KSEP vs. YCS

Last updated Jun 24, 2026

KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - KSEP is a Defined Outcome fund actively managed by Innovator, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). KSEP is actively managed, while YCS is passively managed. Over the past year, KSEP returned 21.29% vs 31.27% for YCS. At a correlation of -0.01, they often move in opposite directions. KSEP charges 0.79%/yr vs 1.00%/yr for YCS.

Performance

KSEP vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with KSEP having a 9.93% return and YCS slightly lower at 9.63%.

KSEP

• 1D: -0.33%
• 1M: 1.51%
• YTD: 9.93%
• 6M: 8.92%
• 1Y: 21.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: -0.14%
• 1M: 3.57%
• YTD: 9.63%
• 6M: 10.44%
• 1Y: 31.27%
• 3Y*: 18.37%
• 5Y*: 23.52%
• 10Y*: 13.62%

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

KSEP vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	9.93%	8.54%	1.64%
YCS ProShares UltraShort Yen	9.63%	9.04%	17.01%

Correlation

The correlation between KSEP and YCS is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	-0.02

The correlation between KSEP and YCS shifts across timeframes, from -0.19 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KSEP vs. YCS — Risk / Return Rank

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

KSEP

KSEP Risk / Return Rank: 79
KSEP Sharpe Ratio Rank: 72
KSEP Sortino Ratio Rank: 79
KSEP Omega Ratio Rank: 71
KSEP Calmar Ratio Rank: 87
KSEP Martin Ratio Rank: 86

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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.

KSEP vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) 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.

	KSEP	YCS	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.86	+0.24
Sortino ratio: Return per unit of downside risk	3.17	2.36	+0.81
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	4.50	3.78	+0.72
Martin ratio: Return relative to average drawdown	16.34	11.93	+4.41

KSEP vs. YCS - Sharpe Ratio Comparison

The current KSEP Sharpe Ratio is 2.10, which is comparable to the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of KSEP 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

KSEP vs. YCS - Drawdown Comparison

The maximum KSEP drawdown since its inception was -14.92%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for KSEP and YCS.

Drawdown Indicators

	KSEP	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-49.56%	+34.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-8.30%	+3.55%
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	-0.33%	-0.14%	-0.19%
Average Drawdown Average peak-to-trough decline	-2.41%	-19.87%	+17.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	2.65%	-1.34%

Volatility

KSEP vs. YCS - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) is 2.04%, while ProShares UltraShort Yen (YCS) has a volatility of 2.25%. This indicates that KSEP 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

	KSEP	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.25%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	12.19%	-5.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.19%	16.93%	-6.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.61%	21.10%	-9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.61%	18.82%	-7.21%

KSEP vs. YCS - Expense Ratio Comparison

KSEP has a 0.79% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

KSEP vs. YCS - Dividend Comparison

Neither KSEP nor YCS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KSEP and YCS in my portfolio?

KSEP and YCS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSEP or YCS?

YCS has higher volatility (2.25%) compared to KSEP (2.04%). In terms of maximum drawdown, KSEP dropped -14.92% vs YCS's -49.56%.

Which ETF is better, KSEP or YCS?

On 1-year performance, YCS leads with 31.27% vs 21.29% for KSEP. On fees, KSEP is cheaper at 0.79% per year. On volatility, KSEP has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSEP or YCS?

Over the 1-year period, YCS has performed better with a 31.27% return vs 21.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSEP or YCS?

KSEP is cheaper with a 0.79% expense ratio, compared with 1.00% for YCS.

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

KSEP and YCS have nearly identical dividend yields, around 0.00%.

What is the main difference between KSEP and YCS?

KSEP is categorized as Defined Outcome, while YCS is Leveraged Currency. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for KSEP and 1.00% for YCS.

Which has better risk-adjusted returns?

KSEP currently has the higher Sharpe Ratio (2.10 vs 1.86), 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.