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PGX vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PGX vs. YCS

Last updated Jun 5, 2026

PGX (Invesco Preferred ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PGX is a Preferred Stock/Convertible Bonds fund tracking the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PGX returned 2.35%/yr vs 12.16%/yr for YCS. At a correlation of -0.04, they often move in opposite directions. PGX charges 0.52%/yr vs 1.00%/yr for YCS.

Performance

PGX vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Preferred ETF (PGX) 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, PGX achieves a -0.18% return, which is significantly lower than YCS's 7.17% return. Over the past 10 years, PGX has underperformed YCS with an annualized return of 2.35%, while YCS has yielded a comparatively higher 12.16% annualized return.

PGX

1D
0.00%
1M
-1.08%
YTD
-0.18%
6M
0.39%
1Y
5.25%
3Y*
4.45%
5Y*
-0.74%
10Y*
2.35%

YCS

1D
0.00%
1M
3.39%
YTD
7.17%
6M
10.02%
1Y
34.99%
3Y*
20.03%
5Y*
23.54%
10Y*
12.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PGX vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PGX
Invesco Preferred ETF		-0.18%3.48%6.53%9.48%-21.16%3.15%7.09%17.09%-4.01%10.48%
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 PGX and YCS is -0.28, 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

-0.28

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

-0.27

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

-0.24

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

-0.14

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

-0.04

Over the past year, the inverse relationship between PGX and YCS has strengthened: their correlation has moved from -0.04 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

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

Invesco Preferred ETF

ProShares UltraShort Yen

Often compared with PGX:
PGX vs. PFFPGX vs. PGFPGX vs. PFXFPGX vs. PFFAPGX vs. DIVPGX vs. FPEPGX vs. JEPI
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

PGX vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PGX
PGX Risk / Return Rank: 2424
Overall Rank
PGX Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
PGX Sortino Ratio Rank: 2525
Sortino Ratio Rank
PGX Omega Ratio Rank: 2424
Omega Ratio Rank
PGX Calmar Ratio Rank: 2424
Calmar Ratio Rank
PGX Martin Ratio Rank: 2020
Martin Ratio Rank
YCS
YCS Risk / Return Rank: 6767
Overall Rank
YCS Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
YCS Sortino Ratio Rank: 5555
Sortino Ratio Rank
YCS Omega Ratio Rank: 6363
Omega Ratio Rank
YCS Calmar Ratio Rank: 8282
Calmar Ratio Rank
YCS Martin Ratio Rank: 7272
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.

PGX vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) 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.

PGXYCSDifference
Sharpe ratioReturn per unit of total volatility
0.87
2.06

-1.19

Sortino ratioReturn per unit of downside risk
1.34
2.60

-1.26

Omega ratioGain probability vs. loss probability

1.16

1.38

-0.22

Calmar ratioReturn relative to maximum drawdown

1.06

4.23

-3.17

Martin ratioReturn relative to average drawdown

2.35

13.22

-10.87

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

PGX vs. YCS - Sharpe Ratio Comparison

The current PGX Sharpe Ratio is 0.87, which is lower than the YCS Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PGX 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

PGXYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.87

2.06

-1.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.07

1.12

-1.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.18

0.64

-0.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.14

0.33

-0.19

Drawdowns

PGX vs. YCS - Drawdown Comparison

The maximum PGX drawdown since its inception was -66.44%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PGX and YCS.

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Drawdown Indicators

PGXYCSDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-49.56%

-16.88%

Max Drawdown (1Y)

Largest decline over 1 year

-4.98%

-8.30%

+3.32%

Max Drawdown (3Y)

Largest decline over 3 years

-11.17%

-23.05%

+11.88%

Max Drawdown (5Y)

Largest decline over 5 years

-24.67%

-27.32%

+2.65%

Max Drawdown (10Y)

Largest decline over 10 years

-34.10%

-27.32%

-6.78%

Current Drawdown

Current decline from peak

-5.29%

0.00%

-5.29%

Average Drawdown

Average peak-to-trough decline

-8.13%

-19.93%

+11.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.24%

2.65%

-0.41%

Volatility

PGX vs. YCS - Volatility Comparison

The current volatility for Invesco Preferred ETF (PGX) is 1.72%, while ProShares UltraShort Yen (YCS) has a volatility of 2.62%. This indicates that PGX experiences smaller price fluctuations and is considered to be less risky 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

PGXYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.72%

2.62%

-0.90%

Volatility (6M)

Calculated over the trailing 6-month period

4.10%

12.31%

-8.21%

Volatility (1Y)

Calculated over the trailing 1-year period

6.11%

17.18%

-11.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.11%

21.09%

-9.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.02%

19.01%

-5.99%

PGX vs. YCS - Expense Ratio Comparison

PGX has a 0.52% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

PGX vs. YCS - Dividend Comparison

PGX's dividend yield for the trailing twelve months is around 6.23%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PGX
Invesco Preferred ETF		6.23%6.03%5.95%6.42%6.29%4.82%4.89%4.85%6.09%5.66%6.02%5.84%
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

PGX and YCS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

YCS has higher volatility (2.62%) compared to PGX (1.72%). In terms of maximum drawdown, PGX dropped -66.44% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.16% vs 2.35% for PGX. On fees, PGX is cheaper at 0.52% per year. On volatility, PGX has been the lower-risk option at 1.72%. 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 12.16% return vs 2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PGX is cheaper with a 0.52% expense ratio, compared with 1.00% for YCS.

PGX has the higher dividend yield at 6.23%, compared with 0.00% for YCS.

PGX is categorized as Preferred Stock/Convertible Bonds, while YCS is Leveraged Currency. PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.52% for PGX and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (2.06 vs 0.87), 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 PGX and YCS

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