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 -4.25%/yr vs 13.08%/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 -3.31% return, which is significantly lower than YCS's 10.98% return. Over the past 10 years, JPYUSD=X has underperformed YCS with an annualized return of -4.25%, while YCS has yielded a comparatively higher 13.08% annualized return.
JPYUSD=X
- 1D
- 0.11%
- 1M
- -1.04%
- 6M
- -2.20%
- YTD
- -3.31%
- 1Y
- -8.13%
- 3Y*
- -5.02%
- 5Y*
- -7.44%
- 10Y*
- -4.25%
YCS
- 1D
- 0.02%
- 1M
- 2.88%
- 6M
- 7.93%
- YTD
- 10.98%
- 1Y
- 27.37%
- 3Y*
- 21.35%
- 5Y*
- 24.20%
- 10Y*
- 13.08%
JPYUSD=X vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.31% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
YCS ProShares UltraShort Yen | 10.98% | 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 -0.84, 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 | -0.84 |
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 -0.84 - 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 | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.32 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 3.31 | -3.98 |
| Martin ratioReturn relative to average drawdown | -1.06 | 10.47 | -11.54 |
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Drawdowns
JPYUSD=X vs. YCS - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -53.20%, 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 | -53.20% | -49.56% | -3.64% |
Max Drawdown (1Y)Largest decline over 1 year | -9.90% | -8.30% | -1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -23.05% | +8.37% |
Max Drawdown (5Y)Largest decline over 5 years | -32.94% | -27.32% | -5.62% |
Max Drawdown (10Y)Largest decline over 10 years | -38.53% | -27.32% | -11.21% |
Current DrawdownCurrent decline from peak | -53.04% | -0.39% | -52.65% |
Average DrawdownAverage peak-to-trough decline | -27.20% | -19.80% | -7.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 2.62% | +3.92% |
Volatility
JPYUSD=X vs. YCS - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 1.25%, while ProShares UltraShort Yen (YCS) has a volatility of 2.46%. 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 | 1.25% | 2.46% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 11.89% | -7.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 16.60% | -9.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.54% | 21.09% | -11.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 18.70% | -10.00% |
Frequently Asked Questions
JPYUSD=X and YCS have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCS has higher volatility (2.46%) compared to JPYUSD=X (1.25%). In terms of maximum drawdown, JPYUSD=X dropped -53.20% vs YCS's -49.56%.
YCS currently has the higher Sharpe Ratio (1.66 vs -0.90), 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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