PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
PIZ vs. YCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PIZ vs. YCS

Last updated Jun 4, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, PIZ returned 10.75%/yr vs 12.34%/yr for YCS. At a 0.03 correlation, their price movements are largely independent. PIZ charges 0.80%/yr vs 1.00%/yr for YCS.

Performance

PIZ vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Developed Markets Momentum ETF (PIZ) and ProShares UltraShort Yen (YCS). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PIZ achieves a 16.21% return, which is significantly higher than YCS's 7.17% return. Over the past 10 years, PIZ has underperformed YCS with an annualized return of 10.75%, while YCS has yielded a comparatively higher 12.34% annualized return.

PIZ

1D
-0.99%
1M
1.00%
YTD
16.21%
6M
18.89%
1Y
29.33%
3Y*
25.82%
5Y*
10.38%
10Y*
10.75%

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)

PIZ vs. YCS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PIZ
Invesco DWA Developed Markets Momentum ETF		16.21%37.22%16.30%17.96%-30.48%20.53%17.96%27.51%-16.15%30.96%
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 PIZ and YCS is -0.34, 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

-0.34

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

-0.22

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

-0.19

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

-0.08

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

0.03

The correlation between PIZ and YCS shifts across timeframes, from -0.34 (1 year) to 0.03 (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.

Invesco DWA Developed Markets Momentum ETF

ProShares UltraShort Yen

Often compared with PIZ:
PIZ vs. IDMOPIZ vs. DSTXPIZ vs. WCMIXPIZ vs. IPOSPIZ vs. IOOPIZ vs. FNDFPIZ vs. IDHQ
Often compared with YCS:
YCS vs. YCLYCS vs. JPYUSD=XYCS vs. PFIXYCS vs. TBTYCS vs. UUPYCS vs. BCSFYCS vs. SPY

Return for Risk

PIZ vs. YCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PIZ
PIZ Risk / Return Rank: 4242
Overall Rank
PIZ Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
PIZ Sortino Ratio Rank: 4141
Sortino Ratio Rank
PIZ Omega Ratio Rank: 4040
Omega Ratio Rank
PIZ Calmar Ratio Rank: 4141
Calmar Ratio Rank
PIZ Martin Ratio Rank: 4949
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.

PIZ vs. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) 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.

PIZYCSDifference
Sharpe ratioReturn per unit of total volatility
1.44
1.92

-0.48

Sortino ratioReturn per unit of downside risk
2.12
2.44

-0.32

Omega ratioGain probability vs. loss probability

1.26

1.35

-0.09

Calmar ratioReturn relative to maximum drawdown

2.05

3.97

-1.92

Martin ratioReturn relative to average drawdown

8.17

12.40

-4.22

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

PIZ vs. YCS - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 1.44, which is comparable to the YCS Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PIZ 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.

Loading charts...

Sharpe Ratios by Period

PIZYCSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

1.92

-0.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.52

1.12

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.65

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.33

-0.05

Drawdowns

PIZ vs. YCS - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for PIZ and YCS.

Loading charts...

Drawdown Indicators

PIZYCSDifference

Max Drawdown

Largest peak-to-trough decline

-60.61%

-49.56%

-11.05%

Max Drawdown (1Y)

Largest decline over 1 year

-14.35%

-8.30%

-6.05%

Max Drawdown (3Y)

Largest decline over 3 years

-14.67%

-23.05%

+8.38%

Max Drawdown (5Y)

Largest decline over 5 years

-40.93%

-27.32%

-13.61%

Max Drawdown (10Y)

Largest decline over 10 years

-40.93%

-27.32%

-13.61%

Current Drawdown

Current decline from peak

-4.30%

0.00%

-4.30%

Average Drawdown

Average peak-to-trough decline

-14.87%

-19.93%

+5.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

2.66%

+0.94%

Volatility

PIZ vs. YCS - Volatility Comparison

Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 8.23% compared to ProShares UltraShort Yen (YCS) at 2.75%. This indicates that PIZ'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.

Loading charts...

Volatility by Period

PIZYCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.23%

2.75%

+5.48%

Volatility (6M)

Calculated over the trailing 6-month period

17.93%

12.32%

+5.61%

Volatility (1Y)

Calculated over the trailing 1-year period

20.45%

17.27%

+3.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.94%

21.10%

-1.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.65%

19.01%

+0.64%

PIZ vs. YCS - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is lower than YCS's 1.00% expense ratio.

Dividends

PIZ vs. YCS - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.34%, while YCS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PIZ
Invesco DWA Developed Markets Momentum ETF		1.34%1.55%1.68%1.86%2.04%1.01%0.37%1.58%1.06%1.30%2.21%1.09%
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

PIZ and YCS have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PIZ has higher volatility (8.23%) compared to YCS (2.75%). In terms of maximum drawdown, PIZ dropped -60.61% vs YCS's -49.56%.

On 10-year performance, YCS leads with 12.34% vs 10.75% for PIZ. On fees, PIZ is cheaper at 0.80% 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 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PIZ is cheaper with a 0.80% expense ratio, compared with 1.00% for YCS.

PIZ has the higher dividend yield at 1.34%, compared with 0.00% for YCS.

PIZ is categorized as Momentum, while YCS is Leveraged Currency. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while YCS tracks USD/JPY Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.80% for PIZ and 1.00% for YCS.

YCS currently has the higher Sharpe Ratio (1.92 vs 1.44), 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 PIZ and YCS

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer