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PEX vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PEX vs. YCS

Last updated Jun 4, 2026

PEX (ProShares Global Listed Private Equity ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PEX returned 4.13%/yr vs 12.34%/yr for YCS. At a 0.02 correlation, their price movements are largely independent. PEX charges 3.13%/yr vs 1.00%/yr for YCS.

Performance

PEX vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Global Listed Private Equity ETF (PEX) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PEX achieves a -12.48% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, PEX has underperformed YCS with an annualized return of 4.13%, while YCS has yielded a comparatively higher 12.34% annualized return.

PEX

1D
-2.88%
1M
-5.57%
YTD
-12.48%
6M
-10.90%
1Y
-12.90%
3Y*
3.61%
5Y*
-1.12%
10Y*
4.13%

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)

PEX vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PEX
ProShares Global Listed Private Equity ETF		-12.48%0.21%13.05%23.11%-25.98%28.34%-1.14%25.53%-13.31%14.33%
YCS
ProShares UltraShort Yen		7.17%9.04%35.41%28.70%29.09%22.38%-11.18%3.37%-1.49%-6.57%

Correlation

The correlation between PEX and YCS is -0.27, 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

-0.27

Correlation (3Y)
Calculated over the trailing 3-year period

-0.15

Correlation (5Y)
Calculated over the trailing 5-year period

-0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.02

Correlation (All Time)
Calculated using the full available price history since Mar 1, 2013

0.02

The correlation between PEX and YCS shifts across timeframes, from -0.27 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Global Listed Private Equity ETF

ProShares UltraShort Yen

Often compared with PEX:
PEX vs. PSPPEX vs. BIZDPEX vs. CEFSPEX vs. PEXMXPEX vs. VPCPEX vs. SPYPEX vs. TYD
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

PEX vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PEX
PEX Risk / Return Rank: 33
Overall Rank
PEX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
PEX Sortino Ratio Rank: 33
Sortino Ratio Rank
PEX Omega Ratio Rank: 33
Omega Ratio Rank
PEX Calmar Ratio Rank: 44
Calmar Ratio Rank
PEX Martin Ratio Rank: 44
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6161
Overall Rank
YCS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 4949
Sortino Ratio Rank
YCS Omega Ratio Rank: 5656
Omega Ratio Rank
YCS Calmar Ratio Rank: 7878
Calmar Ratio Rank
YCS Martin Ratio Rank: 6767
Martin Ratio Rank
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.

PEX vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) 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.

PEXYCSDifference
Sharpe ratioReturn per unit of total volatility
-0.83
1.92

-2.75

Sortino ratioReturn per unit of downside risk
-1.09
2.44

-3.53

Omega ratioGain probability vs. loss probability

0.88

1.35

-0.48

Calmar ratioReturn relative to maximum drawdown

-0.52

3.97

-4.49

Martin ratioReturn relative to average drawdown

-1.06

12.40

-13.45

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEX vs. YCS - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.83, which is lower than the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PEX 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.

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Sharpe Ratios by Period

PEXYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.83

1.92

-2.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.06

1.12

-1.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

0.65

-0.44

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.33

-0.08

Drawdowns

PEX vs. YCS - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, roughly equal to the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PEX and YCS.

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Drawdown Indicators

PEXYCSDifference

Max Drawdown

Largest peak-to-trough decline

-49.17%

-49.56%

+0.39%

Max Drawdown (1Y)

Largest decline over 1 year

-24.72%

-8.30%

-16.42%

Max Drawdown (3Y)

Largest decline over 3 years

-24.72%

-23.05%

-1.67%

Max Drawdown (5Y)

Largest decline over 5 years

-36.58%

-27.32%

-9.26%

Max Drawdown (10Y)

Largest decline over 10 years

-49.17%

-27.32%

-21.85%

Current Drawdown

Current decline from peak

-20.90%

0.00%

-20.90%

Average Drawdown

Average peak-to-trough decline

-8.21%

-19.93%

+11.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.22%

2.66%

+9.56%

Volatility

PEX vs. YCS - Volatility Comparison

ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 4.81% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that PEX'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

PEXYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.81%

2.75%

+2.06%

Volatility (6M)

Calculated over the trailing 6-month period

13.05%

12.32%

+0.73%

Volatility (1Y)

Calculated over the trailing 1-year period

15.61%

17.27%

-1.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.96%

21.10%

-3.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.44%

19.01%

+0.43%

PEX vs. YCS - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

PEX vs. YCS - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 12.81%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PEX
ProShares Global Listed Private Equity ETF		12.81%12.80%14.11%13.02%1.77%13.64%5.52%7.94%4.72%24.26%3.24%12.50%
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

PEX and YCS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PEX has higher volatility (4.81%) compared to YCS (2.75%). In terms of maximum drawdown, PEX dropped -49.17% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 4.13% for PEX. On fees, YCS is cheaper at 1.00% 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 10-year period, YCS has performed better with a 12.34% return vs 4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

YCS is cheaper with a 1.00% expense ratio, compared with 3.13% for PEX.

PEX has the higher dividend yield at 12.81%, compared with 0.00% for YCS.

PEX is categorized as Financials Equities, while YCS is Leveraged Currency. PEX tracks LPX Direct Listed Private Equity Index, while YCS tracks USD/JPY Exchange Rate (-200%). Their fees differ too: 3.13% for PEX and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (1.92 vs -0.83), 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.

Portfolio Optimizer

Find the right allocation for PEX and YCS

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