk	-1.55	2.44	-3.99
Omega ratio Gain probability vs. loss probability	0.83	1.35	-0.52
Calmar ratio Return relative to maximum drawdown	-0.73	3.97	-4.70
Martin ratio Return relative to average drawdown	-1.08	12.40	-13.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPYUSD=X vs. YCS - Sharpe Ratio Comparison

The current JPYUSD=X Sharpe Ratio is -1.06, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of JPYUSD=X 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

	JPYUSD=X	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.06	1.92	-2.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.70	1.12	-1.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.42	0.65	-1.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.33	-0.46

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.

Drawdown Indicators

	JPYUSD=X	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-52.96%	-49.56%	-3.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-8.30%	-2.71%
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 Drawdown Current decline from peak	-52.41%	0.00%	-52.41%
Average Drawdown Average peak-to-trough decline	-26.83%	-19.93%	-6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	2.66%	+3.30%

Volatility

JPYUSD=X vs. YCS - Volatility Comparison

The current volatility for JPY/USD (JPYUSD=X) is 0.74%, while ProShares UltraShort Yen (YCS) has a volatility of 2.75%. 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.

Volatility by Period

	JPYUSD=X	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	2.75%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	5.57%	12.32%	-6.75%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	17.27%	-9.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.57%	21.10%	-11.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.91%	19.01%	-10.10%

Frequently Asked Questions

Can I hold both JPYUSD=X and YCS in my portfolio?

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.

Which is riskier, JPYUSD=X or YCS?

YCS has higher volatility (2.75%) compared to JPYUSD=X (0.74%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs YCS's -49.56%.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.92 vs -1.06), 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.