MVV vs. YCS
MVV (ProShares Ultra Midcap 400) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, MVV returned 14.27%/yr vs 12.96%/yr for YCS. At a 0.18 correlation, their price movements are largely independent. MVV charges 0.95%/yr vs 1.00%/yr for YCS.
Performance
MVV vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, MVV achieves a 29.43% return, which is significantly higher than YCS's 7.88% return. Over the past 10 years, MVV has outperformed YCS with an annualized return of 14.27%, while YCS has yielded a comparatively lower 12.96% annualized return.
MVV
- 1D
- 0.68%
- 1M
- 10.84%
- YTD
- 29.43%
- 6M
- 26.21%
- 1Y
- 52.14%
- 3Y*
- 20.94%
- 5Y*
- 7.54%
- 10Y*
- 14.27%
YCS
- 1D
- 0.26%
- 1M
- 2.50%
- YTD
- 7.88%
- 6M
- 10.26%
- 1Y
- 33.48%
- 3Y*
- 18.92%
- 5Y*
- 23.21%
- 10Y*
- 12.96%
MVV vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 29.43% | 3.48% | 17.75% | 22.51% | -31.96% | 48.57% | 6.20% | 49.50% | -25.44% | 30.81% |
YCS ProShares UltraShort Yen | 7.88% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between MVV and YCS is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
The correlation between MVV and YCS shifts across timeframes, from -0.16 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MVV vs. YCS — Risk / Return Rank
MVV
YCS
MVV vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.
| MVV | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.37 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 4.05 | -1.09 |
| Martin ratioReturn relative to average drawdown | 10.16 | 12.65 | -2.49 |
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Drawdowns
MVV vs. YCS - Drawdown Comparison
The maximum MVV drawdown since its inception was -85.54%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for MVV and YCS.
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Drawdown Indicators
| MVV | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.54% | -49.56% | -35.98% |
Max Drawdown (1Y)Largest decline over 1 year | -17.68% | -8.30% | -9.38% |
Max Drawdown (3Y)Largest decline over 3 years | -44.80% | -23.05% | -21.75% |
Max Drawdown (5Y)Largest decline over 5 years | -45.53% | -27.32% | -18.21% |
Max Drawdown (10Y)Largest decline over 10 years | -69.19% | -27.32% | -41.87% |
Current DrawdownCurrent decline from peak | 0.00% | -0.27% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -20.52% | -19.89% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.15% | 2.65% | +2.50% |
Volatility
MVV vs. YCS - Volatility Comparison
ProShares Ultra Midcap 400 (MVV) has a higher volatility of 9.97% compared to ProShares UltraShort Yen (YCS) at 2.18%. This indicates that MVV'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.
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Volatility by Period
| MVV | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.97% | 2.18% | +7.79% |
Volatility (6M)Calculated over the trailing 6-month period | 23.40% | 12.25% | +11.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.79% | 17.05% | +14.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.75% | 21.10% | +18.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.41% | 18.98% | +23.43% |
MVV vs. YCS - Expense Ratio Comparison
MVV has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
MVV vs. YCS - Dividend Comparison
MVV's dividend yield for the trailing twelve months is around 0.66%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 0.66% | 0.77% | 0.39% | 0.77% | 0.93% | 0.16% | 0.29% | 0.62% | 0.62% | 0.21% | 0.43% | 0.17% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MVV and YCS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVV has higher volatility (9.97%) compared to YCS (2.18%). In terms of maximum drawdown, MVV dropped -85.54% vs YCS's -49.56%.
On 10-year performance, MVV leads with 14.27% vs 12.96% for YCS. On fees, MVV is cheaper at 0.95% per year. On volatility, YCS has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MVV has performed better with a 14.27% return vs 12.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVV is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
MVV has the higher dividend yield at 0.66%, compared with 0.00% for YCS.
MVV is categorized as Leveraged Equities, while YCS is Leveraged Currency. MVV tracks S&P MidCap 400 Index (200%), while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 0.95% for MVV and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.98 vs 1.65), 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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