KBAB vs. YCS

Last updated Jun 23, 2026

KBAB (KraneShares 2x Long BABA Daily ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - KBAB is a Leveraged Equities fund actively managed by KraneShares, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). KBAB is actively managed, while YCS is passively managed. Over the past year, KBAB returned -33.72% vs 31.36% for YCS. At a correlation of -0.05, they often move in opposite directions. Both charge a 1.00% expense ratio.

Performance

KBAB vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long BABA Daily ETF (KBAB) 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, KBAB achieves a -54.33% return, which is significantly lower than YCS's 9.78% return.

KBAB

• 1D: -4.58%
• 1M: -34.77%
• YTD: -54.33%
• 6M: -57.11%
• 1Y: -33.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

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

KBAB vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-54.33%	-6.56%
YCS ProShares UltraShort Yen	9.78%	19.09%

Correlation

The correlation between KBAB and YCS is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	-0.05

Return for Risk

KBAB vs. YCS — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 6
KBAB Sharpe Ratio Rank: 6
KBAB Sortino Ratio Rank: 7
KBAB Omega Ratio Rank: 7
KBAB Calmar Ratio Rank: 5
KBAB Martin Ratio Rank: 5

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
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.

KBAB vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) 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.

	KBAB	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	1.86	-2.25
Sortino ratio: Return per unit of downside risk	-0.07	2.37	-2.44
Omega ratio: Gain probability vs. loss probability	0.99	1.35	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.46	3.79	-4.25
Martin ratio: Return relative to average drawdown	-0.86	11.86	-12.71

KBAB vs. YCS - Sharpe Ratio Comparison

The current KBAB Sharpe Ratio is -0.39, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of KBAB 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

KBAB vs. YCS - Drawdown Comparison

The maximum KBAB drawdown since its inception was -74.28%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for KBAB and YCS.

Drawdown Indicators

	KBAB	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-74.28%	-49.56%	-24.72%
Max Drawdown (1Y) Largest decline over 1 year	-74.28%	-8.30%	-65.98%
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	-74.28%	0.00%	-74.28%
Average Drawdown Average peak-to-trough decline	-38.47%	-19.88%	-18.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.39%	2.65%	+36.74%

Volatility

KBAB vs. YCS - Volatility Comparison

KraneShares 2x Long BABA Daily ETF (KBAB) has a higher volatility of 15.89% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that KBAB'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

	KBAB	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.89%	2.22%	+13.67%
Volatility (6M) Calculated over the trailing 6-month period	58.17%	12.19%	+45.98%
Volatility (1Y) Calculated over the trailing 1-year period	87.97%	16.96%	+71.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.02%	21.10%	+68.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.02%	18.96%	+71.06%

KBAB vs. YCS - Expense Ratio Comparison

Both KBAB and YCS have an expense ratio of 1.00%.

Dividends

KBAB vs. YCS - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 131.13%, while YCS has not paid dividends to shareholders.

Position	TTM	2025
KBAB KraneShares 2x Long BABA Daily ETF	131.13%	59.88%
YCS ProShares UltraShort Yen	0.00%	0.00%

Frequently Asked Questions

Can I hold both KBAB and YCS in my portfolio?

KBAB and YCS have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBAB or YCS?

KBAB has higher volatility (15.89%) compared to YCS (2.22%). In terms of maximum drawdown, KBAB dropped -74.28% vs YCS's -49.56%.

Which ETF is better, KBAB or YCS?

On 1-year performance, YCS leads with 31.36% vs -33.72% for KBAB. Both ETFs have the same 1.00% expense ratio. On volatility, YCS has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBAB or YCS?

Over the 1-year period, YCS has performed better with a 31.36% return vs -33.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBAB or YCS?

KBAB and YCS have the same expense ratio: 1.00% per year.

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

KBAB has the higher dividend yield at 131.13%, compared with 0.00% for YCS.

What is the main difference between KBAB and YCS?

KBAB is categorized as Leveraged Equities, while YCS is Leveraged Currency. They also come from different issuers: KraneShares and ProShares.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 vs -0.39), 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.