MRNY vs. YCS

Last updated Jun 4, 2026

MRNY (YieldMax MRNA Option Income Strategy ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - MRNY is a Derivative Income fund actively managed by YieldMax, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). MRNY is actively managed, while YCS is passively managed. Over the past year, MRNY returned 47.46% vs 32.82% for YCS. At a correlation of -0.06, they often move in opposite directions. MRNY charges 0.99%/yr vs 1.00%/yr for YCS.

Performance

MRNY vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MRNA Option Income Strategy ETF (MRNY) 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, MRNY achieves a 51.59% return, which is significantly higher than YCS's 7.17% return.

MRNY

• 1D: 5.73%
• 1M: 4.23%
• YTD: 51.59%
• 6M: 62.21%
• 1Y: 47.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

MRNY vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	51.59%	-35.72%	-59.32%	19.61%
YCS ProShares UltraShort Yen	7.17%	9.04%	35.41%	-9.54%

Correlation

The correlation between MRNY and YCS is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023	-0.06

Return for Risk

MRNY vs. YCS — Risk / Return Rank

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

MRNY

MRNY Risk / Return Rank: 28
MRNY Sharpe Ratio Rank: 27
MRNY Sortino Ratio Rank: 31
MRNY Omega Ratio Rank: 29
MRNY Calmar Ratio Rank: 30
MRNY Martin Ratio Rank: 23

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.

MRNY vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MRNA Option Income Strategy ETF (MRNY) 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.

	MRNY	YCS	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.92	-0.95
Sortino ratio: Return per unit of downside risk	1.69	2.44	-0.75
Omega ratio: Gain probability vs. loss probability	1.20	1.35	-0.15
Calmar ratio: Return relative to maximum drawdown	1.51	3.97	-2.46
Martin ratio: Return relative to average drawdown	2.95	12.40	-9.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRNY vs. YCS - Sharpe Ratio Comparison

The current MRNY Sharpe Ratio is 0.97, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of MRNY 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

	MRNY	YCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.92	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	0.33	-0.82

Drawdowns

MRNY vs. YCS - Drawdown Comparison

The maximum MRNY drawdown since its inception was -82.15%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for MRNY and YCS.

Drawdown Indicators

	MRNY	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-82.15%	-49.56%	-32.59%
Max Drawdown (1Y) Largest decline over 1 year	-31.53%	-8.30%	-23.23%
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	-68.09%	0.00%	-68.09%
Average Drawdown Average peak-to-trough decline	-52.62%	-19.93%	-32.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.15%	2.66%	+13.49%

Volatility

MRNY vs. YCS - Volatility Comparison

YieldMax MRNA Option Income Strategy ETF (MRNY) has a higher volatility of 13.36% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that MRNY'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

	MRNY	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.36%	2.75%	+10.61%
Volatility (6M) Calculated over the trailing 6-month period	37.05%	12.32%	+24.73%
Volatility (1Y) Calculated over the trailing 1-year period	49.37%	17.27%	+32.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.76%	21.10%	+29.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.76%	19.01%	+31.75%

MRNY vs. YCS - Expense Ratio Comparison

MRNY has a 0.99% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

MRNY vs. YCS - Dividend Comparison

MRNY's dividend yield for the trailing twelve months is around 100.06%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	100.06%	145.98%	178.49%	1.75%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MRNY and YCS in my portfolio?

MRNY and YCS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRNY or YCS?

MRNY has higher volatility (13.36%) compared to YCS (2.75%). In terms of maximum drawdown, MRNY dropped -82.15% vs YCS's -49.56%.

Which ETF is better, MRNY or YCS?

On 1-year performance, MRNY leads with 47.46% vs 32.82% for YCS. On fees, MRNY is cheaper at 0.99% per year. On volatility, YCS has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRNY or YCS?

Over the 1-year period, MRNY has performed better with a 47.46% return vs 32.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRNY or YCS?

MRNY is cheaper with a 0.99% expense ratio, compared with 1.00% for YCS.

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

MRNY has the higher dividend yield at 100.06%, compared with 0.00% for YCS.

What is the main difference between MRNY and YCS?

MRNY is categorized as Derivative Income, while YCS is Leveraged Currency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for MRNY and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.92 vs 0.97), 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.