OVF vs. YCS
OVF (Overlay Shares Foreign Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - OVF is a Foreign Large Cap Equities fund actively managed by Liquid Strategies, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). OVF is actively managed, while YCS is passively managed. Over the past 5 years, OVF returned 9.56%/yr vs 23.54%/yr for YCS. At a correlation of -0.20, they often move in opposite directions. OVF charges 0.95%/yr vs 1.00%/yr for YCS.
Performance
OVF vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, OVF achieves a 14.61% return, which is significantly higher than YCS's 7.17% return.
OVF
- 1D
- -0.99%
- 1M
- 4.77%
- YTD
- 14.61%
- 6M
- 17.49%
- 1Y
- 33.00%
- 3Y*
- 19.98%
- 5Y*
- 9.56%
- 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%
OVF vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVF Overlay Shares Foreign Equity ETF | 14.61% | 33.03% | 6.40% | 15.25% | -17.64% | 9.56% | 2.65% | 5.81% |
YCS ProShares UltraShort Yen | 7.17% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 2.95% |
Correlation
The correlation between OVF and YCS is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019 | -0.20 |
Over the past year, the inverse relationship between OVF and YCS has strengthened: their correlation has moved from -0.20 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
OVF vs. YCS — Risk / Return Rank
OVF
YCS
OVF vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Foreign Equity ETF (OVF) 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.
| OVF | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.35 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 3.97 | -1.12 |
| Martin ratioReturn relative to average drawdown | 10.99 | 12.40 | -1.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OVF | YCS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 1.92 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 1.12 | -0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.33 | +0.23 |
Drawdowns
OVF vs. YCS - Drawdown Comparison
The maximum OVF drawdown since its inception was -30.07%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for OVF and YCS.
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Drawdown Indicators
| OVF | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.07% | -49.56% | +19.49% |
Max Drawdown (1Y)Largest decline over 1 year | -11.64% | -8.30% | -3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -15.89% | -23.05% | +7.16% |
Max Drawdown (5Y)Largest decline over 5 years | -30.07% | -27.32% | -2.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.32% | — |
Current DrawdownCurrent decline from peak | -0.99% | 0.00% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -7.44% | -19.93% | +12.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 2.66% | +0.35% |
Volatility
OVF vs. YCS - Volatility Comparison
Overlay Shares Foreign Equity ETF (OVF) has a higher volatility of 5.44% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that OVF'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
| OVF | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.44% | 2.75% | +2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 12.32% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.75% | 17.27% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.77% | 21.10% | -5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.12% | 19.01% | -1.89% |
OVF vs. YCS - Expense Ratio Comparison
OVF has a 0.95% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
OVF vs. YCS - Dividend Comparison
OVF's dividend yield for the trailing twelve months is around 9.57%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVF Overlay Shares Foreign Equity ETF | 9.57% | 6.32% | 5.13% | 5.17% | 4.50% | 4.88% | 2.55% | 2.12% |
YCS ProShares UltraShort Yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OVF and YCS have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVF has higher volatility (5.44%) compared to YCS (2.75%). In terms of maximum drawdown, OVF dropped -30.07% vs YCS's -49.56%.
On 5-year performance, YCS leads with 23.54% vs 9.56% for OVF. On fees, OVF is cheaper at 0.95% 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.
Over the 5-year period, YCS has performed better with a 23.54% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OVF is cheaper with a 0.95% expense ratio, compared with 1.00% for YCS.
OVF has the higher dividend yield at 9.57%, compared with 0.00% for YCS.
OVF is categorized as Foreign Large Cap Equities, while YCS is Leveraged Currency. They also come from different issuers: Liquid Strategies and ProShares. Their fees differ too: 0.95% for OVF and 1.00% for YCS.
OVF currently has the higher Sharpe Ratio (1.98 vs 1.92), 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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