ONEO vs. YCS
ONEO (SPDR Russell 1000 Momentum Focus ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - ONEO is a Momentum fund tracking the Russell 1000 Momentum Focused Factor Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ONEO returned 12.17%/yr vs 13.62%/yr for YCS. At a 0.11 correlation, their price movements are largely independent. ONEO charges 0.20%/yr vs 1.00%/yr for YCS.
Performance
ONEO vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, ONEO achieves a 17.34% return, which is significantly higher than YCS's 9.63% return. Over the past 10 years, ONEO has underperformed YCS with an annualized return of 12.17%, while YCS has yielded a comparatively higher 13.62% annualized return.
ONEO
- 1D
- -1.24%
- 1M
- 2.82%
- YTD
- 17.34%
- 6M
- 15.90%
- 1Y
- 26.28%
- 3Y*
- 18.57%
- 5Y*
- 10.59%
- 10Y*
- 12.17%
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%
ONEO vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ONEO SPDR Russell 1000 Momentum Focus ETF | 17.34% | 10.61% | 15.01% | 15.64% | -12.01% | 26.72% | 10.76% | 26.53% | -12.41% | 21.16% |
YCS ProShares UltraShort Yen | 9.63% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between ONEO and YCS is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
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 Dec 3, 2015 | 0.11 |
The correlation between ONEO and YCS shifts across timeframes, from -0.17 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ONEO vs. YCS — Risk / Return Rank
ONEO
YCS
ONEO vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) 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.
| ONEO | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.58 | 3.78 | -0.20 |
| Martin ratioReturn relative to average drawdown | 14.03 | 11.93 | +2.11 |
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Drawdowns
ONEO vs. YCS - Drawdown Comparison
The maximum ONEO drawdown since its inception was -40.86%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for ONEO and YCS.
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Drawdown Indicators
| ONEO | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.86% | -49.56% | +8.70% |
Max Drawdown (1Y)Largest decline over 1 year | -7.37% | -8.30% | +0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -19.72% | -23.05% | +3.33% |
Max Drawdown (5Y)Largest decline over 5 years | -22.39% | -27.32% | +4.93% |
Max Drawdown (10Y)Largest decline over 10 years | -40.86% | -27.32% | -13.54% |
Current DrawdownCurrent decline from peak | -1.40% | -0.14% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -4.98% | -19.87% | +14.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 2.65% | -0.77% |
Volatility
ONEO vs. YCS - Volatility Comparison
SPDR Russell 1000 Momentum Focus ETF (ONEO) has a higher volatility of 4.97% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that ONEO'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
| ONEO | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.97% | 2.25% | +2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 10.45% | 12.19% | -1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.39% | 16.93% | -3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 21.10% | -3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.69% | 18.82% | -0.13% |
ONEO vs. YCS - Expense Ratio Comparison
ONEO has a 0.20% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
ONEO vs. YCS - Dividend Comparison
ONEO's dividend yield for the trailing twelve months is around 1.20%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONEO SPDR Russell 1000 Momentum Focus ETF | 1.20% | 1.29% | 1.30% | 1.56% | 1.73% | 1.19% | 1.28% | 1.64% | 1.72% | 7.69% | 1.82% | 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
ONEO and YCS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONEO has higher volatility (4.97%) compared to YCS (2.25%). In terms of maximum drawdown, ONEO dropped -40.86% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.62% vs 12.17% for ONEO. On fees, ONEO is cheaper at 0.20% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YCS has performed better with a 13.62% return vs 12.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONEO is cheaper with a 0.20% expense ratio, compared with 1.00% for YCS.
ONEO has the higher dividend yield at 1.20%, compared with 0.00% for YCS.
ONEO is categorized as Momentum, while YCS is Leveraged Currency. ONEO tracks Russell 1000 Momentum Focused Factor Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.20% for ONEO and 1.00% for YCS.
ONEO currently has the higher Sharpe Ratio (1.98 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.
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