PHO vs. YCS
PHO (Invesco Water Resources ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PHO returned 11.81%/yr vs 13.63%/yr for YCS. At a 0.14 correlation, their price movements are largely independent. PHO charges 0.59%/yr vs 1.00%/yr for YCS.
Performance
PHO vs. YCS - Performance Comparison
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Returns By Period
In the year-to-date period, PHO achieves a -4.80% return, which is significantly lower than YCS's 9.78% return. Over the past 10 years, PHO has underperformed YCS with an annualized return of 11.81%, while YCS has yielded a comparatively higher 13.63% annualized return.
PHO
- 1D
- -0.65%
- 1M
- 2.31%
- YTD
- -4.80%
- 6M
- -6.74%
- 1Y
- -1.51%
- 3Y*
- 7.41%
- 5Y*
- 5.40%
- 10Y*
- 11.81%
YCS
- 1D
- 0.40%
- 1M
- 3.71%
- YTD
- 9.78%
- 6M
- 9.63%
- 1Y
- 31.36%
- 3Y*
- 18.43%
- 5Y*
- 23.50%
- 10Y*
- 13.63%
PHO vs. YCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | -4.80% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
YCS ProShares UltraShort Yen | 9.78% | 9.04% | 35.41% | 28.70% | 29.09% | 22.38% | -11.18% | 3.37% | -1.49% | -6.57% |
Correlation
The correlation between PHO and YCS is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.14 |
The correlation between PHO and YCS shifts across timeframes, from -0.21 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHO vs. YCS — Risk / Return Rank
PHO
YCS
PHO vs. YCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.
| PHO | YCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.35 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.79 | -3.90 |
| Martin ratioReturn relative to average drawdown | -0.26 | 11.86 | -12.12 |
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Drawdowns
PHO vs. YCS - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PHO and YCS.
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Drawdown Indicators
| PHO | YCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -49.56% | -6.06% |
Max Drawdown (1Y)Largest decline over 1 year | -13.78% | -8.30% | -5.48% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -23.05% | +3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | -27.32% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | -27.32% | -7.60% |
Current DrawdownCurrent decline from peak | -10.06% | 0.00% | -10.06% |
Average DrawdownAverage peak-to-trough decline | -10.18% | -19.88% | +9.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.76% | 2.65% | +3.11% |
Volatility
PHO vs. YCS - Volatility Comparison
Invesco Water Resources ETF (PHO) has a higher volatility of 4.38% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that PHO'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
| PHO | YCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.38% | 2.22% | +2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 11.31% | 12.19% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.20% | 16.96% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.39% | 21.10% | -2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.47% | 18.96% | +0.51% |
PHO vs. YCS - Expense Ratio Comparison
PHO has a 0.59% expense ratio, which is lower than YCS's 1.00% expense ratio.
Dividends
PHO vs. YCS - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.76%, while YCS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | 0.76% | 0.54% | 0.45% | 0.59% | 0.49% | 0.20% | 0.39% | 0.43% | 0.46% | 0.34% | 0.47% | 0.75% |
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
PHO and YCS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHO has higher volatility (4.38%) compared to YCS (2.22%). In terms of maximum drawdown, PHO dropped -55.62% vs YCS's -49.56%.
On 10-year performance, YCS leads with 13.63% vs 11.81% for PHO. On fees, PHO is cheaper at 0.59% per year. On volatility, YCS has been the lower-risk option at 2.22%. 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 13.63% return vs 11.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHO is cheaper with a 0.59% expense ratio, compared with 1.00% for YCS.
PHO has the higher dividend yield at 0.76%, compared with 0.00% for YCS.
PHO is categorized as Water Equities, while YCS is Leveraged Currency. PHO tracks NASDAQ OMX US Water Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.59% for PHO and 1.00% for YCS.
YCS currently has the higher Sharpe Ratio (1.86 vs -0.10), 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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